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Minneapolis (Twin Cities) has a cost of living 8% above the US average. Combined with MN's state income tax, your real purchasing power can be very different from your gross salary.
108
Cost of Living Index
US avg = 100
$1,500
Avg 1BR Rent
per month
6.8%
State Income Tax
top rate
+8%
vs US Average
cost of living
| Salary | Monthly Take-Home | Rent % of Income | Equivalent US Salary |
|---|---|---|---|
| $40,000 | $2,617/mo | 57% | $37,037 |
| $50,000 | $3,230/mo | 46% | $46,296 |
| $60,000 | $3,843/mo | 39% | $55,556 |
| $70,000 | $4,387/mo | 34% | $64,815 |
| $80,000 | $4,917/mo | 31% | $74,074 |
| $90,000 | $5,446/mo | 28% | $83,333 |
| $100,000 | $5,976/mo | 25% | $92,593 |
| $120,000 | $7,027/mo | 21% | $111,111 |
| $150,000 | $8,566/mo | 18% | $138,889 |
| $200,000 | $11,292/mo | 13% | $185,185 |
* Take-home estimates federal + state taxes (single filer, standard deduction). "Equivalent US Salary" = what Minneapolis salary buys nationally.
Is $80,000 a good salary in Minneapolis?
In Minneapolis (cost of living index: 108, US avg=100), $80,000/year has the purchasing power of $74,074 in an average US city. Your monthly take-home after federal + state taxes is approximately $4,917. The average 1-bedroom in Minneapolis costs around $1,500/month — that's 31% of your take-home pay.
What is the cost of living in Minneapolis?
Minneapolis's cost of living index is 108 compared to the US average of 100. This means living in Minneapolis is 8% more expensive than the US average. MN also has a state income tax of up to 6.8%.
What salary do you need to live comfortably in Minneapolis?
Using the 30% rent rule, your gross salary should be at least $78,000 to afford the average 1-bedroom in Minneapolis ($1,500/month) with some comfort. A household income of $86,400 or more is generally considered comfortable in Minneapolis.
Does Minneapolis have a state income tax?
Yes — MN has a state income tax. For most earners, the effective state rate is around 6.8%. This reduces your take-home pay compared to no-income-tax states like Texas, Florida, or Nevada.
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