What Salary Do You Need to Live in Minneapolis, MN?

To live comfortably in Minneapolis, a household needs to earn roughly $55,000/year. That's about $4,583/month before taxes.

The Number: $55,000/year

At $55,000 per year, a household in Minneapolis can afford median-priced rental housing at roughly 28% of gross income.

This is based on Minneapolis's median monthly rent of $1,340 and the 28% housing guideline. Source: Census ACS 2024.

Minneapolis at a Glance

Median rent$1,340/mo
Median home price$368,300
Median household income$77,732
State income taxUp to 9.85%
Sales tax7.875%

Sources: Census ACS 2024, Tax Foundation.

For Single Residents

A single person can live comfortably in Minneapolis on roughly $35,000/year. That's about $2,917/month before taxes.

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Note: Salary estimates are based on the 28% housing guideline applied to median rents from Census ACS 2024. Individual circumstances vary. Full disclaimer.

Salary Questions About Minneapolis

The median monthly rent is $1,340. Using the 30% guideline, you need about $54,000/year to afford this comfortably.

The median home price is $368,300. With a 20% down payment, you would need roughly $73,660 saved and a household income to support the mortgage payments.

The median household income is $77,732/year. Our recommended salary of $55,000/year is near the median, reflecting a comfortable (not extravagant) standard of living.