Salary Needed to Live in Minneapolis as a Family

A family of four (2 adults, 2 children) needs approximately $62,034/year to live comfortably in Minneapolis, MN — including 15% savings.

Comfortable Salary
$62,034
with 15% savings
Bare Minimum
$49,459
no savings buffer
Monthly Expenses
$3,050
4% above national avg

Detailed Monthly Budget for a Family in Minneapolis

ExpenseMinneapolisNat'l AvgDiff
🏠 3BR Apartment/House Rent$260$209+24%
🛒 Groceries$50$44+14%
⚡ Utilities$27$28-4%
🚗 Transportation$45$44+2%
🛡️ Car Insurance$156$211-26%
🏥 Health Insurance$42$53-21%
Childcare/After-school$1,272$1,200+6%
Internet + Phones$191$180+6%
Children Activities$265$250+6%
Dining Out$371$350+6%
School Supplies & Clothing$212$200+6%
Healthcare Co-pays$159$150+6%
Total Monthly$3,050$2,919+4%

How We Calculated the Salary

Monthly expenses:$3,050
Target savings (15%):$675/mo
Monthly after-tax needed:$3,725
Effective tax rate:26%

Gross annual salary needed:$62,034

Other Household Types in Minneapolis

Single Person
$20,288/yr
$1,082/mo expenses
Couple (No Kids)
$28,548/yr
$1,475/mo expenses
Retiree
$21,113/yr
$1,214/mo expenses

Related Pages

Living Alone in MinneapolisCity OverviewAfford on $75K?Afford on $100K?Cost of Living

FAQ

What salary does a family with kids need in Minneapolis?
A family with kids needs approximately $62,034/year ($5,170/month gross) to live comfortably in Minneapolis with a 15% savings rate.
How much is rent for a family with kids in Minneapolis?
A 3br apartment/house in Minneapolis costs approximately $260/month, which is the largest single expense at 9% of the total budget.
Is Minneapolis affordable for a family with kids?
Minneapolis is roughly average for family with kids costs, requiring a salary close to the national median.
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