The salary you need to earn to live comfortably in Minneapolis: Study

MINNEAPOLIS (FOX 9) – A new study that claims to analyze several metrics has determined how much money a person needs to make to live comfortably in Minneapolis.

Study rankings

The study, created by GOBankingRates, aims to analyze data from the U.S. Census, Zillow, BestPlaces, and the Bureau of Labor Statistics (BLI) to determine the salary you need to live comfortably in America's largest cities.

The study found that a person in Minneapolis needs an annual salary of $93,482 – good for a “Livingability Score” of 78.

The study also found that the total cost of living for a person in the City of Lakes is $46,741 per year.

In the most expensive city – San Jose, California – you need an annual salary of $266,000 to live comfortably.

Of the eight cities where you need the highest salary, six are in California.

How it is determined

For the study, GOBankingRates said it analyzed the 50 largest U.S. cities by population based on the 2022 U.S. Census.

GoBankingRates then surveyed median household income in 2022, the total population in 2021, and median household income in 2021, while also sourcing single-family home values ​​from the Zillow Home Value Index.

To determine “comfortable living,” the study applied the “50/30/20 rule,” which states that a person’s budget should be divided 50% for needs, 30% for wants, and 20% for savings .