Salary & Cost of Living in Minneapolis, MN
Minneapolis, MN: $72,000 median salary, cost of living index 102, $11.13/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$72,000
$35/hr
Cost of Living
102
US avg = 100
Minimum Wage
$11.13
per hour
Unemployment
2.8%
rate
Minneapolis, MN Overview
Population
429,954
Median Salary
$72,000
Average Salary
$80,000
Avg Commute
25 min
Median Home Price
$320,000
Median Rent
$1,400/mo
Job Growth
+2%
Sales Tax
7.88%
Minneapolis is located in Minnesota with a population of 429,954. The median household salary is $72,000 per year ($35/hour), which is $12,616 above the national median of $59,384. The average commute time is 25 minutes, and the city has a job growth rate of +2%.
Minneapolis Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Minneapolis, MN, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$54,142
$4,511.83/month · $2,082.38/biweekly · Effective Rate: 24.8%
Gross Pay
$72,000
Federal Tax
-$7,454
State Tax
-$4,896
Local Tax
$0
FICA
-$5,508
Net Pay
$54,142
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $6,000.00 | $72,000.00 |
| Federal Income Tax | -$621.17 | -$7,454.00 |
| Minnesota State Tax (6.8%) | -$408.00 | -$4,896.00 |
| Social Security (6.2%) | -$372.00 | -$4,464.00 |
| Medicare (1.45%) | -$87.00 | -$1,044.00 |
| Net Take-Home Pay | $4,511.83 | $54,142.00 |
Salary Comparison: Minneapolis vs Other Cities
See how Minneapolis's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Minneapolis, MN | $72,000 | 102 | $70,588 |
| National Average | $59,384 | 100 | $59,384 |
| Chula Vista, CA | $72,000 | 140 | $51,429 |
| Elk Grove, CA | $72,000 | 115 | $62,609 |
| Roseville, CA | $72,000 | 115 | $62,609 |
| Arvada, CO | $72,000 | 110 | $65,455 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Minneapolis
Minneapolis's cost of living index is 102 (national average = 100). Living in Minneapolis is 2% more expensive than the national average.
Median Home Price
$320,000
Median Monthly Rent
$1,400
Annual Rent Cost
$16,800
Your Salary's Purchasing Power
Your $54,142 annual take-home pay in Minneapolis has the purchasing power of approximately $53,080 in an average-cost US area. You would need to earn $73,440 in Minneapolis to match a $72,000 salary in an average-cost city.
Top Industries in Minneapolis
Minneapolis's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $72,000.
Salary Tips for Minneapolis Workers
- Maximize pre-tax deductions. With a 6.8% state income tax rate, maximizing 401(k) contributions (up to $23,500 in 2026) and HSA contributions can significantly reduce both your federal and state tax burden.
- Research top industries. Minneapolis's top industries include Finance, Healthcare, Technology. Targeting roles in these sectors can help you earn above the $72,000 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Minneapolis, MN?
The median salary in Minneapolis, MN is $72,000 per year, or $35 per hour. The average salary is $80,000. This is $12,616 above the national median of $59,384.
What is the cost of living in Minneapolis, MN?
Minneapolis's cost of living index is 102 (national average = 100), meaning it is 2% more expensive compared to the national average. The median home price is $320,000 and the median monthly rent is $1,400.
What are the best industries in Minneapolis?
The top industries in Minneapolis, MN include Finance, Healthcare, Technology. The city has a job growth rate of 2% and an unemployment rate of 2.8%. Workers in these industries often earn above the city's median salary of $72,000.
How does Minneapolis's salary compare to other cities?
Minneapolis's median salary of $72,000 is 21.2% above the national median of $59,384. However, when adjusted for cost of living (index: 102), the real purchasing power is approximately $70,588.
What is the minimum wage in Minneapolis, MN?
The minimum wage in Minneapolis, MN is $11.13 per hour. This equals approximately $23,150 per year for a full-time worker (40 hours/week). This is $3.88 above the federal minimum wage of $7.25/hour.