Financial Profile: Minnesota
Financial landscape, tax rates, cost of living, and median income scoring for Minnesota residents.
Minnesota at a Glance
Avg Salary
$64,000
Cost of Living
98
Top Tax Rate
9.8%
Adjusted Income
$65,306
Monthly Take-Home
$3,907
Max Rent (30%)
$1,599
Financial Genome at Median Income
Scores calculated for someone earning $64,000/yr in Minnesota with typical expenses.
PPI
48
C
FPI
25
F
LRS
53
C+
REW
30
D
Living in Minnesota: Financial Overview
Minnesota has one of the highest state income taxes with rates from 5.35% to 9.85%.
- High income tax
- Strong job market
- High quality of life
Major Cities
Minneapolis, Saint Paul, Rochester, Duluth
With a cost of living index of 98 (below the national average of 100), your dollar goes further in Minnesota. A $60,000 salary here has the purchasing power equivalent of $61,224 in an average-cost area.
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