Is $40K a Good Salary in Minneapolis, MN?
Full budget breakdown for Minneapolis on $40K/year — take-home after taxes, rent burden, what you can afford, and how it compares to the city median.
Monthly budget in Minneapolis on $40K
US average equivalent
$38,000
Your $40K in Minneapolis (COL: 106) buys the same as $38,000/yr in a city with average US cost of living.
vs Minneapolis median
-47%
The median household income in Minneapolis is $75,000/yr. You're earning 47% below that.
Cities where $40K goes further
These cities have a lower rent burden at $40K than Minneapolis.
Other salary levels in Minneapolis
Frequently asked questions
Is $40K a good salary in Minneapolis?
$40K/year in Minneapolis gives you approximately $2,398/month in take-home pay after federal and state taxes. With a median 1BR rent of $1,700/month, your rent burden is 71% of take-home — which is considered difficult. Minneapolis is on the expensive side for this salary, ranking #144 out of 179 cities.
How much is $40K after taxes in Minneapolis?
On $40K/year in Minneapolis (MN), you take home approximately $2,398/month after federal income tax, 9.9% MN state income tax, and FICA. That is roughly $28,776/year net.
What is the cost of living in Minneapolis on $40K?
Monthly estimated costs in Minneapolis: rent $1,700, groceries ~$391, transportation ~$95, utilities ~$195, internet ~$65. Total estimated expenses: ~$2,446/month, leaving ~$0/month after essentials on a $40K salary.
Tax estimates use 2026 brackets · Rent data: Zillow Observed Rent Index · Budget figures are estimates for general guidance only