$40K in Minneapolis = $31,321 in Waco
Your $40K salary in Minneapolis (COL 106) has the same purchasing power as $31,321 in Waco (COL 83). Waco is cheaper — your money goes 22% further there.
Budget breakdown — $40K in both cities
What $40K actually buys you in each city after taxes and core expenses.
| Expense | Minneapolis $40K | Waco $40K (same salary) |
|---|---|---|
| Monthly take-home | $2,398 | $2,728 |
| 1BR rent | $1,700 | $1,000 |
| Groceries | $391 | $350 |
| Transport | $95 | $38 |
| Utilities | $195 | $172 |
| Internet | $65 | $60 |
| Left after essentials | -$48/month | $1,108/month |
Frequently asked questions
What is $40K in Minneapolis equivalent to in Waco?
$40K in Minneapolis (COL index 106) has the same purchasing power as $31,321 in Waco (COL index 83). That's 22% less than your current salary.
If I move from Minneapolis to Waco keeping my $40K salary, will I be better off?
Yes. If you keep earning $40K after moving to Waco, you'd have $1,156 more per month after core expenses — because Waco is cheaper than Minneapolis.
How is the salary equivalent calculated?
The equivalent salary is calculated by multiplying your current salary by the ratio of the two cities' overall cost of living indices: $40K × (83 ÷ 106) = $31,321. This adjusts for differences in housing, food, transport, and general cost of living.
Other salary amounts — Minneapolis to Waco
Equivalency uses overall COL index ratio. Take-home uses simplified federal/state brackets. Zillow · BLS · Numbeo · Q1 2026 · For general guidance only