Quality of Life in Minneapolis, MN on a $133,840 Salary

An individual earning $133,840 annually in Minneapolis, MN, can expect a comfortable lifestyle, given a comparison to the broader United States. Here’s a detailed look into the various factors influencing quality of life:

Cost of Living

• Comparison to National Average: The cost of living in Minneapolis is slightly above the national average. Key factors include housing, transportation, and healthcare.
• Day-to-Day Expenses: Eating out, groceries, and utilities might be a bit pricier compared to some other cities, but these are generally manageable on this salary.
• Taxes: Minnesota has state income taxes that are in the middle range compared to other states, which should be factored into net income.

Housing Market

• Home Prices: The housing market in Minneapolis is robust, with home prices moderately above the national average. Median home prices are around $360,000–$400,000.
• Affordability: For a $133,840 salary, moderately-priced homes are affordable, allowing for a mortgage that is within 28% of gross income, considered ideal in financial planning.

Quality of Life

• Community and Culture: Minneapolis is known for its vibrant arts scene, ample parks, and recreational activities, making it a culturally rich place to live.
• Transportation: The city offers efficient public transportation, reducing the necessity for a personal vehicle, which can help manage transportation costs.

Access to Healthcare

• Healthcare Quality: Minneapolis has a high standard of healthcare services, with numerous hospitals and clinics providing quality care.
• Costs: While healthcare can be slightly above average in cost, insurance provided by employers often offsets expenses significantly.

Quality of K-12 Schools

• Public Education: Minneapolis offers a range of public schools with varying performance metrics. Many schools in the area rate above average in national comparisons.
• Options for Families: There are also numerous private and charter schools available for more tailored educational experiences.

Summary

Overall, an individual earning $133,840 in Minneapolis can expect a high quality of life, provided they manage their finances carefully. The combination of a strong job market, diverse cultural amenities, quality education, and healthcare access makes Minneapolis a desirable location for professionals and families alike. Although costs might be slightly higher than the national average in some areas, the salary is sufficient to ensure comfort and