The salary you need to make to live comfortably in Minneapolis: Study

MINNEAPOLIS (FOX 9) - A new study that claims to analyze several metrics has determined how much money a person needs to make to live comfortably in Minneapolis.

Study rankings

Created by GOBankingRates, the study is said to analyze data from the U.S. Census, Zillow, BestPlaces and the Bureau of Labor Statistics (BLI) to determine the salary you’ll need to live comfortably in America’s largest cities.

The study determined that in Minneapolis a person needs an annual salary of $93,482 – good for a "livability score" of 78.

The study also determined a person’s total cost of living in the City of Lakes to be $46,741 annually.

In the most expensive city – San Jose, California – you need an annual salary of $266,000 to live comfortably.

Of the eight cities where you need the highest salary, six are located in California.

How it’s determined

For the study, GOBankingRates says it analyzed the 50 largest U.S. cities by population using the 2022 U.S. Census survey.

GoBankingRates then surveyed 2022 household median income, 2021 total population and 2021 household median income, while also sourcing single-family home values from the Zillow Home Value Index.

To determine "living comfortably" the study applied the "50/30/20 rule" which states that a person’s budget should break down to 50% going to needs, 30% for wants and 20% for savings.