Here's how much you need to make to afford the 'American Dream' in Minneapolis
The Minneapolis skyline, with First Avenue in the foreground. (FOX 9)
MINNEAPOLIS (FOX 9) - It's getting more expensive to afford the "American Dream."
A new analysis by GOBankingRates found an income of $100,000 is no longer enough to achieve the "American Dream" in any of the 50 largest cities in the United States. The "American Dream" includes affording expenses such as a mortgage, groceries, child care, healthcare, annual car costs, education, transportation and pet care, according to the study.
How much you need to make to afford the ‘American Dream’ in Minneapolis
By the numbers:
GOBankingRates determined you need a household income of about $153,000 in Minneapolis to afford the "American Dream."
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That's the ninth-highest salary needed to achieve the "American Dream" of the 50 major cities GOBankingRates looked at in its study.
Here's how the study breaks down costs in Minneapolis:
- Household income for the American dream: $152,863
- Total annual cost of living: $76,431
- Grocery costs per year: $9,170
- Average monthly mortgage cost: $1,964
- Child care cost per year: $40,450
In Milwaukee, Wisconsin, you need a salary of $134,193 to achieve the "American Dream," which comes in at No. 20 out of the 50 cities. Here's the breakdown of costs in Milwaukee:
- Household income for the American dream: $134,193
- Total annual cost of living: $67,097
- Grocery costs per year: $8,418
- Average monthly mortgage cost: $1,194
- Child care cost per year: $31,929
How much you need to make in other cities
Dig deeper:
Washington, D.C., is the city with the highest salary needed to achieve the "American Dream," with families needing to earn $189,306 annually to live comfortably.
READ MORE: How much you need to earn to be upper-middle class in Minnesota
The cities with the highest salaries needed to achieve the American Dream are:
- Washington, D.C. - $189,306
- Boston - $175,628
- New York - $173,006
- San Francisco - $172,340
- San Jose - $167,958