How Much Rent Can I Afford on $60,000 in Minneapolis? (2026)
FairRecommended max rent (30% rule)
$1,500/month
Conservative (25%)
$1,250
Stretch (35%)
$1,750
On a $60,000 salary in Minneapolis, MN, your gross monthly income is $5,000. After taxes, your take-home is $3,854/month.
$60k in Minneapolis: The Real PictureAI Analysis
$60,000 in Minneapolis is workable with room for savings. Minnesota's 6.8% income tax costs you $340/month — switching to a no-tax state like Texas or Florida would free up that cash. Your $1,500 budget exceeds the average 1BR rent of $1,350, so you'll have options in most neighborhoods. Minneapolis is middle-of-the-pack (#4/20) at this salary. That's $142 above the 20-city average.
Calculator: $60k in Minneapolis
Rent Affordability Calculator
Recommended max rent (30% rule)
$1,500/month
Based on $60,000 salary in Minneapolis, MN
Affordability Rating
Comfortable$1,500/mo on $60,000 in Minneapolis
Conservative (25%)
$1,250
Standard (30%)
$1,500
Stretch (35%)
$1,750
Monthly Income Breakdown
Monthly Budget in Minneapolis
Monthly Take-Home Pay Breakdown
Example Monthly Budget in Minneapolis on $60k
Living in Minneapolis on $60,000
Earning $60,000 in Minneapolis puts you at a modest but workable income level for this metro area. Your monthly take-home of $3,854 means smart spending will stretch your dollar. Under the 30% rule, your target rent is $1,500/month. After rent and essentials, $1,369 remains each month—enough for a balanced lifestyle. Keep in mind that Minneapolis's 6.8% state income tax will reduce your take-home pay compared to no-tax states like Texas or Florida. Minneapolis is the Midwest's best-kept secret—craft breweries, world-class theaters, and a lakes-and-bikes culture that thrives despite (or because of) the legendary winters. At this salary, a comfortable 1-bedroom in a decent neighborhood is within reach. For savings, you can start saving while still enjoying occasional dining out.
Cost of Living in Minneapolis, MN (2026)
Minneapolis is a thriving Midwestern city with a Fortune 500 density that rivals any metro in America. Target, UnitedHealth, General Mills, and US Bancorp are headquartered here, offering strong careers alongside surprisingly affordable living.
Avg 1BR Rent
$1,350
Avg 2BR Rent
$1,700
Utilities/mo
$160
Groceries/mo
$355
Transport/mo
$180
Healthcare/mo
$290
State Tax
6.8%
Sales Tax
7.875%