Minnesota and US cost of living income requirements

Research from SmartAsset examines the income levels necessary for survival and comfortable living in Minnesota and across the United States. To cover basic necessities like housing, healthcare, and childcare, a family of four in Minnesota requires an annual income of approximately $122,387, which is roughly 13.5 percent higher than the national survival average of $106,903.

When applying the 50/30/20 rule—allocating 50 percent to necessities, 30 percent to discretionary spending, and 20 percent to savings or debt—the financial requirements increase. For a family of four in Minnesota, a combined annual income of $263,000 is estimated to be necessary for comfort, compared to a national estimate of $250,000.

For individuals, a single person in Minnesota requires an annual income of $96,970 to meet these comfort standards, notably higher than the state’s median single-person income of $44,934. In comparison, the requirement for a single person in Wisconsin is $91,021. Data indicates that in 40 of the 50 U.S. states, a family of four requires an income exceeding $200,000 to live comfortably.