Can You Afford Rent in Minneapolis on $125,000/Year?
On $125,000 in Minneapolis, MN, your take-home pay is $7,331/month after taxes. Using the 30% rule, you can afford up to $2,199/month in rent.
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Your take-home: $7,331/month
Max affordable rent: $2,199/month
Based on 30% of take-home pay (after taxes)
| Size | Avg Rent | % Income | Verdict |
|---|---|---|---|
| Studio | $1,037 | 14.1% | Comfy |
| 1-Bedroom | $1,330 | 18.1% | Comfy |
| 2-Bedroom | $1,750 | 23.9% | Comfy |
| 3-Bedroom | $2,075 | 28.3% | OK |
After paying rent on a 1-BR ($1,330), you’d have $6,001/month left for everything else.
Rent Affordability Breakdown
| Size | Avg Rent | % Income | Verdict | Left Over |
|---|---|---|---|---|
| Studio | $1,037 | 14.1% | Comfy | $6,294/mo |
| 1-Bedroom | $1,330 | 18.1% | Comfy | $6,001/mo |
| 2-Bedroom | $1,750 | 23.9% | Comfy | $5,581/mo |
| 3-Bedroom | $2,075 | 28.3% | OK | $5,256/mo |
What Salary Do You Need?
To comfortably afford rent in Minneapolis at the 30% threshold:
| Size | Avg Rent | Salary Needed | Hourly Equiv |
|---|---|---|---|
| Studio | $1,037 | $53,000 | $25/hr |
| 1-Bedroom | $1,330 | $70,000 | $34/hr |
| 2-Bedroom | $1,750 | $97,000 | $47/hr |
| 3-Bedroom | $2,075 | $117,000 | $56/hr |
How Minneapolis Compares
On $125,000, here’s what you can afford in other cities:
| City | 1BR Rent | % Income | Verdict |
|---|---|---|---|
| El Paso, TX | $950 | 11.9% | Comfy |
| Memphis, TN | $950 | 11.9% | Comfy |
| San Antonio, TX | $979 | 12.2% | Comfy |
| Oklahoma City, OK | $940 | 12.5% | Comfy |
| Tucson, AZ | $1,000 | 12.9% | Comfy |