How Much Money Do You Need To Live Comfortably In Minnesota?

This question is relative. It really depends on the person and what you want out of your life. What's important to you? Do you have a large family? Is it only you? So many variable to this question. So, let's see what it says about the average that someoen needs to live comfortably in the state of Minnesota.

Get our free mobile app

WHAT IS INCLUDED IN THE AVERAGE SALARY NEEDS

This study was done by smart asset. They did a study for the entire country and came up with what you need in each state to live comfortably. What does that mean? Living comfortably means that you have enough money for hobbies, emergencies, retirement savings, vacations, and also daily things like groceries, household bills, and fun stuff.

Smart Asset says that they consider the 50/30/20 rule.

...allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to long-term goals like retirement savings or paying off debt.

This is just a great guide to go by when setting up a household budget.

WHAT IS THE AVERAGE SALARY NEEDED

In Minnesota, in order to get all of the above and live comfortably after paying your bills, putting some funds away, and making sure you have "enough" is just over $91,000 a year. Mind you, this is the amount for a single adult. If you are an average family of 4 in Minnesota, you will need just over $251,000 per year. This sounds like a lot. But many people are living check to check, and do not have enough to put away for an emergency, or any retirement funds. And this is just normal life.

WHAT STATE IS THE MOST EXPENSIVE PLACE TO LIVE

Hawaii, not a surprise, is the most expensive place to live. You will need around $125,000 a year for a single adult to live comfortably. West Virginia is the least expensive. Also not really a surprise. And the state that had the biggest growth, with higher cost of living is again, not really a surprise, it's Montana.

Maybe it's time to ask for a raise.