Savings rate in Minneapolis — are you on track?
Minneapolis is a moderate cost city. Minneapolis median rent is around $1,400/month, low for a major metro with a diverse professional economy. Minneapolis consistently ranks among the better US cities for mid-income savings, with low housing costs offsetting cold-climate expenses.
Median rent
$1,400/mo
Minneapolis 2023
Typical other costs
$1,600/mo
excl. housing
Savings benchmark
7–20%
mid-income USD
Monthly budget snapshot — Minneapolis
Pre-set for Minneapolis — adjust to your situation
What a good savings rate looks like in Minneapolis
Using data from BLS Consumer Expenditure Survey 2023, people at mid-range incomes in United States typically save between 7–20% of gross income. In a moderate cost city like Minneapolis, housing costs can compress that meaningfully — especially for renters.
Source: BLS Consumer Expenditure Survey 2023. Benchmarks shown for mid-income earners in United States.
Frequently asked questions — Minneapolis
What savings rate is considered good in Minneapolis?+
In Minneapolis, a savings rate of 12% of gross income is the expected benchmark for mid-income earners in United States. A rate below 7% is considered a minimum floor — anything less means you are not building meaningful financial resilience. Reaching 26% or above puts you in a strong position relative to others at your income level.
How much does rent cost in Minneapolis?+
The median rent in Minneapolis is around $1,400 per month. Minneapolis median rent is around $1,400/month, low for a major metro with a diverse professional economy. This makes rent one of the biggest factors in your ability to save — especially for renters, who typically face higher housing cost burdens than homeowners with fixed mortgages.
What does a typical monthly budget look like in Minneapolis?+
A typical budget in Minneapolis includes approximately $1,400/month for rent and $1,600/month for other living expenses, for a combined $3,000/month in core costs. Minneapolis consistently ranks among the better US cities for mid-income savings, with low housing costs offsetting cold-climate expenses. Any income above this baseline is what is available for saving or investing.
Can you build wealth while living in Minneapolis?+
Yes — but it requires a savings rate in the 7–20% range to match the benchmark for United States. Minneapolis is a moderate cost city, so housing and living costs are moderate, giving more room to hit the savings benchmark. Minneapolis consistently ranks among the better US cities for mid-income savings, with low housing costs offsetting cold-climate expenses.
How is the savings benchmark in Minneapolis calculated?+
The benchmark is derived from BLS Consumer Expenditure Survey 2023, the official national household expenditure survey for United States. Savings rates are calculated by income band — so the expected rate adjusts based on what you earn, not a single national average. This makes the benchmark more relevant to your actual financial position in Minneapolis.