Quality of Life in Minneapolis, MN on a $120,960 Annual Salary

Income Overview

• Annual Salary: $120,960
• Monthly Gross Income: Approximately $10,080

Cost of Living Comparison

Minneapolis Cost of Living vs. National Average:

• Minneapolis’s cost of living is slightly above the national average but more affordable than other major cities such as New York or San Francisco.
• Main expenses include housing, transportation, food, and healthcare.

Housing Market

• Median Home Price: Around $330,000
  • This price is higher than the national median home price but more affordable than other urban centers.
• Home Affordability: With a $120,960 income, homeownership in Minneapolis is generally attainable, especially when composing a solid down payment.

Quality of Life

• Employment Opportunities: Minneapolis has a diverse economy with job opportunities in sectors like healthcare, manufacturing, and technology.
• Entertainment & Amenities: The city offers abundant cultural attractions, parks, restaurants, and entertainment options.
• Transportation: Public transportation is available, but a car is generally necessary for commuting to suburban areas or outside the city.

Access to Healthcare

• Minneapolis boasts good healthcare facilities with renowned medical centers such as Mayo Clinic and University of Minnesota Medical Center.
• Healthcare Costs: While healthcare costs can be higher than average, employer-provided health insurance often alleviates personal expenses.

Quality of K-12 Schools

• Public Schools: Minneapolis public schools have a range of ratings, with some high-performing institutions.
• Private Schools: Numerous quality private school options are available in the region.
• Overall, Minneapolis offers competitive educational opportunities for families with children.

Summary

Living on a $120,960 salary in Minneapolis offers a good quality of life with manageable expenses relative to income. The housing market is accessible compared to larger cities, and the quality of healthcare and educational systems are strong. The city provides a balance of urban amenities and family-friendly environments, making it an appealing choice for professionals and families alike.