Comprehensive salary data, cost of living, tax rates, and employment information for Minnesota.
Reviewed by Alexander O.M., MBA, BSc Engineering•Updated
Minnesota has an unusually concentrated corporate base for a state of its size: sixteen Fortune 500 companies are headquartered there (including UnitedHealth Group, Target, 3M, Best Buy, US Bancorp, and General Mills), the third-highest per capita of any state. The $84,313 median household income is among the top fifteen in the US, supported by that corporate cluster and by the Twin Cities' broader professional-services economy. The Mayo Clinic in Rochester is one of the most significant single employers in the state and the anchor of what has become the largest single-specialty healthcare cluster in the world. The cost-of-living index of 97 sits just below the national average, which combined with high incomes gives Minnesota one of the strongest effective purchasing-power profiles in the country. The state income tax is progressive with four brackets ranging from 5.35% to 9.85%. The $11.13/hour minimum wage varies by employer size and is indexed to inflation; Minneapolis and Saint Paul have local ordinances that push their city minimums above the state level. Property taxes are moderate. Greater Minnesota (outside the Twin Cities) has a more agriculture- and mining-dependent economy. Full breakdown follows.
Median Individual
$41,710
per year
Median Household
$84,313
per year
Cost of Living
97
Affordable (US avg = 100)
State Income Tax
5.35-9.85%
rate
Salary Overview for Minnesota
The median individual income in Minnesota is $41,710 per year, while the mean (average) individual income is $53,920. The median household income is $84,313.
Cost of Living Adjusted Salary
Minnesota's cost of living index is 97 (national average = 100). This means the median salary of $41,710 in Minnesota has the purchasing power of approximately $43,000 at the national average cost of living. Your dollar goes further in Minnesota than in most states.
Minimum Wage in Minnesota
The current minimum wage in Minnesota is $11.13/hour, which equals approximately $23,150 per year for a full-time worker (40 hours/week, 52 weeks). See our complete Minnesota minimum wage guide for tipped wages, scheduled increases, and more.
Top Employers in Minnesota
Mayo Clinic
UnitedHealth Group
Target
Major Industries in Minnesota
Healthcare
Finance
Retail
Tax Rates in Minnesota
See the full tax breakdown including income tax, sales tax, property tax, and more on our Minnesota tax rates page.
Calculate Your Take-Home Pay
Use our Salary Calculator to convert between hourly, weekly, monthly, and annual pay, and estimate your take-home pay in Minnesota after federal and state taxes.