Minnesota (MN) · State tax: 9.85% · Property tax: 1.12% · Median home (ZHVI): $335,000
As of · Sources: Zillow ZHVI, Tax Foundation, Census ACS, Freddie Mac PMMS
Your savings rate — the percentage of gross income you save — is the most important factor in building wealth. In Minnesota, the 9.85% state income tax reduces your gross-to-net income conversion, making a 20% gross savings rate more challenging. On a $80,000 salary, after federal, state, and FICA taxes, you might net around $49,720, meaning a 20% gross savings target ($16,000/year) represents about 32% of net pay. The cost of living index of 98.3 determines your expense floor — moderate living costs give you more room to save aggressively. Target at least 20% for financial independence, adjusting for Minnesota's specific cost profile.
Median income + cost-of-living scale the savings rate for the savings rate calculator in Minnesota. Every row cites a primary public dataset. Numbers reflect the most recent vintage available; refresh cadence is documented in the methodology.
The Savings Rate Calculator runs a well-known formula (principal × rate, discounted cash flow, amortization, or equivalent) client-side and layers on Minnesota's tax and cost-of-living inputs. State-specific numbers — brackets, exemptions, and averages — come from public federal / state datasets cited in the sources section.
Same formula, different inputs. Each city name links to its own pSEO page where the calculator is pre-filled with local medians.
| City | Median home | Median rent | HUD FMR 2BR | Median income |
|---|---|---|---|---|
| Minneapolis, MN | $386,374 | $1,681/mo | $1,550/mo | $98,180 |
| Duluth, MN | $253,294 | $1,559/mo | $1,425/mo | $71,067 |
| Rochester, MN | $335,380 | $1,657/mo | $1,525/mo | $89,675 |
| St. Cloud, MN | $310,608 | $1,223/mo | $1,125/mo | $75,670 |
Sources: Zillow ZHVI + ZORI[1], HUD FMR[2], Census ACS[3], Freddie Mac PMMS[4].
Moving one state over changes the savings rate numbers. Compare median home value (Zillow ZHVI), top marginal income tax rate, effective property tax rate, and the BEA all-items Regional Price Parity across Minnesota and its border states.
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Minnesota (this page) | $335,000 | 9.85% | 1.12% | 98.3 |
| compare to Iowa | $215,000 | 3.80% | 1.50% | 88.8 |
| compare to North Dakota | $265,000 | 2.50% | 0.98% | 88.2 |
| compare to South Dakota | $275,000 | None | 1.24% | 88.1 |
| Wisconsin side-by-side | $295,000 | 7.65% | 1.85% | 93.2 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
These calculators share inputs with the savings rate formula, so pair them to pressure-test your answer from multiple angles.
| Metric | Minnesota | National Avg | IA | ND | SD |
|---|---|---|---|---|---|
| Median Home Price | $335,000 | $420,000 | $245,000 | $245,000 | $295,000 |
| Property Tax Rate | 1.12% | 1.07% | 1.57% | 0.98% | 0.82% |
| State Income Tax | 9.85% | 4.6%* | 5.7% | 5.94% | None |
| Avg Insurance Cost | $1,680/yr | $1,544/yr | $1,320/yr | $1,320/yr | $1,320/yr |
| Cost of Living Index | 98.3 | 100 | 87 | 88 | 89 |
| Household Income — p25 | $49,800 | $41,401 | $45,807 | $46,400 | $45,200 |
| Household Income — p50 (median) | $92,473 | $83,592 | $85,000 | $87,500 | $79,954 |
| Household Income — p75 | $158,112 | $153,000 | $135,696 | $150,375 | $130,002 |
*Average of states that levy an income tax. 2026 estimates. Minnesota's 9.85% top income tax rate is the 5th-highest in the nation.[3] Income percentiles from DQYDJ/Census CPS 2024[4].
Track take-home pay: 9.85% state income tax plus federal + FICA reduces gross wages by roughly 35% in Minnesota.
Anchor savings goals to the Minnesota cost of living index (98.3). A national 20% savings rate needs adjustment up or down depending on local expense floors.
Use tax-advantaged accounts first: 401(k), HSA, IRA. Contributions to pre-tax accounts save 9.85% at the state level plus your federal marginal rate.
Every number on this page reads from the same CalcFi data repository used by the Live Data pages below — the figures stay consistent.
Home Prices by State
Zillow ZHVI across all 50 states
Property Tax by State
Effective rate × ZHVI = annual bill
Household Income by State
FRED real median + percentile bands
Cost of Living by State
BEA RPP all-items + housing
No-Income-Tax States
Full list + trade-offs
Current Interest Rates
Treasury curve + PMMS + FDIC
CalcFi pSEO pages combine three inputs: (1) the calculator formula itself, which runs client-side so no inputs leave your browser; (2) state-level financial constants from primary public datasets; and (3) national benchmarks for comparison. The Minnesota page uses the property tax rate (1.12%), median home price ($335,000), and 9.85% state income tax from the sources listed below.
Refresh cadence:state tax brackets and minimum wage rates are reviewed annually after each state's legislative session. Property tax, median home price, insurance, and cost-of-living figures are reviewed annually against the primary sources. Income percentiles are refreshed when the Census CPS/IPUMS releases update (typically September). Page-level dateModified matches the last editorial review date, shown above.
Known limits: statewide averages mask large intra-state variance — county-level property tax and metro-level home prices differ significantly from the figures shown. For the most precise calculations, cross-check the output against your actual county assessor and the latest federal/state tax tables at filing time.
Use Savings Rate Calculator for any city in Minnesota.
Every number on this page cites a primary public dataset. Last reviewed (auto-bumped by the next ISR refresh after an ETL run).
CalcFi does not sell data. If you spot an error, email hello@calcfi.app with the URL and the correct figure.