The Unbelievable Income Minnesota Families Need To Live Comfortably

Families everywhere are feeling the squeeze from soaring prices on groceries, gas, rent, and pretty much everything else. It's tougher—and pricier—than ever to live comfortably these days. According to CNBC, 73% of Americans say money is their number one source of stress.

A recent study by Smart Asset revealed the staggering amount of money a family of four needs to earn in order to “live comfortably” in Minnesota. It turns out, Minnesota ranks as the 12th most expensive state in the country for families aiming for a comfortable lifestyle.

What does living comfortably mean?

Living comfortably means having enough money to cover your needs and wants without too much stress. This includes having a safe place to live, access to healthcare, food, reliable transportation, and the ability to save for the future. On top of that you should have enough to cover some hobbies and leisure activities while being able to manage debt without being overwhelmed.

The team at SmartAsset used the 50/30/20 budget rule to figure out how much two working adults raising two kids in Minnesota would need to make to achieve this lifestyle.

This budget rule suggests that 50% of your income should go to basic needs like food and housing, 30% should be spent on things you want, and the remaining 20% should be used to pay off debt or save.

While this budget plan sounds great, it's getting harder to follow with prices for everything going up.

How much does a family of four need to make to live comfortably in Minnesota?

Based on their findings, a family of four would require an annual income of $244,774 to live comfortably in Minnesota. Massachusetts tops the list as the most expensive state, where a family needs to earn $301,000. On the other hand, Mississippi is the least expensive, with families needing just $177,000 to achieve a comfortable lifestyle.