$65,000 in Minneapolis (Bloomington, Eagan, Minnetonka: middle-class, real estate, rental)

[VeryBrownBear]

Hi Forumers,

Is $65,000 consided a good salary in Minneapolis? Is it too small? The position is in management (real estate).

Thank you.

[ArcLyte]

Like most things, the answer is: it depends.

Taken without any context, a 65k salary is a solid middle-class salary in Hennepin County*. Without knowing any additional details about your situation, 65k/year may be great, or it may be terrible.



Source:

* Are you middle class? - CNNMoney

[Citykid3785]

It's all relative to your expectations of quality of life. I would not call it a great salary, but rather livable...

[mr roboto]

Originally Posted by ArcLyte

Like most things, the answer is: it depends.

Taken without any context, a 65k salary is a solid middle-class salary in Hennepin County*. Without knowing any additional details about your situation, 65k/year may be great, or it may be terrible.



Source:

* Are you middle class? - CNNMoney

Exactly. Single without kids or married without kids? It's fine to very good. Married with 3 kids and wanting to live in a nice area without a second income? Nope.

[Tyryztoll]

Originally Posted by mr roboto

Exactly. Single without kids or married without kids? It's fine to very good. Married with 3 kids and wanting to live in a nice area without a second income? Nope.

Define "nice area". Does that mean 65 grand with a wife and 3 kids automatically lands you in the 'hood? That sounds a little pessimistic to me.

[mr roboto]

Originally Posted by Tyryztoll

Define "nice area". Does that mean 65 grand with a wife and 3 kids automatically lands you in the 'hood? That sounds a little pessimistic to me.

On 65k with 3 kids you wouldn't have to live in the 'hood' (that's a crappy term by the way) but you'd be priced out of certain neighborhoods in the cities and many suburbs. I'd say you could make that work in an outer suburb or smaller town on the outskirts, or some of the more blue collar suburbs maybe. It really all depends on you healthcare situation, if you need to drive for work or need 2 cars, and how old/active in sports the kids are.

[Citykid3785]

Originally Posted by mr roboto

On 65k with 3 kids you wouldn't have to live in the 'hood' (that's a crappy term by the way) but you'd be priced out of certain neighborhoods in the cities and many suburbs. I'd say you could make that work in an outer suburb or smaller town on the outskirts, or some of the more blue collar suburbs maybe. It really all depends on you healthcare situation, if you need to drive for work or need 2 cars, and how old/active in sports the kids are.

Agreed. East bloomington and Richfield come to mind, as does the word "townhome".

[pvoyd]

Assuming a property purchase vs. renting (still makes sense for many people in most of the Twin Cities areas, based on prices and rental costs), and using a rule-of-thumb of property price being no more than 3x pre-tax salary, that would put "peak house" for this income level at 220-230k. While there are neighborhoods where no properties are priced below this level, most areas have some, if not necessarily detached. So the choice may be down to a condo in, say, Edina or Minnetonka or an older SFH in a decent but not high-priced suburb (Bloomington? Eagan?)

[mr roboto]

Roseville is a great area too. Close to both downtowns. Good schools.

[OneTimeSEALover]

I never made that much money and never felt deprived of anything. But I was single, so I wasn't saving for a child's college. Only for retirement. So the adequacy of this amount really depends on required expenses. But I also know parents who don't take in much more.