Can a Psychiatrist afford to live in Minneapolis?
Excellent81% of take-home left to save — you can save aggressively here.
Median salary (gross)
Psychiatrist · Minneapolis
$336,410
Income tax (~42% effective)
United States
– $140,897
Take-home pay
$16,293/mo
$195,513
Living costs (1 person)
$3,020/mo · derived
– $36,240
Savings potential
$13,273/mo · 81% of take-home
$159,273
Single professional, after-tax. Salary − tax − living costs = what you could save each year.
Full salary breakdown →Is this a good salary in Minneapolis? →Compare Minneapolis with another city →
How we calculated this
• Salary: BLS OEWS 2025 metro-area survey median for Psychiatrist, adjusted for Minneapolis.
• Tax: United States single-filer effective rate (~42%). Official calculator.
• Living costs: derived from cost-of-living index for a single professional.
Planning estimates, not financial or tax advice. Updated 2026. Your situation will differ.