The Real Salary Guide: Living on $100,000 in Plymouth, MN

You don't need generic platitudes; you need the math. In Plymouth, Minnesota, a six-figure salary looks different than it does in the coastal hubs. We are breaking down exactly what a $100,000 gross salary translates to in spendable cash, tax drag, and purchasing power.

The Verification Test ($100,000 Analysis)

The "Sticker Price" of your labor is $100,000. That is the number HR puts on your offer letter. But that is not the number that hits your bank account. By the time the federal government, the state of Minnesota, and the FICA administrators take their pound of flesh, the reality shifts dramatically.

The Hard Numbers:

• Gross Income: $100,000
• Federal Tax: -$13,614
• FICA (Social Security/Medicare): -$7,650
• Minnesota State Tax: -$4,500
• Local Tax: $0

The Bottom Line:

• Total Take Home Pay: $74,236
• Monthly Net Income: $6,186

The Analysis:
You are retaining 74.2% of your gross income. The "tax drag" sits at roughly 25.8%. While you dodge the bullet of a local city wage tax (unlike residents of Minneapolis or St. Paul), the Minnesota state income tax is the heavy lifter here, carving out $4,500 annually. You are essentially working three months of the year just to cover your tax burden before you keep a dime for yourself.

Smart Budget Breakdown (50/30/20 Rule)

With a monthly net of $6,186, the standard 50/30/20 budget model offers a rigid but effective framework. Here is how that purchasing power translates in the Plymouth market.

Needs: $3,093 / Month

This bucket covers the non-negotiables: shelter, utilities, groceries, and insurance.

• The Rent Reality Check: In Plymouth, a modern one-bedroom apartment averages between $1,200 and $1,500. Let’s budget $1,500.
• Utilities & Insurance: Expect to spend roughly $300 on Xcel Energy, water, and internet.
• Groceries: For a single professional, budgeting $500 is realistic for quality food, not just survival rations.
• Car Costs: Whether leasing or financing, allocate $600 for a car payment and insurance (Minnesota insurance rates are moderate, but winter driving demands coverage).
• Remaining Buffer: You have roughly $193 left over.

Verdict: You can live comfortably within your means, but "Needs" will eat up half your paycheck. If you have a partner to split rent with, your liquidity skyrockets.

Wants: $1,856 / Month

This is your lifestyle fund. Plymouth is a hub for dining and retail (think Arbor Lakes). This budget allows for significant discretionary spending—dinners at Burch Steak, shopping at the Outlets, or a brewery tab at Unleashed Hops.

Savings: $1,237 / Month

This is where wealth is built. Investing $1,237 monthly is the difference between working for money and having money work for you.

• The Math: If you invest this full amount into a standard S&P 500 index fund (averaging 7% return), in 10 years you are looking at roughly $175,000. In 20 years, it balloons to over $520,000.

Plymouth Taxes vs. The Competition

To understand the value of the Plymouth tax structure, you have to look at the competition.

Plymouth vs. Austin, Texas:
Austin boasts "No State Income Tax," but the trade-off is brutal property taxes and a high cost of living. In Plymouth, you pay the $4,500 state tax, but housing costs are generally more stable than Austin's volatile market. You are essentially paying a subscription fee for Minnesota infrastructure and healthcare access.

Plymouth vs. New York City:
This is a night-and-day scenario. An NYC resident earning $100k faces both New York State tax and New York City local tax. Their take-home pay drops closer to $68,000. Plymouth residents keep an extra $6,000 annually simply by avoiding the city wage tax and benefiting from lower state tax brackets than NY.

The Verdict: Plymouth offers a high-income environment without the "luxury tax" of living in a dense urban core like NYC or San Francisco.

Frequently Asked Questions (FAQ)

Q: What is the income tax rate in Plymouth?
A: Plymouth does not levy a local income tax. However, you are subject to Minnesota State Income Tax. On a $100,000 salary, the effective state tax rate is approximately 4.5%.

Q: Is $100k a good salary in Plymouth?
A: Yes. It is significantly above the median household income for the area. It provides a single person with the ability to rent a modern apartment, fund a car, invest over $1,200 monthly, and maintain a social life without financial anxiety.

Q: Does Plymouth have a local city tax?
A: No. Residents of Plymouth do not pay a local wage tax, unlike residents of Minneapolis or St. Paul.

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• Methodology & Sources: Calculations based on IRS 2026 Tax Brackets (Standard Deduction applied), Federal Insurance Contributions Act (FICA) rates, and Minnesota Department of Revenue data. Cost of living estimates cross-referenced with Bureau of Labor Statistics (BLS) Consumer Price Index and local housing market data.