Economists Salary
In Minnesota, economists earn $105,120 at the median, or about $50.54 an hour. The range runs from $58K at the entry level to $198K for experienced workers. Cost of living is below average (RPP 92.6), which stretches that salary to about $113,521 in buying power. Rent on a 2-bedroom averages $1,384/month, or 21.4% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Minnesota. Jump to a metro for precise data:
So what does $105K get you in Minnesota?
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What this looks like in Minnesota
Pay for economists in Minnesota runs about 16% below the U.S. median of $125K. Housing is manageable: a 2-bedroom at the HUD median costs $1,384/month, 21.7% of take-home, well inside the 30% guideline. Regional Price Parity sits at 92.6 (national = 100), meaning everyday costs run about 7% cheaper here. Your dollar stretches further than the headline salary suggests. Lower pay, lower costs, Minnesota can be a reasonable trade-off for economistss who value affordability over top-dollar markets.
Compensation breakdown
Annual earnings by percentile, Minnesota
Entry-level economists (10th percentile) start around $58K. Mid-career wages sit at $105K. Top earners bring in $198K or more, a $139K spread from bottom to top.
Economists salary by metro in Minnesota
1 metro area with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Minneapolis-St. Paul-Bloomington | $107K | +2% | N/A |
Compare to other states
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BLS updates this data quarterly. We'll email you when Minnesota numbers change.
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Frequently asked questions
Can a economist afford a 2BR apartment alone in Minnesota?
Yes — at the median salary of $105K, rent takes 21.7% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,384/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for economists in Minnesota?
The 10th-percentile wage — what new economists typically earn — is $58K/year. Take-home on that works out to about $3,503/month. At HUD’s $1,384/month FMR, rent would take 40% of that take-home — above the 30% guideline, so a 1-bedroom or shared housing is likely necessary starting out.
Is economist a high-paying job in Minnesota?
Local pay runs 16% below the national median — $105K here vs. $125K nationally. Cost of living is 7% below the national average, which narrows that gap in real purchasing power.
How does Minnesota compare to the national average for economists?
Minnesota pays $105K median vs. the U.S. average of $125K — that’s -16%. After adjusting for local cost of living (RPP 92.6), the purchasing-power equivalent is $114K — below the national median.
How much do economists make in Minnesota?
The median is $105,120 a year, that works out to about $51 an hour. But the range is wide: entry-level workers start around $58,380, and experienced economists can clear $197,870. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $105K enough to live in Minnesota?
On that salary, you'd take home roughly $6,385/month after taxes. A 2-bedroom here rents for about $1,384/month, which eats 21.7% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a economists salary go in Minnesota?
Minnesota has a Regional Price Parity of 92.6 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median economists salary is worth about $113,521 in national-average purchasing power.
Where do economists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.