Understand the cost of living in Minnesota including housing, taxes, insurance, and everyday expenses. Compare Minnesota costs to the national average.
Minnesota has a cost of living index of 98, where 100 represents the national average. This means living in Minnesota is 98 percent of the national average cost. The median household income in Minnesota is $80,450, which should be weighed against local expenses.
Housing is typically the largest expense for Minnesota residents. The median home price is $315,000, with property taxes averaging 1.02% and home insurance at $1,800 per year. Renters also face costs influenced by the state's overall cost of living index of 98.
Minnesota residents pay a top income tax rate of 9.85%, a sales tax of 6.875%, and property taxes of 1.02%. These tax rates play a major role in the overall cost of living and your household budget.
Auto insurance in Minnesota averages $1,680 per year, which is a significant ongoing expense. Combined with fuel, maintenance, and commuting costs, transportation can account for a notable portion of the Minnesota household budget.
With a cost of living index of 98, Minnesota ranks among states that are 98 percent of the national average. The median income of $80,450 and median home price of $315,000 provide useful benchmarks for comparison. Use CalcHubb's cost of living calculator to compare Minnesota with any other state.
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