An amount below 100 means Minnesota is cheaper than the US average.
Minnesota cost of living is 97.2.
| COST OF LIVING | Minnesota | United States |
|---|---|---|
| Housing | 101.9 | 100 |
| Median Home Cost | $300,100 | $291,700 |
| Utilities | 95.7 | 100 |
| Transportation | 96.4 | 100 |
Is Minnesota expensive to live in?
With an average living cost of $55,061.78 per year, the costs of living in Minnesota are significantly cheaper compared to the national average.
Why is Minnesota housing so expensive?
Moscowitz says one of the biggest factors creating a competitive housing market in Minnesota is an imbalance of supply and demand. There are far more buyers interested in purchasing a home than there are homes on the market.
How much money do you need to live comfortably in Minnesota?
Typical Expenses
| 1 ADULT | 2 ADULTS (1 WORKING) | |
|---|---|---|
| 0 Children | 1 Child | |
| Required annual income after taxes | $30,895 | $56,992 |
| Annual taxes | $8,089 | $14,922 |
| Required annual income before taxes | $38,984 | $71,914 |
Is Minnesota a cheap place to live?
These figures, along with an average annual property tax of $1,004 and average annual homeowner insurance at $589 were able to net the small city an affordability Index of 58.33. That’s the best score in Minnesota and good enough for No. 92 nationally. It’s the only Minnesota city in the top 100 nationally on the list.
What is minimum wage for Minnesota?
Minimum-wage rates
| Provision | Amount as of Jan. 1, 2022 |
|---|---|
| Large-employer wage | $10.33 an hour |
| Small-employer wage | $8.42 an hour |
| 90-day training wage (under 20 years of age) | $8.42 an hour |
| Youth wage (under 18 years of age) | $8.42 an hour |
Is Minnesota a good state to live?
1. The experts agree. U.S. News & World Report recently ranked Minnesota the second best state in the country. Their study considered factors like health care, economy, infastructure, environment, and more.
Is it cheaper to live in Florida or Minnesota?
Florida is 4.9% more expensive than Minnesota.
How much does it cost to buy a house in Minnesota?
Median home prices have been rising fast, and are now record-high, at $246,000 a year compared to a previous all-time high of $230,000, according to data from the Minneapolis Area Association of Realtors.
Are home prices dropping in MN?
Minnesota saw a nearly 10% decline in pending sales and a $340,000 median sale price, which was 11.5% higher than last year, according to a separate report from the Minnesota Association of Realtors.
What is a good hourly wage in Minnesota?
$13.81 is the 25th percentile. Wages below this are outliers. $38.87 is the 90th percentile. Wages above this are outliers.
What are Top 10 Highest Paying Cities for Hourly Rate Jobs in Minnesota.
| City | Brooklyn Park |
|---|---|
| Annual Salary | $52,233 |
| Monthly Pay | $4,353 |
| Weekly Pay | $1,004 |
| Hourly Wage | $25.11 |
What salary is considered middle class in Minnesota?
MIDDLE CLASS STATS
In order to be considered middle class in Minnesota: 2 member families income: Approximately $50,200 -$150,000. 3 member families income: Approximately $60,800 – $182,000. 4 member families income: Approximately $73,000 – $217,500.
What state has the lowest cost of living?
Mississippi
Mississippi. Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi’s housing costs are the lowest in the nation.
What is the cheapest city to live in Minnesota?
The 25 cheapest places to live in Minnesota
| Rank | City | 1BR Avg Rent |
|---|---|---|
| 1 | Moorhead | $774 |
| 2 | Mounds View | $925 |
| 3 | Roseville | $1,041 |
| 4 | Oakdale | $1,055 |
What’s the cheapest city to live in Minnesota?
The 5 Most Affordable Cities in Minnesota
- Rochester.
- Owatonna.
- Hastings. Known as a “river town” due to its proximity to the Mississippi, Vermillion and St.
- Woodbury. A St.
- Mankato. Mostly located in the wistfully named Blue Earth County, Mankato is a popular place to call home.
Is it cheaper to live in Minnesota or Wisconsin?
The cost of living in Minneapolis, MN is 8.0% higher than in Madison, WI. You would have to earn a salary of $64,807 to maintain your current standard of living. Employers in Minneapolis, MN typically pay 8.7% more than employeers in Madison, WI.
What is the average salary in Minnesota?
How much does an Average make in Minnesota? As of Jul 19, 2022, the average annual pay for the Average jobs category in Minnesota is $62,028 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.82 an hour. This is the equivalent of $1,193/week or $5,169/month.
What state has lowest minimum wage?
Mississippi. No state minimum wage law. Employers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour.
What state has the highest minimum wage?
Excluding Washington, D.C.’s $15.20 hourly minimum wage, California has the highest in the country at $14 per hour. Washington and Massachusetts are close behind, with $13.69 per hour and $13.50 per hour, respectively.
What are the dangers of living in Minnesota?
Here Are The 12 Biggest Risks Living In The State of Minnesota
- Blizzards/Snow.
- Tornadoes are another natural disaster you should be ready for in Minnesota.
- Wildfires are also a huge risk in Minnesota.
- Lightning can be very hazardous and is frequent in the Minnesota summer.
What are the cons of living in Minnesota?
Cons of Living in Minnesota
- Harsh Winters. Even if you live in the Twin Cities, the winters here can be harsh.
- Prevalent Mosquitoes in the Summer. The summers in Minnesota are generally cool, but the temperature can get warm enough to invite mosquitoes.
- Significant Traffic.