Minnesota is one of the best places for incredible trails, natural environments, and fresh, natural air. Therefore, most tourists worldwide visit here to do something adventurous and thrilling. But, do you know “what is the cost of living in Minnesota?”
It is cheaper than the national average in the United States. Follow this article to get complete information on the cost of living in Minnesota.
Is Minnesota a cheap place to live?
With more than 10,000 lakes, Minnesota is one of the best water attractions for tourists. Also, it is a happy state and a cheaper place to live in. The most affordable cities are Hibbing, St. Joseph, and Kasson, where you can easily live and raise your family.
How much money do you need to live comfortably in Minnesota?
Reasons to move to Minnesota include the average living cost of $55,061.78 annually. However, thankfully, this cost is more remarkable than the national average in the United States. So, let’s take a clear view of the cost of living in Minnesota from the following.
Cost of living in Minnesota
With the cost of living, you can estimate a few essential things within minutes. These things and expenses are imperative to know before knowing about any picnic spots, including the hidden waterfalls in Minnesota. Following are the few crucial costs, including food, healthcare, transportation, and rest. Do check carefully before moving to Minnesota.
1. Minnesota Food Costs
Food is the top-most priority of the people, and the cost of food in Minnesota ranges between $29 to $33 per day. However, a family of four needs at least $9,314 to spend on food in Minnesota.
How much do groceries cost per month in Minnesota?
Minnesota Department of Employment and Economic Development (DEED) states that groceries per monthly cost for a single person is $365. A single individual must be under the age of 51.
How much does the average person spend on food and groceries?
An average person or a single adult needs $3,225 to spend on food and groceries every year. However, as you all know, the prices can be increased or decreased as per his desires.
2. MN Home Prices
Housing is another essential factor in the cost of living in Minnesota. You need to spend an amount of $211,800 to get a regular size home in Minnesota. But, this price is not less than the US national median home value of $204,900.
What is the average cost of housing in Minnesota?
The housing prices in Minnesota are continually growing. The Minnesota Realtors recently introduced data for March 22, with the median sales price being $322,000 only. However, the median home building value has been $402,300 since 2014.
Is rent expensive in Minnesota?
The rent expenditure of Minnesota is less than the US national average rent of $1,023. And the regular renter has to spend $944 on monthly rent. However, you need to pay $812 for a one-bedroom apartment. Also, the rent for a unit for five or more bedrooms is available at $1,339 and more in a few areas.
3. Minnesota Healthcare
Healthcare costs for single person and families are increasing in Minnesota. Even a recent report said the cost would rise continuously. And the price of healthcare premium out-of-pocket for people under 51 is $146 a month.
Does Minnesota have affordable health care?
You can choose the MNsure private health insurance marketplace available at cheap rates out of many healthcare options. You can also take health insurance from Medicaid if your household income falls 138% of the level of Federal Poverty.
How much does Obamacare cost in Minnesota?
Obamacare is one of the best healthcare plans. Therefore, the average cost lies between $328 to $482, which changes as per your living location, company, and type of plan. A few other plans cost $251, $295, and $307 for the Bronze, Silver, and Benchmark, respectively.
How much does Minnesota spend on health insurance?
The growth of spending on health insurance is increasing every year, and $56.6 billion was spent in 2019. Further, it is distributed into categories like hospital care of 33.3% ($18.8 billion) and others. It is more than the last year’s percentage of 6.6.
4. What Utilities Cost for Minnesota?
A 915 sq. ft. apartment in Minneapolis, Minnesota, costs $141.50 to $147.19 monthly on utilities (cooling water, garbage, heating, electricity). However, Minnesota is a cold place and is famous for winters.
So, you can spend on drinking tea or heating blankets too. You can also try “things to do in Red Wing, MN in winter,” which can affect the utility cost of living in Minnesota.
How much are utilities per month in Minnesota?
The average cost of utilities in Minnesota for a family of three, including one child, is $447.63. However, the above-stated price between $141.50 to $147.19 should be enough if you are single.
How much is a water bill in MN?
The water bill in MN varies from city to city, and it will cost up to $70.86 monthly for water and sewer together in Minneapolis. However, the average cost of a water bill is $83.22 per month.
What is the average gas bill per month in Minnesota?
90% of people in Minnesota use natural gas for their homes to heat. Nevertheless, the average bill of gas used in Minnesota is $78.69 per month.
5. Transport Fares & Passes
A regular motor vehicle owner in Minnesota drives about 10,770 miles every year. As a result, he should have at least $940 to spend on gas only in a year.
How much is transportation in Minnesota?
The fares for riding public transit lie between $2 to $3.25 as per the time of the day. Even reaching the Minnesota amusement parks from your doorstep can be less costly.
How much does it cost to ride the bus in Minnesota?
You will need only between $2.00 to $2.50 for rush hours to ride the bus in Minnesota. But, there is a change in cost for the limited-stop buses and local stops. Even you have to pay the higher fares during rush hours.
Is public transportation free in Minnesota?
Public transportation exists in Minnesota, and you can prefer them to reach anywhere in Minnesota. Therefore, the prices are affordable, and you can take a free ride on buses to Nicollet Mall.
6. Tuition and Fees Chart
Minnesota comes with a high rate of well-educated people and literacy rate. The main reason is its fantastic early education system with the lowest tuition fee costs. So, before you come to the total cost of living in Minnesota, you should consider the cost of living calculator Minnesota fees.
How much does it cost per year at the University of Minnesota?
The University of Minnesota charges $28,827 per year for the resident in Minnesota. It includes the tuition fees, books & supplies, other fees, room and board, and other expenses. Also, an out-of-state resident should have at least $47,125 to take education from the University of Minnesota. Here the price is also a combination of the above essential things.
How much is in-state tuition in Minnesota?
Minnesota colleges are offering the average tuition and fees at $7,199 for in-state tuition in the academic year 2021 to 2022. However, out-of-state Minnesota college fees are about $18,0939.
Is the college fee in MN?
Although Minnesota is a beautiful state with a low cost of transportation and a natural environment, you just can’t ignore education. You won’t believe it, but the college is free for undergraduates, and the language program charges less than half of the cost.
7. Tax Rates Minnesota
The inflation rate decides the Minnesota income tax per year, as stated in the state law. Therefore, a working individual in Minnesota pays an income tax amount of $6,132 yearly. Aside from that, an individual is charged between 8.47% to 9.60% for the sales tax in Minnesota.
How much tax is in Minnesota?
There are different tax rates in Minnesota. These start from 9.80% for corporate income tax, 8.47% to 9.80% for sales tax, 2% for local sales tax, and 7.49% for average local and state sales tax. Therefore, you can consider that Minnesota has higher tax rates in the US.
Is Minnesota a high-tax state?
Minnesota stands on the sixth rank in the United States for highest tax burdens. The state tax collection in Minnesota is $4,758 annually per capita, which is more than the average cost of all states of $3,151.
8. Miscellaneous Things
When you want to move to another city or state, knowing about the hidden costs of miscellaneous things is essential. The following table will show you the average price of a few miscellaneous expenses in Minnesota.
|Miscellaneous things||Average costs|
|Shopping (a pair of women’s jeans)||$165.44|
|Gym membership(resident)||$30 (per year)|
|Labor rate(per hour)||$75 to $130|
Without a doubt, most people will agree that knowing only a little about the city’s costs is not enough while moving. Therefore, you should also check out the below table of living things.
|Cost of living things||Average costs|
|Internet & phone services(basic cost)||$60|
Minnesota cost of living FAQs
Where does Minnesota rank for the cost of living?
Minnesota has massive rates of taxes which is among the main reasons for the higher cost of living in Minnesota. The state, therefore, ranks number 25 for the most increased cost of living. But, remember that this index is based on the results in 2021.
Minnesota is one of the best states to get fresh and free natural air in natural environments. Also, you will get a pleasantly calm atmosphere in the surroundings of lakes, trails, adventures, sports activities, and whatnot. But, you might be surprised at looking at the cost of living in Minnesota.
We have mentioned the cost of living in the state, which you should know if you want to spend a life there. The most important points you should read in this article are food costs, home prices, tax rates, and transportation costs.
Aside from that, we have mentioned a few more essential costs for your comfort. In the end, we hope you will collect the ample amount of information you are looking for. And please leave a comment if you need more details on Minnesota.