The cost of living in Minnesota depends on what you are doing and where you are living in Minnesota. Minnesota is a state situated in the upper Midwestern United States. And it is famous due to its lakes and forests, but it’s also home to the Twin Cities called Saint Paula and Minneapolis. Thai Twin cities are home to various Fortune 500 companies, so you can get a job easily. Let’s come to the point and know about the cost of living in Minnesota.
What Is Cost Of Living In Minnesota?
The cost of living in Minnesota varies according to the cost of housing, transportation, health, utility, and many more. To know what is the cost of living in Minnesota, take a look over the table given below. It will tell you about the cost of living increases Minnesota based on the US average cost of 100. An amount below 100 means Minnesota is cheaper than the national average and vice versa.
|Cost Of Living For||Minnesota||USA|
|Median Home Cost||$300,100||$291,700|
Note: The above-given cost of living in the state of Maine is as per the year of 2019, it may be changed in today’s date.
House rent is a big concern while moving to a new city or nation. The state of Minnesota has the 34th highest rent in the country out of 56 states and territories. The fair market rent in Minnesota ranges from $697 to $1089 for 2-bedroom houses. The table given below will give you the approximately 1 and 2-bedroom houses rented, in the different cities in Minnesota, including the cost of living in Minneapolis.
|City||Approx 1 Bedroom Rent||Approx 2 Bedroom Rent|
Food cost is also another concern when you think about the cost of living. Therefore when you see the cost of living in Texas vs Minnesota, then you find Minnesota has more expensive food costs. The table will give you an idea of the approximate cost of dinner for 2 people in the different cities in Minnesota.
|City||Approx Dinner For 2|
The cost of living increase 2022 Minnesota because of the increased prices of fuel which ultimately increase the travel cost. In Minnesota, exploring by car is popular, and the Amtrak passenger train service crosses the state from the scenic southeast corner to the prairies in the northwest.
The expenses do not stop at travel and house rent but go long. The other expenses are given here as well.
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When you see the cost of living in Minnesota vs California, you find Minnesota is less expensive in the health care cost. In Minnesota the average of $392 per person for a major medical individual health insurance plan.
The residents of Minnesota pay an average household about 2% of their annual income in energy costs. So the utility bills per month are around $139.87 monthly, including the cost of electricity, cooling, heating, water, and garbage collection per month.
The cost of internet of High-Speed Internet of 10 to 940 MBPS costs $29.99 per month, and the Internet of Satellite of 25 to 25 MBPS costs $49.99 per month.
Live where you want but you can not ignore your fitness because it is essential for good health. So, in the state of Minnesota, there are various fitness clubs and gyms for maintaining fitness. The resident of Minnesota pays $30 per month for fitness.
Entertainment has a separate base while living life. Because it makes life more colorful. Entertainment and activities in Minnesota typically cost an average of $21 per person, per day.
Tax rate is fixed by the state authority and local authority, therefore, if you earn less or more you need to pay a standard tax. In the state of Minnesota, the sales tax is imposed at the state and local levels and it is 6.875%. Depending on the local municipalities, the total tax rate can be as high as 8.375%.
How Much Money Do You Need To Live Comfortably In Minnesota?
This means that an individual should make at least $3,916 monthly or $47,000 annually to live comfortably in Minneapolis. Keep in mind, this is simply a rule of thumb.
How Much Does It Cost To Live In Minnesota Monthly?
Summary about cost of living in Minneapolis, MN, United States: Family of four estimated monthly costs are 3,831$ without rent. A single person estimated monthly costs are 1,053$ without rent.
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Is It Cheaper To Live In Texas Or Minnesota?
The cost of living in Minneapolis, MN is 18.2% higher than in Dallas, TX. You would have to earn a salary of $70,941 to maintain your current standard of living. Employers in Minneapolis, MN typically pay 7.2% more than employeers in Dallas, TX.
Is Minnesota A Nice State To Live In?
MINNEAPOLIS — Minnesota is one of the best places to live in America. It has good schools, excellent housing and low unemployment. It regularly appears near the top of indexes for livability.
How Expensive Is It To Live In Minnesota?
The cost of living in Minnesota is 1% lower than the national average. Housing is 11% lower than the national average, while utilities are 3% lower.
Does It Snow In Minnesota?
The average annual snowfall in Minnesota varies from 36 inches in the southwest to more than 70 inches along the Lake Superior “snow belt.” Although snow is an important component of Minnesota’s hydrology, the water found in the snow comprises less than 20 percent of the total precipitation received annually.
Is Minnesota More Expensive Than California?
In fact, the cost of living in Los Angeles is nearly 63% more expensive than Minneapolis and the median home prices is nearly 154% more expensive in Los Angeles. Needless to say, you can expect a much more affordable way of life in Minnesota.
What Was Minnesota Known For?
The state is known as the Land of 10,000 lakes, which is the highest number of any state in the United States. Minnesota is also famous for being the home of Mall of America, the largest shopping mall in the United States; and its outdoor activities, including hiking, camping, fishing, and winter activities.
Get to know more such amazing facts by visiting Beingcost.
This article has made you aware of the cost of living in the state of Minnesota with the standard tables of cost based on the US average cost of 100. While going through this article you can say that the state of Minnesota offers you a high quality of life that features excellent school systems, low unemployment rates, and lots of amenities at a low cost of living. Therefore, you can move to Minnesota after taking a look over the cost of living in Minnesota.
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Is Minnesota expensive to live in