Austin cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexAustinMinnesotaNational
Cost of living index83102100
IndexAustinMinnesotaNational
Goods & Services index94107100
Groceries index93107100
Health care index91108100
Housing index61101100
Transportation index9098100
Utilities index9387100
The above illustration supplies generalized information for the Austin, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Austin, MN is 83, which is 19% lower than the Minnesota average and 17% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Austin, MN are 12% lower than the average for Minnesota and 7% lower than the rest of the country.

Did you know?

  • The cost of living in Austin is 19% lower than the Minnesota average.
  • The cost of living in Austin is 17% lower than the national average.
  • The cost of housing in Austin is 39% lower than the national average.
  • Minnesota general sales tax is 35% higher than the national average.
  • Minnesota state income tax is 141% higher than the national average.

Find Real Estate Listings In Austin

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Austin

Compare Austin, MN Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current salary in Austin, MN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Austin, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Austin, MN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$57,761$4,813$1,348$1,733
Renters$21,762$1,814$508$653
If you want to find a good determining factor for the cost of living and the general affordability of housing in Austin, MN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Austin, MN, the median monthly income is $57,761 for those who own their own homes. Under the standard rule, that income level would allow for $1,348 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $21,762, per the median income in the area. That would allow for renters to spend up to $508 on monthly rental expenses.

Minnesota Sales Tax

StateGeneral Sales TaxWith Max Surtax
Minnesota6.875%7.875%

Minnesota Income Tax

StateIncome Tax (Low)Income Tax (High)
Minnesota5.35%9.85%
When assessing the complete cost of living in Austin, MN, the Minnesota income tax and the Minnesota sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Minnesota maximum surtax is 7.875%, and the Minnesota sales tax is 6.875%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.35% to 9.85% in Minnesota.

Goods & Services

ItemAustinNational avg.Difference
Haircut $17.32$14.5918.7%
Beauty Salon $19.78$34.6843.0%
Toothpaste $1.74$2.4729.6%
Shampoo $0.95$1.027.0%
Movie $8.25$9.8716.4%
Bowling $2.75$4.3937.4%

Groceries

ItemAustinNational avg.Difference
Ground Beef $5.37$4.4820.0%
Fried Chicken $1.84$1.4625.7%
Milk $2.20$2.366.6%
Potatoes $2.64$3.0613.8%
Pizza $7.99$9.2413.6%
Beer $7.76$8.6310.1%

Health Care

ItemAustinNational avg.Difference
Optometrist $84.67$99.7815.1%
Doctor $105.00$105.030.0%
Dentist $78.25$88.7011.8%
Ibuprofen $7.99$9.4115.1%
Lipitor $259.66$298.5013.0%

Housing

ItemAustinNational avg.Difference
Home Price $94,700.00$175,700.0046.1%
Avg. Mortgage Payment $786.08$1,081.0327.3%
Apartment Rent $724.00$920.0021.3%

Transportation

ItemAustinNational avg.Difference
Gasoline $1.91$2.098.8%
Tire Balancing $39.33$45.2913.2%

Utilities

ItemAustinNational avg.Difference
All Electricity$184.38$170.808.0%
Phone $20.10$28.2628.9%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Meyer, IA093-7%
Mona, IA3493-7%
Otranto, IA793-7%
Myrtle, MN5777-23%
Mapleview, MN20277-23%
Austin, MN24,76083-17%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Cabot, AR24,76893-7%
New Lenox, IL24,74711212%
Emporia, KS24,78785-15%
Uniondale, NY24,78714747%
Lemoore, CA24,7881055%
Austin, MN24,76083-17%
Source: The Austin, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.