Byron 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.
IndexByronMinnesotaNational
Cost of living index93102100
IndexByronMinnesotaNational
Goods & Services index94107100
Groceries index93107100
Health care index91108100
Housing index95101100
Transportation index9098100
Utilities index9387100
A general overview of the cost of living index for Byron, MN is displayed above. In Byron, MN, the overall cost of living index is 93, which is 9% lower than the Minnesota average and 7% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Byron, MN, the city's goods and services are 12% lower than the Minnesota average and 7% lower than the U.S. average.

Did you know?

  • The cost of living in Byron is 9% lower than the Minnesota average.
  • The cost of living in Byron is 7% lower than the national average.
  • The cost of housing in Byron is 5% 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.

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Salary Calculator

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Health care index
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The salary calculator allows you to compare how much your current salary in Byron, MN would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Byron, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Byron, MN salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$86,838$7,237$2,026$2,605
Renters$43,636$3,636$1,018$1,309
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Byron, MN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Byron, MN has a median income of about $86,838 for people who own homes. Based on that number, a person should spend a maximum of $2,026 on expenses related to housing. Renters have a slightly different median income, which is $43,636. Based on this average, renters should spend no more than $1,018 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Byron, 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

ItemByronNational 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

ItemByronNational 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

ItemByronNational 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

ItemByronNational avg.Difference
Home Price $166,600.00$175,700.005.2%
Avg. Mortgage Payment $786.08$1,081.0327.3%
Apartment Rent $893.00$920.002.9%

Transportation

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

Utilities

ItemByronNational 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.
West Concord, MN82185-15%
Dodge Center, MN2,68689-11%
Hayfield, MN1,24285-15%
Hammond, MN8796-4%
Kasson, MN6,01795-5%
Byron, MN5,02393-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Dos Palos, CA5,02394-6%
Lawrenceburg, IN5,02289-11%
Olympia Fields, IL5,02211818%
Fruitland, MD5,0281011%
Ayden, NC5,01888-12%
Byron, MN5,02393-7%
Source: The Byron, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.