Carver 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.
IndexCarverMinnesotaNational
Cost of living index114102100
IndexCarverMinnesotaNational
Goods & Services index110107100
Groceries index105107100
Health care index103108100
Housing index136101100
Transportation index10198100
Utilities index9387100
Here we can see a simple outline of the cost of living in Carver, MN. As you can see, with the average cost of living in Carver, MN being 114, that puts it 12% higher than the average of Minnesota and 14% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Carver, MN, the price of goods and services are 3% higher than the average of Minnesota as well as 10% higher than the nation's average.

Did you know?

  • The cost of living in Carver is 12% higher than the Minnesota average.
  • The cost of living in Carver is 14% higher than the national average.
  • The cost of housing in Carver is 36% higher 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

This is how much you would need to earn in
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Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Carver, MN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Carver, MN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Carver, MN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$114,497$9,541$2,671$3,435
Renters$60,486$5,041$1,411$1,815
If you want to find a good determining factor for the cost of living and the general affordability of housing in Carver, 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 Carver, MN, the median monthly income is $114,497 for those who own their own homes. Under the standard rule, that income level would allow for $2,671 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $60,486, per the median income in the area. That would allow for renters to spend up to $1,411 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 you are determining the total cost of living in Carver, MN you will want to make sure you consider both the Minnesota sales tax and the Minnesota income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Minnesota is 6.875%, with the highest surtax being 7.875%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Minnesota have a range from 5.35% to 9.85%.

Goods & Services

ItemCarverNational avg.Difference
Haircut $22.60$14.5954.9%
Beauty Salon $33.37$34.683.8%
Toothpaste $3.44$2.4739.1%
Shampoo $1.05$1.022.7%
Movie $9.80$9.870.7%
Bowling $4.06$4.397.6%

Groceries

ItemCarverNational avg.Difference
Ground Beef $3.63$4.4818.9%
Fried Chicken $1.85$1.4626.4%
Milk $2.33$2.361.1%
Potatoes $3.12$3.061.9%
Pizza $10.58$9.2414.5%
Beer $8.48$8.631.8%

Health Care

ItemCarverNational avg.Difference
Optometrist $82.75$99.7817.1%
Doctor $133.63$105.0327.2%
Dentist $84.81$88.704.4%
Ibuprofen $11.66$9.4123.9%
Lipitor $252.50$298.5015.4%

Housing

ItemCarverNational avg.Difference
Home Price $265,700.00$175,700.0051.2%
Avg. Mortgage Payment $1,221.08$1,081.0313.0%
Apartment Rent $919.00$920.000.1%

Transportation

ItemCarverNational avg.Difference
Gasoline $1.96$2.096.3%
Tire Balancing $54.71$45.2920.8%

Utilities

ItemCarverNational avg.Difference
All Electricity$163.14$170.804.5%
Phone $24.99$28.2611.6%
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.
Norwood Young America, MN3,617100-0%
Watertown, MN4,243100-0%
Belle Plaine, MN6,79497-3%
Cologne, MN1,5641033%
Mayer, MN1,7921044%
Carver, MN4,02511414%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Central Gardens, TX4,02690-10%
Hephzibah, GA4,02686-14%
Marianna, AR4,02475-25%
Ridgway, PA4,02485-15%
Danielson, CT4,02311212%
Carver, MN4,02511414%
Source: The Carver, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.