Cold Spring 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.
IndexCold SpringMinnesotaNational
Cost of living index95102100
IndexCold SpringMinnesotaNational
Goods & Services index103106100
Groceries index110105100
Health care index113110100
Housing index77101100
Transportation index10398100
Utilities index8591100
The above illustration supplies generalized information for the Cold Spring, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Cold Spring, MN is 95, which is 8% lower than the Minnesota average and 5% 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 Cold Spring, MN are 3% lower than the average for Minnesota and 3% higher than the rest of the country.

Did you know?

  • The cost of living in Cold Spring is 8% lower than the Minnesota average.
  • The cost of living in Cold Spring is 5% lower than the national average.
  • The cost of housing in Cold Spring is 23% 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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Use the salary calculator to compare your current income in Cold Spring, MN to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Cold Spring, MN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Cold Spring, MN salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$63,024$5,252$1,470$1,891
Renters$18,235$1,520$425$547
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Cold Spring, MN as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Cold Spring, MN homeowners, is $63,024. This would allow for a maximum of $1,470 per month to be spent on housing costs. For renters, the median monthly income is $18,235 which would result in a maximum of $425 to be spent on rental costs.

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 Cold Spring, 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

ItemCold SpringNational avg.Difference
Haircut $21.91$15.5640.8%
Beauty Salon $31.17$36.1113.7%
Toothpaste $3.64$2.4747.2%
Shampoo $1.19$0.9623.3%
Movie $10.04$10.130.9%
Bowling $4.29$4.749.4%

Groceries

ItemCold SpringNational avg.Difference
Ground Beef $5.28$3.9832.5%
Fried Chicken $2.27$1.4161.2%
Milk $2.45$2.0618.8%
Potatoes $2.45$2.9817.7%
Pizza $8.10$9.4714.5%
Beer $9.08$8.793.3%

Health Care

ItemCold SpringNational avg.Difference
Optometrist $121.76$101.0420.5%
Doctor $164.95$107.4453.5%
Dentist $87.93$90.422.7%
Ibuprofen $9.49$9.282.2%
Lipitor $392.82$426.507.9%

Housing

ItemCold SpringNational avg.Difference
Home Price $142,700.00$175,700.0018.8%
Avg. Mortgage Payment $891.28$1,133.2321.4%
Apartment Rent $613.00$920.0033.4%

Transportation

ItemCold SpringNational avg.Difference
Gasoline $1.94$1.992.8%
Tire Balancing $52.70$45.7615.2%

Utilities

ItemCold SpringNational avg.Difference
All Electricity$169.36$163.813.4%
Phone $17.02$28.3940.0%
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.
Roscoe, MN9488-12%
Watkins, MN89788-12%
Eden Valley, MN96489-11%
South Haven, MN19890-10%
Paynesville, MN2,46692-8%
Cold Spring, MN4,03395-5%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Wadena, MN4,03389-11%
Arlington, NY4,03312424%
Sinking Spring, PA4,0331022%
Redwood, TX4,03479-21%
Jourdanton, TX4,03476-24%
Cold Spring, MN4,03395-5%
Source: The Cold Spring, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.