Corcoran 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.
IndexCorcoranMinnesotaNational
Cost of living index120102100
IndexCorcoranMinnesotaNational
Goods & Services index110107100
Groceries index105107100
Health care index103108100
Housing index155101100
Transportation index10198100
Utilities index9387100
An overview of the general cost of living index for Corcoran, MN is displayed above for your reference. Residents in Corcoran, MN enjoy a cost of living index of 120. This index is 17% higher than the Minnesota average, and 20% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Corcoran, MN, the average cost of goods and services is 3% higher than it is in Minnesota, and it is 10% higher than the national average.

Did you know?

  • The cost of living in Corcoran is 17% higher than the Minnesota average.
  • The cost of living in Corcoran is 20% higher than the national average.
  • The cost of housing in Corcoran is 55% 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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Compare Corcoran, MN Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Corcoran, 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 Corcoran, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Corcoran, 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$101,860$8,488$2,377$3,056
Renters$108,214$9,018$2,525$3,247
The affordability of the housing market in Corcoran, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Corcoran, MN homeowners, the median income is $101,860. This indicates that a monthly maximum of $2,377 should be spent by homeowners on all housing related costs. Renters have a median income of $108,214. This indicates that renters should have a maximum of $2,525 used for their rent related monthly 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%
For those who live in Corcoran, MN and want to know what the true cost of living is, they ought to look at both the Minnesota income tax rate and the Minnesota sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Minnesota, the sales tax is 6.875%, while the most you'll pay in surtax is 7.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Minnesota, the income tax rate ranges between 5.35% to 9.85%.

Goods & Services

ItemCorcoranNational 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

ItemCorcoranNational 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

ItemCorcoranNational 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

ItemCorcoranNational avg.Difference
Home Price $285,500.00$175,700.0062.5%
Avg. Mortgage Payment $1,221.08$1,081.0313.0%
Apartment Rent $1,250.00$920.0035.9%

Transportation

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

Utilities

ItemCorcoranNational 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.
Brooklyn Center, MN30,54998-2%
Watertown, MN4,243100-0%
Osseo, MN2,4801011%
Crystal, MN22,4591022%
Anoka, MN17,2021022%
Corcoran, MN5,48212020%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Centerville, IA5,48078-22%
Rockwood, TN5,48081-19%
Sunnyvale, TX5,48013131%
Canal Fulton, OH5,47992-8%
Titusville, PA5,47975-25%
Corcoran, MN5,48212020%
Source: The Corcoran, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.