Elko New Market 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.
IndexElko New MarketMinnesotaNational
Cost of living index115102100
IndexElko New MarketMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index139101100
Transportation index10198100
Utilities index9691100
A general overview of the cost of living index for Elko New Market, MN is displayed above. In Elko New Market, MN, the overall cost of living index is 115, which is 12% higher than the Minnesota average and 15% higher 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 Elko New Market, MN, the city's goods and services are 1% higher than the Minnesota average and 8% higher than the U.S. average.

Did you know?

  • The cost of living in Elko New Market is 12% higher than the Minnesota average.
  • The cost of living in Elko New Market is 15% higher than the national average.
  • The cost of housing in Elko New Market is 39% 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 Elko New Market, MN Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Elko New Market, 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 Elko New Market, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Elko New Market, 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$98,167$8,181$2,290$2,945
Renters$52,614$4,385$1,228$1,579
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Elko New Market, 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 Elko New Market, MN homeowners, is $98,167. This would allow for a maximum of $2,290 per month to be spent on housing costs. For renters, the median monthly income is $52,614 which would result in a maximum of $1,228 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%
The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Elko New Market, MN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Minnesota sales tax is 6.875% and the maximum surtax is 7.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

ItemElko New MarketNational avg.Difference
Haircut $24.24$15.5655.8%
Beauty Salon $34.24$36.115.2%
Toothpaste $3.32$2.4734.4%
Shampoo $1.04$0.967.4%
Movie $9.88$10.132.4%
Bowling $4.12$4.7413.1%

Groceries

ItemElko New MarketNational avg.Difference
Ground Beef $4.14$3.984.0%
Fried Chicken $2.00$1.4142.1%
Milk $2.23$2.068.1%
Potatoes $3.30$2.9810.5%
Pizza $10.53$9.4711.1%
Beer $8.81$8.790.2%

Health Care

ItemElko New MarketNational avg.Difference
Optometrist $81.38$101.0419.5%
Doctor $133.98$107.4424.7%
Dentist $85.91$90.425.0%
Ibuprofen $11.82$9.2827.4%
Lipitor $416.78$426.502.3%

Housing

ItemElko New MarketNational avg.Difference
Home Price $250,900.00$175,700.0042.8%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $1,210.00$920.0031.5%

Transportation

ItemElko New MarketNational avg.Difference
Gasoline $1.84$1.997.7%
Tire Balancing $55.26$45.7620.8%

Utilities

ItemElko New MarketNational avg.Difference
All Electricity$167.80$163.812.4%
Phone $24.99$28.3912.0%
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.
Montgomery, MN2,93590-10%
Lonsdale, MN3,7601022%
Dundas, MN1,6231044%
Northfield, MN20,3031044%
Farmington, MN21,8611055%
Elko New Market, MN4,41411515%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Colchester, CT4,41412020%
Ste. Genevieve, MO4,41386-14%
Indian Mountain Lake, PA4,41111111%
Lakewood, IL4,41113232%
Rogersville, TN4,41090-10%
Elko New Market, MN4,41411515%
Source: The Elko New Market, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.