Fairmont 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.
Cost of living index90102100
Goods & Services index104107100
Groceries index105107100
Health care index111108100
Housing index67101100
Transportation index9898100
Utilities index7687100
A general overview of the cost of living index for Fairmont, MN is displayed above. In Fairmont, MN, the overall cost of living index is 90, which is 12% lower than the Minnesota average and 10% 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 Fairmont, MN, the city's goods and services are 2% lower than the Minnesota average and 4% higher than the U.S. average.

Did you know?

  • The cost of living in Fairmont is 12% lower than the Minnesota average.
  • The cost of living in Fairmont is 10% lower than the national average.
  • The cost of housing in Fairmont is 33% 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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Groceries index
Health care index
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The salary calculator is meant to help you compare your salary in Fairmont, MN to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Fairmont, MN, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Fairmont, MN salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Fairmont, 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 Fairmont, MN homeowners, is $62,643. This would allow for a maximum of $1,462 per month to be spent on housing costs. For renters, the median monthly income is $21,831 which would result in a maximum of $509 to be spent on rental costs.

Minnesota Sales Tax

StateGeneral Sales TaxWith Max Surtax

Minnesota Income Tax

StateIncome Tax (Low)Income Tax (High)
The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Fairmont, 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

ItemFairmontNational avg.Difference
Haircut $18.25$14.5925.1%
Beauty Salon $25.50$34.6826.5%
Toothpaste $1.79$2.4727.6%
Shampoo $0.92$1.0210.0%
Movie $9.25$9.876.3%
Bowling $3.50$4.3920.3%


ItemFairmontNational avg.Difference
Ground Beef $4.88$4.489.0%
Fried Chicken $2.09$1.4642.8%
Milk $2.29$2.362.8%
Potatoes $2.79$3.068.9%
Pizza $12.00$9.2429.8%
Beer $7.76$8.6310.1%

Health Care

ItemFairmontNational avg.Difference
Optometrist $76.81$99.7823.0%
Doctor $160.37$105.0352.7%
Dentist $92.75$88.704.6%
Ibuprofen $8.15$9.4113.4%
Lipitor $266.68$298.5010.7%


ItemFairmontNational avg.Difference
Home Price $113,500.00$175,700.0035.4%
Avg. Mortgage Payment $929.86$1,081.0314.0%
Apartment Rent $662.00$920.0028.0%


ItemFairmontNational avg.Difference
Gasoline $1.98$2.095.4%
Tire Balancing $48.00$45.296.0%


ItemFairmontNational avg.Difference
All Electricity$148.78$170.8012.9%
Phone $17.01$28.2639.8%
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.
Ormsby, MN13476-24%
Ceylon, MN33080-20%
Dolliver, IA7880-20%
Trimont, MN76080-20%
Granada, MN29781-19%
Fairmont, MN10,47490-10%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Farmington, MI10,47295-5%
Summerfield, NC10,47712525%
Wood River, IL10,47787-13%
Exeter, CA10,4681022%
Wyomissing, PA10,46711212%
Fairmont, MN10,47490-10%
Source: The Fairmont, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.