Golden Valley 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.
IndexGolden ValleyMinnesotaNational
Cost of living index116102100
IndexGolden ValleyMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index142101100
Transportation index10198100
Utilities index9691100
A general overview of the cost of living index for Golden Valley, MN is displayed above. In Golden Valley, MN, the overall cost of living index is 116, which is 13% higher than the Minnesota average and 16% 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 Golden Valley, 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 Golden Valley is 13% higher than the Minnesota average.
  • The cost of living in Golden Valley is 16% higher than the national average.
  • The cost of housing in Golden Valley is 42% 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 Golden Valley, MN Cost of living To Other Cities

Salary Calculator

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Groceries index
Health care index
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The salary calculator allows you to compare how much your current salary in Golden Valley, 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 Golden Valley, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Golden Valley, 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$98,986$8,249$2,310$2,970
Renters$42,341$3,528$988$1,270
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Golden Valley, MN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Golden Valley, MN has a median income of about $98,986 for people who own homes. Based on that number, a person should spend a maximum of $2,310 on expenses related to housing. Renters have a slightly different median income, which is $42,341. Based on this average, renters should spend no more than $988 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Golden Valley, 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

ItemGolden ValleyNational 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

ItemGolden ValleyNational 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

ItemGolden ValleyNational 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

ItemGolden ValleyNational avg.Difference
Home Price $265,700.00$175,700.0051.2%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $1,104.00$920.0020.0%

Transportation

ItemGolden ValleyNational avg.Difference
Gasoline $1.84$1.997.7%
Tire Balancing $55.26$45.7620.8%

Utilities

ItemGolden ValleyNational 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.
Hilltop, MN82881-19%
Brooklyn Center, MN30,54998-2%
Lexington, MN2,01999-1%
Columbia Heights, MN19,6051000%
Osseo, MN2,4801011%
Golden Valley, MN20,68311616%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lino Lakes, MN20,67111414%
Nogales, AZ20,69987-13%
Piqua, OH20,64990-10%
New Hope, MN20,6481044%
Pooler, GA20,6461022%
Golden Valley, MN20,68311616%
Source: The Golden Valley, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.