Mankato 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.
IndexMankatoMinnesotaNational
Cost of living index95102100
IndexMankatoMinnesotaNational
Goods & Services index104107100
Groceries index105107100
Health care index111108100
Housing index84101100
Transportation index9898100
Utilities index7687100
An overview of the general cost of living index for Mankato, MN is displayed above for your reference. Residents in Mankato, MN enjoy a cost of living index of 95. This index is 7% lower than the Minnesota average, and 5% lower 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 Mankato, MN, the average cost of goods and services is 2% lower than it is in Minnesota, and it is 4% higher than the national average.

Did you know?

  • The cost of living in Mankato is 7% lower than the Minnesota average.
  • The cost of living in Mankato is 5% lower than the national average.
  • The cost of housing in Mankato is 16% 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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Compare Mankato, MN Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Mankato, 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 Mankato, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Mankato, 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$64,091$5,341$1,495$1,923
Renters$23,599$1,967$551$708
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Mankato, MN, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Mankato, MN homeowners have a median income of $64,091. Using that number, you will come up with a maximum of $1,495 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $23,599, which means there is a maximum of $551 to be spent on the costs of renting a home or apartment.

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%
One thing to keep in mind when considering the cost of living in Mankato, MN is the Minnesota sales tax and Minnesota income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Minnesota sales tax rate is 6.875% and the maximum surtax that can be charged is 7.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

ItemMankatoNational 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%

Groceries

ItemMankatoNational 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

ItemMankatoNational 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%

Housing

ItemMankatoNational avg.Difference
Home Price $151,100.00$175,700.0014.0%
Avg. Mortgage Payment $929.86$1,081.0314.0%
Apartment Rent $730.00$920.0020.7%

Transportation

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

Utilities

ItemMankatoNational 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.
Vernon Center, MN33087-13%
Kasota, MN83387-13%
Good Thunder, MN50988-12%
Le Center, MN2,29290-10%
Janesville, MN2,68591-9%
Mankato, MN39,87195-5%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Morgan Hill, CA39,87516262%
Linton Hall, VA39,94413434%
Rockwall, TX39,94811010%
Huntsville, TX39,76488-12%
Florence, AL39,73887-13%
Mankato, MN39,87195-5%
Source: The Mankato, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.