Minnetonka 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.
IndexMinnetonkaMinnesotaNational
Cost of living index119102100
IndexMinnetonkaMinnesotaNational
Goods & Services index110107100
Groceries index105107100
Health care index103108100
Housing index152101100
Transportation index10198100
Utilities index9387100
The above illustration supplies generalized information for the Minnetonka, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Minnetonka, MN is 119, which is 16% higher than the Minnesota average and 19% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Minnetonka, MN are 3% higher than the average for Minnesota and 10% higher than the rest of the country.

Did you know?

  • The cost of living in Minnetonka is 16% higher than the Minnesota average.
  • The cost of living in Minnetonka is 19% higher than the national average.
  • The cost of housing in Minnetonka is 52% 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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Salary Calculator

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
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The salary calculator allows you to compare how much your current salary in Minnetonka, 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 Minnetonka, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Minnetonka, 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$96,519$8,043$2,252$2,896
Renters$52,953$4,413$1,235$1,589
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Minnetonka, 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 Minnetonka, MN homeowners have a median income of $96,519. Using that number, you will come up with a maximum of $2,252 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $52,953, which means there is a maximum of $1,235 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%
When you are determining the total cost of living in Minnetonka, MN you will want to make sure you consider both the Minnesota sales tax and the Minnesota income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Minnesota is 6.875%, with the highest surtax being 7.875%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Minnesota have a range from 5.35% to 9.85%.

Goods & Services

ItemMinnetonkaNational 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

ItemMinnetonkaNational 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

ItemMinnetonkaNational 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

ItemMinnetonkaNational avg.Difference
Home Price $289,000.00$175,700.0064.5%
Avg. Mortgage Payment $1,221.08$1,081.0313.0%
Apartment Rent $1,130.00$920.0022.8%

Transportation

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

Utilities

ItemMinnetonkaNational 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.
Hilltop, MN82881-19%
Brooklyn Center, MN30,54998-2%
Lexington, MN2,019100-0%
Columbia Heights, MN19,6051011%
Osseo, MN2,4801011%
Minnetonka, MN50,89711919%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Joplin, MO50,90086-14%
Charleston, WV50,91193-7%
Glendora, CA50,85514545%
DeSoto, TX50,8371011%
Harrisonburg, VA50,8211011%
Minnetonka, MN50,89711919%
Source: The Minnetonka, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.