Mounds View 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.
IndexMounds ViewMinnesotaNational
Cost of living index102102100
IndexMounds ViewMinnesotaNational
Goods & Services index110107100
Groceries index105107100
Health care index103108100
Housing index95101100
Transportation index10198100
Utilities index9387100
An overview of the general cost of living index for Mounds View, MN is displayed above for your reference. Residents in Mounds View, MN enjoy a cost of living index of 102. This index is equal to the Minnesota average, and 2% higher 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 Mounds View, MN, the average cost of goods and services is 3% higher than it is in Minnesota, and it is 10% higher than the national average.

Did you know?

  • The cost of living in Mounds View is equal to the Minnesota average.
  • The cost of living in Mounds View is 2% higher than the national average.
  • The cost of housing in Mounds View is 5% 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 Mounds View, MN Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Mounds View, MN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Mounds View, MN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Mounds View, MN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$71,207$5,934$1,661$2,136
Renters$35,543$2,962$829$1,066
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 Mounds View, 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. Mounds View, MN has a median income of about $71,207 for people who own homes. Based on that number, a person should spend a maximum of $1,661 on expenses related to housing. Renters have a slightly different median income, which is $35,543. Based on this average, renters should spend no more than $829 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%
The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Mounds View, 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

ItemMounds ViewNational 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

ItemMounds ViewNational 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

ItemMounds ViewNational 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

ItemMounds ViewNational avg.Difference
Home Price $169,000.00$175,700.003.8%
Avg. Mortgage Payment $1,221.08$1,081.0313.0%
Apartment Rent $855.00$920.007.1%

Transportation

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

Utilities

ItemMounds ViewNational 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.
Landfall, MN79679-21%
Hilltop, MN82881-19%
Brooklyn Center, MN30,54998-2%
Lexington, MN2,019100-0%
Columbia Heights, MN19,6051011%
Mounds View, MN12,4121022%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
New Carrollton, MD12,41211313%
Jacksonville, AL12,41687-13%
Channahon, IL12,4221066%
Wilmington, OH12,42490-10%
Irondale, AL12,39991-9%
Mounds View, MN12,4121022%
Source: The Mounds View, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.