New Ulm 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.
IndexNew UlmMinnesotaNational
Cost of living index90102100
IndexNew UlmMinnesotaNational
Goods & Services index104107100
Groceries index105107100
Health care index111108100
Housing index69101100
Transportation index9898100
Utilities index7687100
An overview of the general cost of living index for New Ulm, MN is displayed above for your reference. Residents in New Ulm, MN enjoy a cost of living index of 90. This index is 12% lower than the Minnesota average, and 10% 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 New Ulm, 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 New Ulm is 12% lower than the Minnesota average.
  • The cost of living in New Ulm is 10% lower than the national average.
  • The cost of housing in New Ulm is 31% 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 New Ulm, MN Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in New Ulm, MN to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of New Ulm, MN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the New Ulm, MN salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$56,344$4,695$1,315$1,690
Renters$24,174$2,015$564$725
If you want to find a good determining factor for the cost of living and the general affordability of housing in New Ulm, MN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In New Ulm, MN, the median monthly income is $56,344 for those who own their own homes. Under the standard rule, that income level would allow for $1,315 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $24,174, per the median income in the area. That would allow for renters to spend up to $564 on monthly rental expenses.

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 New Ulm, 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

ItemNew UlmNational 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

ItemNew UlmNational 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

ItemNew UlmNational 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

ItemNew UlmNational avg.Difference
Home Price $123,800.00$175,700.0029.5%
Avg. Mortgage Payment $929.86$1,081.0314.0%
Apartment Rent $600.00$920.0034.8%

Transportation

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

Utilities

ItemNew UlmNational 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.
Fairfax, MN94386-14%
Hanska, MN38886-14%
Lafayette, MN49286-14%
Sleepy Eye, MN3,53088-12%
Searles, MN23090-10%
New Ulm, MN13,32890-10%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
World Golf Village, FL13,32611414%
Kettering, MD13,33112020%
Carpinteria, CA13,32315656%
Canton, MS13,32183-17%
Grover Beach, CA13,33713232%
New Ulm, MN13,32890-10%
Source: The New Ulm, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.