Owatonna, MN Cost Of Living

Owatonna 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.
Index	Owatonna	Minnesota	National
Cost of living index	95	102	100
Index	Owatonna	Minnesota	National
Goods & Services index	104	105	100
Groceries index	100	106	100
Health care index	119	113	100
Housing index	78	100	100
Transportation index	98	103	100
Utilities index	91	89	100

A general summary of the cost of living index in Owatonna, MN is shown above. Compared to the state average of Minnesota the cost of living index in Owatonna, MN is 95, which is 8% lower than the average in Minnesota and compared to the national average it is 5% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Owatonna, MN goods and services come in at 1% lower than the average in Minnesota and are 4% higher than compared to the nationwide average.

Did you know?

The cost of living in Owatonna is 8% lower than the Minnesota average.
The cost of living in Owatonna is 5% lower than the national average.
The cost of housing in Owatonna is 22% 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Using the salary calculator lets you compare the salary you earn in Owatonna, MN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Owatonna, MN, you have to earn a higher income in order to still have the same standard of living. To operate the Owatonna, MN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$73,197	$6,100	$1,708	$2,196
Renters	$28,367	$2,364	$662	$851

If you want to find a good determining factor for the cost of living and the general affordability of housing in Owatonna, 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 Owatonna, MN, the median monthly income is $73,197 for those who own their own homes. Under the standard rule, that income level would allow for $1,708 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $28,367, per the median income in the area. That would allow for renters to spend up to $662 on monthly rental expenses.

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

When you are determining the total cost of living in Owatonna, 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

Item	Owatonna	National avg.	Difference
Haircut	$21.33	$16.09	32.6%
Beauty Salon	$30.11	$37.33	19.3%
Toothpaste	$2.64	$2.45	7.7%
Shampoo	$0.94	$1.00	6.4%
Movie	$10.03	$10.28	2.5%
Bowling	$4.83	$4.93	2.1%

Groceries

Item	Owatonna	National avg.	Difference
Ground Beef	$3.29	$3.80	13.6%
Fried Chicken	$2.11	$1.40	50.8%
Milk	$1.81	$2.01	9.8%
Potatoes	$2.91	$3.01	3.3%
Pizza	$9.82	$9.89	0.6%
Beer	$8.21	$8.90	7.8%

Health Care

Item	Owatonna	National avg.	Difference
Optometrist	$90.13	$102.16	11.8%
Doctor	$165.00	$108.36	52.3%
Dentist	$108.33	$92.53	17.1%
Ibuprofen	$9.19	$9.28	0.9%
Lipitor	$392.31	$425.82	7.9%

Housing

Item	Owatonna	National avg.	Difference
Home Price	$146,200.00	$184,700.00	20.8%
Avg. Mortgage Payment	$835.42	$1,202.44	30.5%
Apartment Rent	$725.00	$949.00	23.6%

Transportation

Item	Owatonna	National avg.	Difference
Gasoline	$2.22	$2.24	1.2%
Tire Balancing	$44.89	$46.29	3.0%

Utilities

Item	Owatonna	National avg.	Difference
All Electricity	$152.74	$165.96	8.0%
Phone	$25.99	$28.68	9.4%

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, State	Population	Cost of Living Index	National Avg.
New Richland, MN	1,195	86	-14%
Claremont, MN	616	86	-14%
Waseca, MN	9,267	91	-9%
Morristown, MN	918	92	-8%
Kenyon, MN	1,852	94	-6%
Owatonna, MN	25,580	95	-5%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Hazelwood, MO	25,604	88	-12%
Belmont, MA	25,555	184	84%
Soledad, CA	25,616	115	15%
Harvey, IL	25,625	94	-6%
Homewood, AL	25,652	109	9%
Owatonna, MN	25,580	95	-5%

Source: The Owatonna, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Owatonna, MN Cost of Living