Park Rapids 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.
IndexPark RapidsMinnesotaNational
Cost of living index88102100
IndexPark RapidsMinnesotaNational
Goods & Services index96107100
Groceries index101107100
Health care index114108100
Housing index64101100
Transportation index9598100
Utilities index9987100
Here we can see a simple outline of the cost of living in Park Rapids, MN. As you can see, with the average cost of living in Park Rapids, MN being 88, that puts it 14% lower than the average of Minnesota and 12% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Park Rapids, MN, the price of goods and services are 10% lower than the average of Minnesota as well as 4% lower than the nation's average.

Did you know?

  • The cost of living in Park Rapids is 14% lower than the Minnesota average.
  • The cost of living in Park Rapids is 12% lower than the national average.
  • The cost of housing in Park Rapids is 36% 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 Park Rapids, MN Cost of living To Other Cities

Salary Calculator

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The salary calculator allows you to compare how much your current salary in Park Rapids, 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 Park Rapids, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Park Rapids, 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$41,607$3,467$971$1,248
Renters$20,580$1,715$480$617
The affordability of the housing market in Park Rapids, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Park Rapids, MN homeowners, the median income is $41,607. This indicates that a monthly maximum of $971 should be spent by homeowners on all housing related costs. Renters have a median income of $20,580. This indicates that renters should have a maximum of $480 used for their rent related monthly costs.

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 Park Rapids, 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

ItemPark RapidsNational avg.Difference
Haircut $15.15$14.593.8%
Beauty Salon $27.25$34.6821.4%
Toothpaste $2.31$2.476.6%
Shampoo $1.03$1.020.8%
Movie $10.00$9.871.3%
Bowling $3.67$4.3916.4%

Groceries

ItemPark RapidsNational avg.Difference
Ground Beef $3.98$4.4811.1%
Fried Chicken $1.78$1.4621.6%
Milk $2.94$2.3624.8%
Potatoes $2.25$3.0626.5%
Pizza $8.00$9.2413.4%
Beer $9.14$8.635.9%

Health Care

ItemPark RapidsNational avg.Difference
Optometrist $79.40$99.7820.4%
Doctor $152.00$105.0344.7%
Dentist $95.00$88.707.1%
Ibuprofen $8.18$9.4113.1%
Lipitor $321.67$298.507.8%

Housing

ItemPark RapidsNational avg.Difference
Home Price $120,800.00$175,700.0031.2%
Avg. Mortgage Payment $980.39$1,081.039.3%
Apartment Rent $494.00$920.0046.3%

Transportation

ItemPark RapidsNational avg.Difference
Gasoline $1.90$2.099.2%
Tire Balancing $48.96$45.298.1%

Utilities

ItemPark RapidsNational avg.Difference
All Electricity$159.00$170.806.9%
Phone $29.95$28.266.0%
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.
Midway, MN1298-2%
Wolf Lake, MN6783-17%
Menahga, MN1,39585-15%
Nevis, MN41187-13%
Osage, MN25595-5%
Park Rapids, MN3,89488-12%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Carroll Valley, PA3,89411414%
Mar-Mac, NC3,89487-13%
Franklin, NC3,89395-5%
Marshall, IL3,89588-12%
Peaceful Valley, WA3,8931000%
Park Rapids, MN3,89488-12%
Source: The Park Rapids, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.