Princeton 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.
IndexPrincetonMinnesotaNational
Cost of living index92102100
IndexPrincetonMinnesotaNational
Goods & Services index103106100
Groceries index110105100
Health care index113110100
Housing index70101100
Transportation index10398100
Utilities index8591100
Here we can see a simple outline of the cost of living in Princeton, MN. As you can see, with the average cost of living in Princeton, MN being 92, that puts it 10% lower than the average of Minnesota and 8% 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 Princeton, MN, the price of goods and services are 3% lower than the average of Minnesota as well as 3% higher than the nation's average.

Did you know?

  • The cost of living in Princeton is 10% lower than the Minnesota average.
  • The cost of living in Princeton is 8% lower than the national average.
  • The cost of housing in Princeton is 30% 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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Salary Calculator

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Use the salary calculator to compare your current salary in Princeton, MN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Princeton, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Princeton, MN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$46,705$3,892$1,090$1,401
Renters$25,500$2,125$595$765
One can approximate the cost of living and the housing affordability in Princeton, MN by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Princeton, MN have a median income of $46,705. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,090 per month to avoid calamity and poverty. The renters in the city have an income of about $25,500, which would make their monthly maximum allowable rental costs $595.

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 assessing the complete cost of living in Princeton, MN, the Minnesota income tax and the Minnesota sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Minnesota maximum surtax is 7.875%, and the Minnesota sales tax is 6.875%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.35% to 9.85% in Minnesota.

Goods & Services

ItemPrincetonNational avg.Difference
Haircut $21.91$15.5640.8%
Beauty Salon $31.17$36.1113.7%
Toothpaste $3.64$2.4747.2%
Shampoo $1.19$0.9623.3%
Movie $10.04$10.130.9%
Bowling $4.29$4.749.4%

Groceries

ItemPrincetonNational avg.Difference
Ground Beef $5.28$3.9832.5%
Fried Chicken $2.27$1.4161.2%
Milk $2.45$2.0618.8%
Potatoes $2.45$2.9817.7%
Pizza $8.10$9.4714.5%
Beer $9.08$8.793.3%

Health Care

ItemPrincetonNational avg.Difference
Optometrist $121.76$101.0420.5%
Doctor $164.95$107.4453.5%
Dentist $87.93$90.422.7%
Ibuprofen $9.49$9.282.2%
Lipitor $392.82$426.507.9%

Housing

ItemPrincetonNational avg.Difference
Home Price $114,000.00$175,700.0035.1%
Avg. Mortgage Payment $891.28$1,133.2321.4%
Apartment Rent $742.00$920.0019.3%

Transportation

ItemPrincetonNational avg.Difference
Gasoline $1.94$1.992.8%
Tire Balancing $52.70$45.7615.2%

Utilities

ItemPrincetonNational avg.Difference
All Electricity$169.36$163.813.4%
Phone $17.02$28.3940.0%
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.
Bock, MN9485-15%
Milaca, MN2,90789-11%
Ronneby, MN3592-8%
Pease, MN21393-7%
Foreston, MN62894-6%
Princeton, MN4,72592-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Winnfield, LA4,72586-14%
Northvale, NJ4,72514646%
Byron, GA4,72595-5%
McMurray, PA4,72711111%
Breckenridge Hills, MO4,72885-15%
Princeton, MN4,72592-8%
Source: The Princeton, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.