Cost Of Living In Red Wing, MN

Red Wing 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	Red Wing	Minnesota	National
Cost of living index	98	102	100
Index	Red Wing	Minnesota	National
Goods & Services index	108	106	100
Groceries index	104	105	100
Health care index	106	110	100
Housing index	85	101	100
Transportation index	97	98	100
Utilities index	94	91	100

The above illustration supplies generalized information for the Red Wing, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Red Wing, MN is 98, which is 4% lower than the Minnesota average and 2% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Red Wing, MN are 1% higher than the average for Minnesota and 8% higher than the rest of the country.

Did you know?

The cost of living in Red Wing is 4% lower than the Minnesota average.
The cost of living in Red Wing is 2% lower than the national average.
The cost of housing in Red Wing is 15% 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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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Red Wing, 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 Red Wing, MN, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Red Wing, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$67,389	$5,616	$1,572	$2,022
Renters	$24,369	$2,031	$569	$731

One can approximate the cost of living and the housing affordability in Red Wing, 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 Red Wing, MN have a median income of $67,389. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,572 per month to avoid calamity and poverty. The renters in the city have an income of about $24,369, which would make their monthly maximum allowable rental costs $569.

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 assessing the complete cost of living in Red Wing, 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

Item	Red Wing	National avg.	Difference
Haircut	$24.91	$15.56	60.0%
Beauty Salon	$33.76	$36.11	6.5%
Toothpaste	$3.41	$2.47	37.8%
Shampoo	$1.04	$0.96	7.8%
Movie	$9.85	$10.13	2.8%
Bowling	$4.06	$4.74	14.2%

Groceries

Item	Red Wing	National avg.	Difference
Ground Beef	$4.07	$3.98	2.2%
Fried Chicken	$1.94	$1.41	37.9%
Milk	$2.17	$2.06	5.0%
Potatoes	$3.19	$2.98	7.0%
Pizza	$10.59	$9.47	11.8%
Beer	$8.92	$8.79	1.4%

Health Care

Item	Red Wing	National avg.	Difference
Optometrist	$81.20	$101.04	19.6%
Doctor	$134.89	$107.44	25.5%
Dentist	$87.31	$90.42	3.4%
Ibuprofen	$11.78	$9.28	27.0%
Lipitor	$406.73	$426.50	4.6%

Housing

Item	Red Wing	National avg.	Difference
Home Price	$157,500.00	$175,700.00	10.4%
Avg. Mortgage Payment	$1,182.68	$1,133.23	4.4%
Apartment Rent	$694.00	$920.00	24.6%

Transportation

Item	Red Wing	National avg.	Difference
Gasoline	$1.85	$1.99	7.0%
Tire Balancing	$48.94	$45.76	7.0%

Utilities

Item	Red Wing	National avg.	Difference
All Electricity	$162.69	$163.81	0.7%
Phone	$24.99	$28.39	12.0%

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, State	Population	Cost of Living Index	National Avg.
Maiden Rock, WI	94	89	-11%
Bay City, WI	512	92	-8%
Bellechester, MN	232	93	-7%
Ellsworth, WI	3,248	98	-2%
Goodhue, MN	1,135	98	-2%
Red Wing, MN	16,502	98	-2%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Durant, OK	16,507	79	-21%
Morton, IL	16,493	98	-2%
Highland, UT	16,491	131	31%
Frankfort, IN	16,488	81	-19%
New Milford, NJ	16,524	135	35%
Red Wing, MN	16,502	98	-2%

Source: The Red Wing, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Red Wing, MN Cost of Living