Savage 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.
IndexSavageMinnesotaNational
Cost of living index113102100
IndexSavageMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index133101100
Transportation index10198100
Utilities index9691100
An overview of the general cost of living index for Savage, MN is displayed above for your reference. Residents in Savage, MN enjoy a cost of living index of 113. This index is 11% higher than the Minnesota average, and 13% higher 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 Savage, MN, the average cost of goods and services is 1% higher than it is in Minnesota, and it is 8% higher than the national average.

Did you know?

  • The cost of living in Savage is 11% higher than the Minnesota average.
  • The cost of living in Savage is 13% higher than the national average.
  • The cost of housing in Savage is 33% higher 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.

Find Real Estate Listings In Savage

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Savage

Compare Savage, MN Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator allows you to compare how much your current salary in Savage, 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 Savage, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Savage, 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$101,034$8,420$2,357$3,031
Renters$45,035$3,753$1,051$1,351
If you want to find a good determining factor for the cost of living and the general affordability of housing in Savage, 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 Savage, MN, the median monthly income is $101,034 for those who own their own homes. Under the standard rule, that income level would allow for $2,357 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,035, per the median income in the area. That would allow for renters to spend up to $1,051 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%
When assessing the complete cost of living in Savage, 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

ItemSavageNational avg.Difference
Haircut $24.24$15.5655.8%
Beauty Salon $34.24$36.115.2%
Toothpaste $3.32$2.4734.4%
Shampoo $1.04$0.967.4%
Movie $9.88$10.132.4%
Bowling $4.12$4.7413.1%

Groceries

ItemSavageNational avg.Difference
Ground Beef $4.14$3.984.0%
Fried Chicken $2.00$1.4142.1%
Milk $2.23$2.068.1%
Potatoes $3.30$2.9810.5%
Pizza $10.53$9.4711.1%
Beer $8.81$8.790.2%

Health Care

ItemSavageNational avg.Difference
Optometrist $81.38$101.0419.5%
Doctor $133.98$107.4424.7%
Dentist $85.91$90.425.0%
Ibuprofen $11.82$9.2827.4%
Lipitor $416.78$426.502.3%

Housing

ItemSavageNational avg.Difference
Home Price $246,700.00$175,700.0040.4%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $1,063.00$920.0015.5%

Transportation

ItemSavageNational avg.Difference
Gasoline $1.84$1.997.7%
Tire Balancing $55.26$45.7620.8%

Utilities

ItemSavageNational avg.Difference
All Electricity$167.80$163.812.4%
Phone $24.99$28.3912.0%
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.
West St. Paul, MN19,6901011%
St. Paul, MN291,7281011%
Mendota, MN2211033%
Richfield, MN35,8771044%
Mound, MN9,2051055%
Savage, MN28,05511313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Monterey, CA28,05317676%
Round Lake Beach, IL28,0481011%
Shaker Heights, OH28,0711077%
Oak Forest, IL28,1041011%
Winchester, NV28,11194-6%
Savage, MN28,05511313%
Source: The Savage, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.