Shorewood 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.
IndexShorewoodMinnesotaNational
Cost of living index129102100
IndexShorewoodMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index187101100
Transportation index10198100
Utilities index9691100
A general overview of the cost of living index for Shorewood, MN is displayed above. In Shorewood, MN, the overall cost of living index is 129, which is 27% higher than the Minnesota average and 29% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Shorewood, MN, the city's goods and services are 1% higher than the Minnesota average and 8% higher than the U.S. average.

Did you know?

  • The cost of living in Shorewood is 27% higher than the Minnesota average.
  • The cost of living in Shorewood is 29% higher than the national average.
  • The cost of housing in Shorewood is 87% 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.

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Salary Calculator

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Health care index
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The salary calculator allows you to compare how much your current salary in Shorewood, 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 Shorewood, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Shorewood, 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$128,164$10,680$2,990$3,845
Renters$30,588$2,549$714$918
One can approximate the cost of living and the housing affordability in Shorewood, 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 Shorewood, MN have a median income of $128,164. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,990 per month to avoid calamity and poverty. The renters in the city have an income of about $30,588, which would make their monthly maximum allowable rental costs $714.

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%
For those who live in Shorewood, MN and want to know what the true cost of living is, they ought to look at both the Minnesota income tax rate and the Minnesota sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Minnesota, the sales tax is 6.875%, while the most you'll pay in surtax is 7.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Minnesota, the income tax rate ranges between 5.35% to 9.85%.

Goods & Services

ItemShorewoodNational 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

ItemShorewoodNational 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

ItemShorewoodNational 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

ItemShorewoodNational avg.Difference
Home Price $391,600.00$175,700.00122.9%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $962.00$920.004.6%

Transportation

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

Utilities

ItemShorewoodNational 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.
Brooklyn Center, MN30,54998-2%
Watertown, MN4,243100-0%
Osseo, MN2,4801011%
Crystal, MN22,4591011%
Rockford, MN4,2141022%
Shorewood, MN7,43812929%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Woodlawn CDP (Prince George's County), MD7,43911313%
Batesville, MS7,43685-15%
New Prague, MN7,4341066%
Canfield, OH7,44393-7%
Middleborough Center, MA7,43212222%
Shorewood, MN7,43812929%
Source: The Shorewood, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.