Spring Lake Park 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.
IndexSpring Lake ParkMinnesotaNational
Cost of living index101102100
IndexSpring Lake ParkMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index91101100
Transportation index10198100
Utilities index9691100
Displayed above is a general overview of the Spring Lake Park, MN cost of living index. The overall cost of living index in Spring Lake Park, MN is 101, which is 2% lower than the Minnesota average and 1% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Spring Lake Park, MN are 1% higher than the Minnesota average and 8% higher than the national average.

Did you know?

  • The cost of living in Spring Lake Park is 2% lower than the Minnesota average.
  • The cost of living in Spring Lake Park is 1% higher than the national average.
  • The cost of housing in Spring Lake Park is 9% 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 Spring Lake Park, 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 Spring Lake Park, 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 Spring Lake Park, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Spring Lake Park, 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$67,853$5,654$1,583$2,036
Renters$26,161$2,180$610$785
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Spring Lake Park, MN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Spring Lake Park, MN has a median income of about $67,853 for people who own homes. Based on that number, a person should spend a maximum of $1,583 on expenses related to housing. Renters have a slightly different median income, which is $26,161. Based on this average, renters should spend no more than $610 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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%
The Minnesota sales tax and Minnesota income tax rates should definitely be considered when determining the overall cost of living in Spring Lake Park, MN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Minnesota sales tax is 6.875% and the maximum surtax is 7.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

ItemSpring Lake ParkNational 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

ItemSpring Lake ParkNational 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

ItemSpring Lake ParkNational 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

ItemSpring Lake ParkNational avg.Difference
Home Price $158,700.00$175,700.009.7%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $865.00$920.006.0%

Transportation

ItemSpring Lake ParkNational avg.Difference
Gasoline $1.84$1.997.7%
Tire Balancing $55.26$45.7620.8%

Utilities

ItemSpring Lake ParkNational 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.
Landfall, MN79678-22%
Hilltop, MN82881-19%
Brooklyn Center, MN30,54998-2%
Lexington, MN2,01999-1%
Columbia Heights, MN19,6051000%
Spring Lake Park, MN6,5031011%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Forest Hills, PA6,50187-13%
Irvington, NY6,50616767%
Geneseo, IL6,50091-9%
Louisville, MS6,49877-23%
Bedford, VA6,50890-10%
Spring Lake Park, MN6,5031011%
Source: The Spring Lake Park, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.