Wayzata 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.
IndexWayzataMinnesotaNational
Cost of living index141102100
IndexWayzataMinnesotaNational
Goods & Services index108106100
Groceries index106105100
Health care index106110100
Housing index228101100
Transportation index10198100
Utilities index9691100
Displayed above is a general overview of the Wayzata, MN cost of living index. The overall cost of living index in Wayzata, MN is 141, which is 38% higher than the Minnesota average and 41% 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 Wayzata, MN are 1% higher than the Minnesota average and 8% higher than the national average.

Did you know?

  • The cost of living in Wayzata is 38% higher than the Minnesota average.
  • The cost of living in Wayzata is 41% higher than the national average.
  • The cost of housing in Wayzata is 128% 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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Compare Wayzata, MN Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Wayzata, MN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Wayzata, MN, you have to earn a higher income in order to still have the same standard of living. To operate the Wayzata, MN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$98,056$8,171$2,288$2,942
Renters$40,486$3,374$945$1,215
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 Wayzata, 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. Wayzata, MN has a median income of about $98,056 for people who own homes. Based on that number, a person should spend a maximum of $2,288 on expenses related to housing. Renters have a slightly different median income, which is $40,486. Based on this average, renters should spend no more than $945 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%
When you are determining the total cost of living in Wayzata, MN you will want to make sure you consider both the Minnesota sales tax and the Minnesota income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Minnesota is 6.875%, with the highest surtax being 7.875%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Minnesota have a range from 5.35% to 9.85%.

Goods & Services

ItemWayzataNational 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

ItemWayzataNational 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

ItemWayzataNational 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

ItemWayzataNational avg.Difference
Home Price $497,000.00$175,700.00182.9%
Avg. Mortgage Payment $1,198.63$1,133.235.8%
Apartment Rent $905.00$920.001.6%

Transportation

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

Utilities

ItemWayzataNational 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.
Hilltop, MN82881-19%
Brooklyn Center, MN30,54998-2%
Columbia Heights, MN19,6051000%
Osseo, MN2,4801011%
Spring Lake Park, MN6,5031011%
Wayzata, MN3,99114141%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Catskill, NY3,9891055%
Fulton, MS3,98881-19%
Lolo, MT3,9941022%
North Wildwood, NJ3,99513030%
Millsboro, DE3,9871022%
Wayzata, MN3,99114141%
Source: The Wayzata, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.