Albertville, Minnesota Cost Of Living

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D

Overall 4%

Goods & Services 11%

Housing 1%

Date & Last Updated: This data reflects 2020 and was released from C2ER in January, 2021; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Albertville	Minnesota	National
Cost of living	104	103	100
Goods & Services	111	107	100
Groceries	103	104	100
Health care	102	111	100
Housing	101	100	100
Transportation	101	100	100
Utilities	97	97	100

Key findings

The cost of living in Albertville is 1% higher than the Minnesota average
The cost of living in Albertville is 4% higher than the national average
Albertville housing is 1% higher than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 117% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$99,365	$8,280	$2,318	$2,981
Renters	$39,468	$3,289	$921	$1,184

To approximate the cost of living and the housing affordability in Albertville, MN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Albertville have a median income of $99,365. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,318 per month to avoid calamity and poverty. The renters in the city have an income of about $39,468, which would make their monthly maximum allowable rental costs $921.

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%

Goods & Services

Item	Albertville	National avg.	Difference
Haircut	$24.20	$18.62	29.9%
Beauty Salon	$34.39	$39.05	11.9%
Toothpaste	$3.36	$2.34	43.5%
Shampoo	$1.09	$1.06	3.5%
Movie	$9.96	$10.68	6.7%
Bowling	$22.57	$14.67	53.8%

Groceries

Item	Albertville	National avg.	Difference
Ground Beef	$4.40	$4.22	4.3%
Fried Chicken	$2.10	$1.39	51.8%
Milk	$2.60	$2.05	26.7%
Potatoes	$3.32	$3.29	1.0%
Pizza	$12.99	$10.62	22.3%
Beer	$8.96	$9.38	4.5%

Health Care

Item	Albertville	National avg.	Difference
Optometrist	$89.59	$108.57	17.5%
Doctor	$147.85	$116.17	27.3%
Dentist	$86.94	$99.13	12.3%
Ibuprofen	$11.90	$9.68	23.0%
Lipitor	$437.87	$466.92	6.2%

Housing

Item	Albertville	National avg.	Difference
Home Price	$189,600.00	$184,700.00	2.7%
Avg. Mortgage Payment	$1,253.99	$1,197.42	4.7%
Apartment Rent	$931.00	$949.00	1.9%

Transportation

Item	Albertville	National avg.	Difference
Gasoline	$2.06	$2.22	7.5%
Tire Balancing	$58.37	$50.07	16.6%

Utilities

Item	Albertville	National avg.	Difference
All Electricity	$160.63	$167.67	4.2%
Phone	$180.98	$175.64	3.0%

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.
Montrose, MN	3,046	99	-1%
Big Lake, MN	10,393	102	2%
Zimmerman, MN	5,330	102	2%
Osseo, MN	2,612	101	1%
Anoka, MN	17,325	101	1%
Albertville, MN	7,286	104	4%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Hillsboro, IL	7,287	87	-13%
Midland Park, NJ	7,283	143	43%
Williston Park, NY	7,282	162	62%
North Amherst, MA	7,290	130	30%
Collinsville, VA	7,282	83	-17%
Albertville, MN	7,286	104	4%

Source: The Albertville, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2020.