An Overview of Cost of Living in Bloomington, MN
Are you thinking about relocating, but curious about the potential cost of living in Bloomington? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Bloomington stands at 109, making it 9% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, goods and services, transportation and health care in Bloomington are priced in a manner consistent with other areas. This means that residents of Bloomington can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs are a very significant part of the Bloomington cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 39.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Bloomington Affordable?
Is Bloomington an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Bloomington is 43.9% higher than the national average, while the average monthly rent prices are 28.6% higher than average. The affordability of any location can also be influenced by median income levels. Bloomington has a median household income of $78,224, which is 41.4% higher than the national average.
What Factors can Influence the Cost of Living in Bloomington?
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Bloomington, healthcare costs are 0.6% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Where is the Data From?
The Bloomington cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
Here are the best places to live in Minnesota
Check out the 10 safest cities in Minnesota
See the best places to live in & around Bloomington
10 Best cities in Minnesota for employment