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.
An overview of the general cost of living index for Cannon Falls, MN is displayed above for your reference. Residents in Cannon Falls, MN enjoy a cost of living index of 98. This index is 4% lower than the Minnesota average, and 2% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Cannon Falls, MN, the average cost of goods and services is 2% higher than it is in Minnesota, and it is 7% higher than the national average.
Find Real Estate Listings
New Real Estate Listings In Cannon Falls
Did you know?
The cost of living in Cannon Falls is 4% lower than the Minnesota average.
The cost of living in Cannon Falls is 2% lower than the national average.
The cost of housing in Cannon Falls is 16% 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.
Compare Cannon Falls, MN Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Cannon Falls, MN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Cannon Falls, MN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Cannon Falls, MN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
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 Cannon Falls, 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. Cannon Falls, MN has a median income of about $68,257 for people who own homes. Based on that number, a person should spend a maximum of $1,593 on expenses related to housing. Renters have a slightly different median income, which is $30,938. Based on this average, renters should spend no more than $722 on all of their rental costs if they want to maintain a non-impoverished standard of living.
Minnesota Sales Tax
General Sales Tax
With Max Surtax
Minnesota Income Tax
Income Tax (Low)
Income Tax (High)
When you are determining the total cost of living in Cannon Falls, 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
Avg. Mortgage Payment
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.