Chaska cost of living index

An overview of the general cost of living index for Chaska, MN is displayed above for your reference. Residents in Chaska, MN enjoy a cost of living index of 111. This index is 8% higher than the Minnesota average, and 11% higher 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 Chaska, 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.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Chaska, 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 Chaska, MN, you have to earn a higher income in order to still have the same standard of living. To operate the Chaska, 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

The affordability of the housing market in Chaska, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Chaska, MN homeowners, the median income is $96,862. This indicates that a monthly maximum of $2,260 should be spent by homeowners on all housing related costs. Renters have a median income of $49,939. This indicates that renters should have a maximum of $1,165 used for their rent related monthly costs.

Minnesota Sales Tax

Minnesota Income Tax

For those who live in Chaska, MN and want to know what the true cost of living is, they ought to look at both the Minnesota income tax rate and the Minnesota sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Minnesota, the sales tax is 6.875%, while the most you'll pay in surtax is 7.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Minnesota, the income tax rate ranges between 5.35% to 9.85%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Chaska, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.