Coon Rapids cost of living index

A general summary of the cost of living index in Coon Rapids, MN is shown above. Compared to the state average of Minnesota the cost of living index in Coon Rapids, MN is 103, which is equal to the average in Minnesota and compared to the national average it is 3% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Coon Rapids, MN goods and services come in at 2% higher than the average in Minnesota and are 7% higher than compared to the nationwide average.

Find Real Estate Listings In Coon Rapids

New Real Estate Listings In Coon Rapids

The best places in Minnesota

Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Coon Rapids, 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 Coon Rapids, MN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Coon Rapids, 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

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 Coon Rapids, 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. Coon Rapids, MN has a median income of about $76,896 for people who own homes. Based on that number, a person should spend a maximum of $1,794 on expenses related to housing. Renters have a slightly different median income, which is $39,546. Based on this average, renters should spend no more than $923 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Minnesota Sales Tax

Minnesota Income Tax

When assessing the complete cost of living in Coon Rapids, MN, the Minnesota income tax and the Minnesota sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Minnesota maximum surtax is 7.875%, and the Minnesota sales tax is 6.875%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.35% to 9.85% in Minnesota.

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.

Nearby cities with low cost of living

Cities with similar population

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