D-
15%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
59%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Ham Lake Minnesota National
Cost of living11599100
Goods & Services95100100
Groceries9798100
Health care101109100
Housing159100100
Transportation9797100
Utilities9593100

An Overview of Cost of Living in Ham Lake, MN

Knowing the cost of living in Ham Lake allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Ham Lake stands at 115, marking it 15% higher than the national average.

When it comes to the cost of living in Ham Lake, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 58.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Ham Lake Affordable?

Is Ham Lake 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 Ham Lake is 76.2% higher than the national average, while the average monthly rent prices are 17.5% higher than average. The affordability of any location can also be influenced by median income levels. Ham Lake has a median household income of $99,736, which is 80.3% higher than the national average.

What Factors can Influence the Cost of Living in Ham Lake?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Ham Lake, the groceries index registers 2.6% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Ham Lake, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.

Where is the Data From?

The cost of living in Ham Lake, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Ham Lake is 16% higher than the Minnesota average
  • The cost of living in Ham Lake is 15% higher than the national average
  • Ham Lake housing is 59% higher than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 137% higher than the national average

Most Affordable Places to Live in and Around Ham Lake

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Compare Ham Lake, MN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$104,115$8,676$2,429$3,124
      Renters$36,542$3,045$853$1,096
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Ham Lake, MN, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Ham Lake, homeowners have a median income of $104,115. Using that number, a maximum of $2,429 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $36,542, which means there is a maximum of $853 to be spent on the costs of renting a home or apartment.

      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 Ham Lake National avg. Difference
      Haircut $25.86$24.266.6%
      Beauty Salon $37.00$45.5618.8%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.50$1.2816.9%
      Movie $11.32$12.136.7%
      Bowling $25.68$18.0042.6%

      Groceries

      Item Ham Lake National avg. Difference
      Ground Beef $5.75$5.841.4%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $4.76$4.933.5%
      Pizza $13.00$12.097.6%
      Beer $9.44$10.419.3%

      Health Care

      Item Ham Lake National avg. Difference
      Optometrist $112.72$125.6810.3%
      Doctor $164.15$135.7820.9%
      Dentist $95.01$113.2916.1%
      Ibuprofen $10.71$10.650.6%
      Lipitor $499.35$468.606.6%

      Housing

      Item Ham Lake National avg. Difference
      Home Price $325,400.00$184,700.0076.2%
      Avg. Mortgage Payment $1,983.77$2,346.6915.5%
      Apartment Rent $1,115.00$949.0017.5%

      Transportation

      Item Ham Lake National avg. Difference
      Gasoline $3.32$3.464.0%
      Tire Balancing $59.91$59.920.0%

      Utilities

      Item Ham Lake National avg. Difference
      All Electricity $180.11$193.997.2%
      Phone $187.59$192.252.4%
      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 Population Cost of Living Index National Avg.
      Hilltop, MN1,0077722.8%
      Stacy, MN1,960937.3%
      Columbia Heights, MN20,247991.3%
      Brooklyn Center, MN30,755990.7%
      Lexington, MN2,276990.5%
      Ham Lake, MN16,63011514.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Waterville, ME16,623963.7%
      Camp Pendleton South, CA16,61815757.3%
      McKinleyville, CA16,64512221.7%
      Madison, NJ16,64717272.4%
      Dallas, OR16,61211413.6%
      Ham Lake, MN16,63011514.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.