A
9%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
39%
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 Hibbing Minnesota National
Cost of living9199100
Goods & Services109100100
Groceries9798100
Health care124109100
Housing61100100
Transportation9997100
Utilities9393100

An Overview of Cost of Living in Hibbing, MN

Knowing the cost of living in Hibbing 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 Hibbing stands at 91, marking it 9% lower than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Hibbing are priced in a manner consistent with other areas. This means that residents of Hibbing can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Hibbing Affordable?

Is Hibbing an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Hibbing, the median home price is 39.4% lower than what most folks pay across the country, and monthly rent prices are 38.9% lower than the usual rates. Income levels in Hibbing come in at $47,030, which is 15% lower than the national average.

What Factors can Influence the Cost of Living in Hibbing?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Hibbing, the transportation index is 0.9% lower than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Hibbing, healthcare costs are 24.3% higher than the national average.

Where is the Data From?

The cost of living data in Hibbing displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Hibbing is 8% lower than the Minnesota average
  • The cost of living in Hibbing is 9% lower than the national average
  • Hibbing housing is 39% lower 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 Hibbing

See all the best places to live around Hibbing

Compare Hibbing, 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$62,988$5,249$1,470$1,890
      Renters$25,748$2,146$601$773
      A good way to judge both the affordability of the housing and the cost of living in Hibbing is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Hibbing has a median income of about $62,988 for people who own homes. Based on that number, a maximum of $1,470 should be spent on expenses related to housing. Renters have a slightly different median income, which is $25,748. Based on this average, renters should spend no more than $601 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Hibbing National avg. Difference
      Haircut $27.97$24.2615.3%
      Beauty Salon $37.17$45.5618.4%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.52$1.2818.6%
      Movie $11.24$12.137.4%
      Bowling $26.39$18.0046.6%

      Groceries

      Item Hibbing National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.35$1.5713.9%
      Milk $4.58$4.672.0%
      Potatoes $4.86$4.931.4%
      Pizza $13.07$12.098.2%
      Beer $9.52$10.418.5%

      Health Care

      Item Hibbing National avg. Difference
      Optometrist $109.94$125.6812.5%
      Doctor $162.98$135.7820.0%
      Dentist $96.90$113.2914.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $492.95$468.605.2%

      Housing

      Item Hibbing National avg. Difference
      Home Price $111,900.00$184,700.0039.4%
      Avg. Mortgage Payment $1,954.72$2,346.6916.7%
      Apartment Rent $580.00$949.0038.9%

      Transportation

      Item Hibbing National avg. Difference
      Gasoline $3.31$3.464.3%
      Tire Balancing $61.97$59.923.4%

      Utilities

      Item Hibbing National avg. Difference
      All Electricity $175.69$193.999.4%
      Phone $188.55$192.251.9%
      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.
      Kinney, MN1868317.0%
      Keewatin, MN1,2558613.7%
      Chisholm, MN4,8798812.4%
      Nashwauk, MN1,104909.6%
      Buhl, MN1,089928.3%
      Hibbing, MN15,923918.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Indianola, IA15,921927.6%
      Washougal, WA15,92712827.7%
      Easthampton Town, MA15,93011514.7%
      Cloverly, MD15,91514949.3%
      Dyer, IN15,9331109.9%
      Hibbing, MN15,923918.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.