| Index | Hopkins | Minnesota | National |
| Cost of living | 110 | 100 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 131 | 100 | 100 |
| Transportation | 101 | 100 | 100 |
| Utilities | 103 | 104 | 100 |
| Lifestyle & Entertainment | 103 | 100 | 100 |
| Household Items | 98 | 100 | 100 |
| Education & Childcare | 104 | 99 | 100 |
Knowing the cost of living in Hopkins 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 Hopkins stands at 110, marking it 10% higher than the national average.
The cost of living in Hopkins aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Hopkins residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Housing costs are a major factor in the Hopkins cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 31.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Hopkins affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Hopkins, the median home price is 38.2% higher than the national average and monthly rent prices are 14.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hopkins boasting a median household income of $86,929, 6.9% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Hopkins, the housing index comes in at 31.1% higher than the national average.
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 household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Hopkins, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.
The cost of living data for Hopkins shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $144,499 | $12,042 | $3,371 | $4,335 |
| Renters | $65,578 | $5,465 | $1,530 | $1,968 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| South End, MN | 66 | 78 | 22.1% |
| Hilltop, MN | 1,045 | 80 | 20.0% |
| St. Anthony city (Stearns County), MN | 108 | 84 | 16.4% |
| Brooklyn Center, MN | 31,682 | 102 | 1.8% |
| Columbia Heights, MN | 21,019 | 102 | 1.9% |
| Hopkins, MN | 19,072 | 110 | 9.9% |
| City | Population | Cost of Living Index | National Avg. |
| Brook Park, OH | 19,070 | 89 | 11.0% |
| Hybla Valley, VA | 19,075 | 129 | 29.1% |
| Lake Ronkonkoma, NY | 19,057 | 135 | 35.1% |
| Central Point, OR | 19,057 | 118 | 18.3% |
| Saint-Colomban, QC | 19,057 | n/a | |
| Hopkins, MN | 19,072 | 110 | 9.9% |
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