C-
10%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
42%
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 Inver Grove Heights Minnesota National
Cost of living11099100
Goods & Services96100100
Groceries9998100
Health care101109100
Housing142100100
Transportation9897100
Utilities9493100

An Overview of Cost of Living in Inver Grove Heights, MN

Knowing the cost of living in Inver Grove Heights 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 Inver Grove Heights stands at 110, marking it 10% higher than the national average.

Housing costs significantly influence the Inver Grove Heights cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 41.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Inver Grove Heights Affordable?

Wondering if Inver Grove Heights is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Inver Grove Heights, for example, the median home price is 47.8% higher than what folks pay nationally, and monthly rent is 27.9% higher than the usual rates. Plus, income levels matter too, with Inver Grove Heights boasting a median household income of $83,155, which is 50.3% higher than the national average.

What Factors can Influence the Cost of Living in Inver Grove Heights?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Inver Grove Heights, the housing index stands at 41.8% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

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 Inver Grove Heights, the groceries index registers 1.2% lower than the national average.

Where is the Data From?

The Inver Grove Heights cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Inver Grove Heights is 11% higher than the Minnesota average
  • The cost of living in Inver Grove Heights is 10% higher than the national average
  • Inver Grove Heights housing is 42% 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 Inver Grove Heights

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Compare Inver Grove Heights, MN Cost of Living

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      Salary Calculator

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      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$101,092$8,424$2,359$3,033
      Renters$46,470$3,873$1,084$1,394
      The affordability of the housing market in Inver Grove Heights, MN as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Inver Grove Heights homeowners, the median income is $101,092. This indicates that a monthly maximum of $2,359 should be spent by homeowners on all housing related costs. Renters have a median income of $46,470. This indicates that renters would have a maximum of $1,084 for their rent related monthly costs.

      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 Inver Grove Heights National avg. Difference
      Haircut $28.67$24.2618.2%
      Beauty Salon $34.55$45.5624.2%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.30$1.281.5%
      Movie $13.47$12.1311.0%
      Bowling $21.50$18.0019.4%

      Groceries

      Item Inver Grove Heights National avg. Difference
      Ground Beef $5.49$5.845.9%
      Fried Chicken $1.35$1.5714.2%
      Milk $4.63$4.670.8%
      Potatoes $4.98$4.930.8%
      Pizza $12.49$12.093.3%
      Beer $9.36$10.4110.1%

      Health Care

      Item Inver Grove Heights National avg. Difference
      Optometrist $145.44$125.6815.7%
      Doctor $229.08$135.7868.7%
      Dentist $108.67$113.294.1%
      Ibuprofen $10.36$10.652.7%
      Lipitor $599.08$468.6027.8%

      Housing

      Item Inver Grove Heights National avg. Difference
      Home Price $273,000.00$184,700.0047.8%
      Avg. Mortgage Payment $1,941.44$2,346.6917.3%
      Apartment Rent $1,214.00$949.0027.9%

      Transportation

      Item Inver Grove Heights National avg. Difference
      Gasoline $3.38$3.462.5%
      Tire Balancing $61.74$59.923.0%

      Utilities

      Item Inver Grove Heights National avg. Difference
      All Electricity $175.38$193.999.6%
      Phone $187.39$192.252.5%
      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.
      Landfall, MN7967030.3%
      South End, MN657525.2%
      St. Anthony city (Stearns County), MN1068019.7%
      Coates, MN142991.2%
      Prescott, WI4,278990.9%
      Inver Grove Heights, MN35,49211010.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mount Vernon, WA35,50212222.5%
      West Hollywood, CA35,50618282.0%
      Wildwood, MO35,47612221.7%
      Oswego, IL35,47011414.3%
      Richmond, IN35,4678119.1%
      Inver Grove Heights, MN35,49211010.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.