A-
1%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
1%
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 Mankato Minnesota National
Cost of living9999100
Goods & Services98100100
Groceries9998100
Health care111109100
Housing101100100
Transportation9597100
Utilities9293100

An Overview of Cost of Living in Mankato, MN

Knowing the cost of living in Mankato 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 Mankato stands at 99, marking it 1% lower than the national average.

The cost of living in Mankato aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Mankato 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.

Is Mankato Affordable?

Is Mankato 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 Mankato, the median home price is 2.3% higher than what most folks pay across the country, and monthly rent prices are 2.3% lower than the usual rates. Income levels in Mankato come in at $52,411, which is 5.3% lower than the national average.

What Factors can Influence the Cost of Living in Mankato?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Mankato, the transportation index is 5.5% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Mankato starts at 6.875% and the income tax rates start at 5.35%.

Where is the Data From?

The Mankato 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 Mankato is 1% lower than the Minnesota average
  • The cost of living in Mankato is 1% lower than the national average
  • Mankato housing is 1% higher than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 106% higher than the national average

Most Affordable Places to Live in and Around Mankato

See all the best places to live around Mankato

Compare Mankato, 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$78,785$6,565$1,838$2,364
      Renters$35,631$2,969$831$1,069
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Mankato, 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 Mankato, homeowners have a median income of $78,785. Using that number, a maximum of $1,838 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $35,631, which means there is a maximum of $831 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 Mankato National avg. Difference
      Haircut $25.06$24.263.3%
      Beauty Salon $40.42$45.5611.3%
      Toothpaste $3.74$3.701.1%
      Shampoo $1.45$1.2813.5%
      Movie $10.06$12.1317.1%
      Bowling $15.00$18.0016.7%

      Groceries

      Item Mankato National avg. Difference
      Ground Beef $5.78$5.841.1%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.58$4.671.9%
      Potatoes $4.68$4.935.2%
      Pizza $12.97$12.097.3%
      Beer $9.18$10.4111.8%

      Health Care

      Item Mankato National avg. Difference
      Optometrist $144.10$125.6814.7%
      Doctor $181.22$135.7833.5%
      Dentist $110.22$113.292.7%
      Ibuprofen $11.40$10.657.0%
      Lipitor $486.32$468.603.8%

      Housing

      Item Mankato National avg. Difference
      Home Price $188,900.00$184,700.002.3%
      Avg. Mortgage Payment $1,813.63$2,346.6922.7%
      Apartment Rent $927.00$949.002.3%

      Transportation

      Item Mankato National avg. Difference
      Gasoline $3.31$3.464.2%
      Tire Balancing $54.83$59.928.5%

      Utilities

      Item Mankato National avg. Difference
      All Electricity $169.27$193.9912.7%
      Phone $191.10$192.250.6%
      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.
      Vernon Center, MN3558812.0%
      Kasota, MN7378811.6%
      Good Thunder, MN5588911.2%
      Le Center, MN2,651919.3%
      St. Clair, MN764927.8%
      Mankato, MN42,685991.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Langford, BC42,691n/a 
      Jefferson City, MO42,670909.8%
      Brentwood, TN42,70016464.0%
      Farmers Branch, TX42,65911010.4%
      Burlington, VT42,64512423.7%
      Mankato, MN42,685991.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.