| Index | Minnetonka | Minnesota | National |
| Cost of living | 126 | 100 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 97 | 100 | 100 |
| Housing | 185 | 100 | 100 |
| Transportation | 102 | 100 | 100 |
| Utilities | 106 | 104 | 100 |
| Lifestyle & Entertainment | 96 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 105 | 99 | 100 |
Understanding the cost of living in Minnetonka can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Minnetonka cost of living index is 126, which is 26% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you value affordability in your search for a new place to live, Minnetonka may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Minnetonka falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a very significant part of the Minnetonka cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 85.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Minnetonka affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Minnetonka, for instance, where the median home price falls 98.8% higher than the national average, and monthly rent rates are 53% higher than usual. Additionally, median income levels contribute to the equation, with Minnetonka flaunting a median household income of $150,767, 85.4% higher than the national norm.
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.
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.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Minnetonka, the transportation index is 1.9% higher than the national average.
The Minnetonka cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| 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 | $180,281 | $15,023 | $4,206 | $5,409 |
| Renters | $98,134 | $8,178 | $2,290 | $2,944 |
| 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. |
| 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% |
| Rockford, MN | 4,595 | 102 | 1.7% |
| Minnetonka, MN | 55,235 | 126 | 25.9% |
| City | Population | Cost of Living Index | National Avg. |
| Kingsport, TN | 55,254 | 92 | 7.8% |
| St. Cloud, FL | 55,190 | 110 | 9.8% |
| Summerville, SC | 55,185 | 104 | 4.0% |
| Paramount, CA | 55,175 | 141 | 40.7% |
| Pinellas Park, FL | 55,392 | 104 | 4.1% |
| Minnetonka, MN | 55,235 | 126 | 25.9% |
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