| Index | New Hope | Minnesota | National |
| Cost of living | 108 | 100 | 100 |
| Groceries | 97 | 100 | 100 |
| Health care | 102 | 100 | 100 |
| Housing | 126 | 100 | 100 |
| Transportation | 100 | 100 | 100 |
| Utilities | 104 | 104 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 102 | 100 | 100 |
| Education & Childcare | 97 | 99 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in New Hope? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in New Hope stands at 108, making it 8% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in New Hope are priced in a manner consistent with other areas. This means that residents of New Hope can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs are a major factor in the New Hope 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 26.1% 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 New Hope 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 New Hope, the median home price is 32.4% higher than the national average and monthly rent prices are 11.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with New Hope boasting a median household income of $91,913, 13% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In New Hope, the transportation index is 0.3% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In New Hope, the groceries index is 2.9% lower than the national average.
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 New Hope, the housing index stands at 26.1% higher than the national average.
The cost of living data for New Hope 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.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $138,838 | $11,570 | $3,239 | $4,166 |
| Renters | $59,352 | $4,946 | $1,385 | $1,781 |
| 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% |
| New Hope, MN | 21,432 | 108 | 7.7% |
| City | Population | Cost of Living Index | National Avg. |
| Stephenville, TX | 21,421 | 97 | 3.4% |
| Ferguson, MO | 21,445 | 85 | 14.9% |
| Green Valley, AZ | 21,416 | 103 | 2.7% |
| Gardner, MA | 21,410 | 109 | 8.6% |
| Hays, KS | 21,398 | 95 | 4.9% |
| New Hope, MN | 21,432 | 108 | 7.7% |
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