| Index | Savage | Minnesota | National |
| Cost of living | 119 | 100 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 165 | 100 | 100 |
| Transportation | 99 | 100 | 100 |
| Utilities | 101 | 104 | 100 |
| Lifestyle & Entertainment | 102 | 100 | 100 |
| Household Items | 99 | 100 | 100 |
| Education & Childcare | 96 | 99 | 100 |
Getting a feel for the cost of living in Savage is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Savage is 119, which is 19% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs significantly influence the Savage 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 65.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Savage 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 Savage, for instance, where the median home price falls 75.4% higher than the national average, and monthly rent rates are 42.2% higher than usual. Additionally, median income levels contribute to the equation, with Savage flaunting a median household income of $172,594, 112.2% higher than the national norm.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Savage, the housing index is 65.5% 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.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Savage, the healthcare costs are 0.5% higher than the national average.
The Savage cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional 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 | $187,504 | $15,625 | $4,375 | $5,626 |
| Renters | $76,390 | $6,366 | $1,782 | $2,292 |
| 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% |
| St. Paul, MN | 315,338 | 105 | 4.6% |
| West St. Paul, MN | 20,423 | 105 | 5.1% |
| Mendota, MN | 152 | 105 | 5.2% |
| Mound, MN | 9,693 | 108 | 7.5% |
| Savage, MN | 32,591 | 119 | 19.5% |
| City | Population | Cost of Living Index | National Avg. |
| Alamogordo, NM | 32,584 | 90 | 9.9% |
| Redmond, OR | 32,599 | 117 | 17.3% |
| Liberty, MO | 32,604 | 99 | 1.4% |
| Kaysville, UT | 32,617 | 123 | 22.8% |
| North Olmsted, OH | 32,619 | 95 | 5.1% |
| Savage, MN | 32,591 | 119 | 19.5% |
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