Savage cost of living index

An overview of the general cost of living index for Savage, MN is displayed above for your reference. Residents in Savage, MN enjoy a cost of living index of 114. This index is 11% higher than the Minnesota average, and 14% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Savage, MN, the average cost of goods and services is 2% higher than it is in Minnesota, and it is 7% higher than the national average.

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Salary Calculator

The salary calculator allows you to compare how much your current salary in Savage, MN would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Savage, MN, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Savage, MN salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Savage, MN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Savage, MN, the median monthly income is $109,939 for those who own their own homes. Under the standard rule, that income level would allow for $2,565 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $45,742, per the median income in the area. That would allow for renters to spend up to $1,067 on monthly rental expenses.

Minnesota Sales Tax

Minnesota Income Tax

When assessing the complete cost of living in Savage, MN, the Minnesota income tax and the Minnesota sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Minnesota maximum surtax is 7.875%, and the Minnesota sales tax is 6.875%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.35% to 9.85% in Minnesota.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Savage, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.