Savage, MN Cost Of Living

Savage cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Savage	Minnesota	National
Cost of living index	114	102	100
Index	Savage	Minnesota	National
Goods & Services index	107	105	100
Groceries index	107	106	100
Health care index	105	113	100
Housing index	136	100	100
Transportation index	108	103	100
Utilities index	91	89	100

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.

Did you know?

The cost of living in Savage is 11% higher than the Minnesota average.
The cost of living in Savage is 14% higher than the national average.
The cost of housing in Savage is 36% higher than the national average.
Minnesota general sales tax is 35% higher than the national average.
Minnesota state income tax is 141% higher than the national average.

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$109,939	$9,162	$2,565	$3,298
Renters	$45,742	$3,812	$1,067	$1,372

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

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%

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

Item	Savage	National avg.	Difference
Haircut	$23.99	$16.09	49.1%
Beauty Salon	$34.28	$37.33	8.2%
Toothpaste	$3.38	$2.45	38.2%
Shampoo	$1.06	$1.00	6.3%
Movie	$10.13	$10.28	1.4%
Bowling	$4.01	$4.93	18.6%

Groceries

Item	Savage	National avg.	Difference
Ground Beef	$4.38	$3.80	15.1%
Fried Chicken	$2.05	$1.40	46.8%
Milk	$2.30	$2.01	14.6%
Potatoes	$3.30	$3.01	9.6%
Pizza	$11.04	$9.89	11.7%
Beer	$8.98	$8.90	0.9%

Health Care

Item	Savage	National avg.	Difference
Optometrist	$82.63	$102.16	19.1%
Doctor	$132.41	$108.36	22.2%
Dentist	$84.22	$92.53	9.0%
Ibuprofen	$12.00	$9.28	29.3%
Lipitor	$422.69	$425.82	0.7%

Housing

Item	Savage	National avg.	Difference
Home Price	$263,300.00	$184,700.00	42.6%
Avg. Mortgage Payment	$1,258.46	$1,202.44	4.7%
Apartment Rent	$1,136.00	$949.00	19.7%

Transportation

Item	Savage	National avg.	Difference
Gasoline	$2.23	$2.24	0.5%
Tire Balancing	$58.07	$46.29	25.5%

Utilities

Item	Savage	National avg.	Difference
All Electricity	$157.86	$165.96	4.9%
Phone	$24.99	$28.68	12.9%

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, State	Population	Cost of Living Index	National Avg.
South End, MN	26	78	-22%
West St. Paul, MN	19,779	101	1%
St. Paul, MN	297,160	101	1%
Richfield, MN	35,912	103	3%
New Prague, MN	7,534	105	5%
Savage, MN	29,399	114	14%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Morristown, TN	29,395	87	-13%
Port Huron, MI	29,388	84	-16%
Port Chester, NY	29,417	145	45%
Raytown, MO	29,366	86	-14%
Lebanon, TN	29,439	97	-3%
Savage, MN	29,399	114	14%

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

Savage, MN Cost of Living