| Index | Shakopee | Minnesota | National |
| Cost of living | 113 | 100 | 100 |
| Groceries | 98 | 100 | 100 |
| Health care | 100 | 100 | 100 |
| Housing | 147 | 100 | 100 |
| Transportation | 97 | 100 | 100 |
| Utilities | 100 | 104 | 100 |
| Lifestyle & Entertainment | 98 | 100 | 100 |
| Household Items | 98 | 100 | 100 |
| Education & Childcare | 95 | 99 | 100 |
The cost of living in Shakopee affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Shakopee is 113, which is 13% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs are a major factor in the Shakopee 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 47.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Shakopee and this is how they responded. 20% of people said that the cost of living was affordable, with prices decreasing, while 80% of people said that the cost of living was very expensive and prices continue to rise.
Is Shakopee 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 Shakopee, for instance, where the median home price falls 55.1% higher than the national average, and monthly rent rates are 29.3% higher than usual. Additionally, median income levels contribute to the equation, with Shakopee flaunting a median household income of $133,190, 63.8% higher than the national norm.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Shakopee, the groceries index is 1.9% lower than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
The cost of living estimates displayed for Shakopee are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $153,813 | $12,818 | $3,589 | $4,615 |
| Renters | $70,683 | $5,890 | $1,649 | $2,121 |
| 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. |
| Belle Plaine, MN | 7,390 | 104 | 4.0% |
| Mound, MN | 9,693 | 108 | 7.5% |
| Maple Plain, MN | 1,797 | 108 | 7.8% |
| Richfield, MN | 37,149 | 107 | 7.4% |
| Hopkins, MN | 19,072 | 110 | 9.9% |
| Shakopee, MN | 42,849 | 113 | 12.9% |
| City | Population | Cost of Living Index | National Avg. |
| Bradford West Gwillimbury, ON | 42,843 | n/a | |
| Westfield, IN | 42,840 | 111 | 11.5% |
| Boucherville, QC | 42,869 | n/a | |
| Bell Gardens, CA | 42,827 | 139 | 39.0% |
| Bremerton, WA | 42,880 | 119 | 18.8% |
| Shakopee, MN | 42,849 | 113 | 12.9% |
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