Shoreview cost of living index

The above illustration supplies generalized information for the Shoreview, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Shoreview, MN is 111, which is 8% higher than the Minnesota average and 11% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Shoreview, MN are 2% higher than the average for Minnesota and 7% higher than the rest of the country.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Shoreview, MN to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Shoreview, MN, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Shoreview, MN salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Shoreview, MN, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Shoreview, MN homeowners have a median income of $95,500. Using that number, you will come up with a maximum of $2,228 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $50,947, which means there is a maximum of $1,189 to be spent on the costs of renting a home or apartment.

Minnesota Sales Tax

Minnesota Income Tax

For those who live in Shoreview, MN and want to know what the true cost of living is, they ought to look at both the Minnesota income tax rate and the Minnesota sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Minnesota, the sales tax is 6.875%, while the most you'll pay in surtax is 7.875%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Minnesota, the income tax rate ranges between 5.35% to 9.85%.

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