Cost Of Living in Two Harbors, MN

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B+

5%

Overall NAT. AVG.

3%

Goods & Services NAT. AVG.

21%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Two Harbors	Minnesota	National
Cost of living	95	99	100
Goods & Services	103	100	100
Groceries	97	98	100
Health care	110	109	100
Housing	79	100	100
Transportation	99	97	100
Utilities	101	93	100

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Cost Of Living Quick Facts

The cost of living in Two Harbors is 4% lower than the Minnesota average
The cost of living in Two Harbors is 5% lower than the national average
Two Harbors housing is 21% lower than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% 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

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$62,697	$5,225	$1,463	$1,881
Renters	$43,239	$3,603	$1,009	$1,297

A good way to judge both the affordability of the housing and the cost of living in Two Harbors is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Two Harbors has a median income of about $62,697 for people who own homes. Based on that number, a maximum of $1,463 should be spent on expenses related to housing. Renters have a slightly different median income, which is $43,239. Based on this average, renters should spend no more than $1,009 on all rental costs if they want to maintain a non-impoverished standard of living.

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%

Goods & Services

Item	Two Harbors	National avg.	Difference
Haircut	$20.83	$24.26	14.1%
Beauty Salon	$39.17	$45.56	14.0%
Toothpaste	$3.67	$3.70	1.0%
Shampoo	$1.23	$1.28	3.7%
Movie	$10.00	$12.13	17.6%
Bowling	$15.67	$18.00	13.0%

Groceries

Item	Two Harbors	National avg.	Difference
Ground Beef	$5.94	$5.84	1.8%
Fried Chicken	$1.61	$1.57	2.6%
Milk	$4.58	$4.67	2.0%
Potatoes	$4.49	$4.93	9.0%
Pizza	$12.29	$12.09	1.7%
Beer	$8.47	$10.41	18.6%

Health Care

Item	Two Harbors	National avg.	Difference
Optometrist	$125.00	$125.68	0.5%
Doctor	$179.67	$135.78	32.3%
Dentist	$107.33	$113.29	5.3%
Ibuprofen	$10.27	$10.65	3.6%
Lipitor	$538.52	$468.60	14.9%

Housing

Item	Two Harbors	National avg.	Difference
Home Price	$153,800.00	$184,700.00	16.7%
Avg. Mortgage Payment	$1,958.05	$2,346.69	16.6%
Apartment Rent	$658.00	$949.00	30.7%

Transportation

Item	Two Harbors	National avg.	Difference
Gasoline	$3.36	$3.46	2.8%
Tire Balancing	$62.89	$59.92	5.0%

Utilities

Item	Two Harbors	National avg.	Difference
All Electricity	$193.62	$193.99	0.2%
Phone	$197.22	$192.25	2.6%

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	Population	Cost of Living Index	National Avg.
Two Harbors, MN	3,511	95	5.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Monte Sereno, CA	3,511	337	236.6%
Squaw Valley, CA	3,511	117	16.5%
Valhalla, NY	3,511	166	65.5%
Scissors, TX	3,511	73	26.5%
Gunnison, UT	3,511	103	3.1%
Two Harbors, MN	3,511	95	5.3%