Woodbury cost of living index

A general summary of the cost of living index in Woodbury, MN is shown above. Compared to the state average of Minnesota the cost of living index in Woodbury, MN is 118, which is 15% higher than the average in Minnesota and compared to the national average it is 18% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Woodbury, MN goods and services come in at 2% higher than the average in Minnesota and are 7% higher than compared to the nationwide average.

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Salary Calculator

Use the salary calculator to compare your current salary in Woodbury, MN to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Woodbury, MN, then you would need to earn more income in order to maintain the same standard of living. To use the Woodbury, MN salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

The affordability of the housing market in Woodbury, MN as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Woodbury, MN homeowners, the median income is $113,993. This indicates that a monthly maximum of $2,660 should be spent by homeowners on all housing related costs. Renters have a median income of $66,623. This indicates that renters should have a maximum of $1,554 used for their rent related monthly costs.

Minnesota Sales Tax

Minnesota Income Tax

For those who live in Woodbury, 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 Woodbury, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.