F
18%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
69%
Housing NAT. AVG.
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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 Andover Minnesota National
Cost of living11899100
Goods & Services95100100
Groceries9798100
Health care101109100
Housing169100100
Transportation9797100
Utilities9593100

An Overview of Cost of Living in Andover, MN

The cost of living in Andover 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 Andover is 118, which is 18% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

When it comes to the cost of living in Andover, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 69.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Andover Affordable?

Is Andover 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 Andover, for instance, where the median home price falls 65.6% higher than the national average, and monthly rent rates are 77.4% higher than usual. Additionally, median income levels contribute to the equation, with Andover flaunting a median household income of $112,967, 104.2% higher than the national norm.

What Factors can Influence the Cost of Living in Andover?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Andover, the utilities index stands at 5.2% lower than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Andover, the housing index comes in at 69.2% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Andover, healthcare costs are 0.6% higher than the national average.

Where is the Data From?

The cost of living data in Andover displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Andover is 19% higher than the Minnesota average
  • The cost of living in Andover is 18% higher than the national average
  • Andover housing is 69% higher 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

Most Affordable Places to Live in and Around Andover

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Compare Andover, MN Cost of Living

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      Salary Calculator

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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$118,327$9,861$2,761$3,550
      Renters$86,953$7,246$2,029$2,609
      A good way to judge both the affordability of the housing and the cost of living in Andover 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. Andover has a median income of about $118,327 for people who own homes. Based on that number, a maximum of $2,761 should be spent on expenses related to housing. Renters have a slightly different median income, which is $86,953. Based on this average, renters should spend no more than $2,029 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 Andover National avg. Difference
      Haircut $25.86$24.266.6%
      Beauty Salon $37.00$45.5618.8%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.50$1.2816.9%
      Movie $11.32$12.136.7%
      Bowling $25.68$18.0042.6%

      Groceries

      Item Andover National avg. Difference
      Ground Beef $5.75$5.841.4%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $4.76$4.933.5%
      Pizza $13.00$12.097.6%
      Beer $9.44$10.419.3%

      Health Care

      Item Andover National avg. Difference
      Optometrist $112.72$125.6810.3%
      Doctor $164.15$135.7820.9%
      Dentist $95.01$113.2916.1%
      Ibuprofen $10.71$10.650.6%
      Lipitor $499.35$468.606.6%

      Housing

      Item Andover National avg. Difference
      Home Price $305,900.00$184,700.0065.6%
      Avg. Mortgage Payment $1,983.77$2,346.6915.5%
      Apartment Rent $1,684.00$949.0077.4%

      Transportation

      Item Andover National avg. Difference
      Gasoline $3.32$3.464.0%
      Tire Balancing $59.91$59.920.0%

      Utilities

      Item Andover National avg. Difference
      All Electricity $180.11$193.997.2%
      Phone $187.59$192.252.4%
      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.
      Hilltop, MN1,0077722.8%
      St. Anthony city (Stearns County), MN1068019.7%
      Stacy, MN1,960937.3%
      Columbia Heights, MN20,247991.3%
      Brooklyn Center, MN30,755990.7%
      Andover, MN33,01911818.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Douglasville, GA33,0351000.1%
      Fruit Cove, FL33,03812322.6%
      Fair Lawn, NJ32,98614241.7%
      Houma, LA33,053937.5%
      Foster City, CA33,056274174.5%
      Andover, MN33,01911818.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.