B-
3%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
18%
Housing NAT. AVG.
Search Homes for Sale
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 Hastings Minnesota National
Cost of living10399100
Goods & Services96100100
Groceries9998100
Health care101109100
Housing118100100
Transportation9897100
Utilities9493100

An Overview of Cost of Living in Hastings, MN

Knowing the cost of living in Hastings allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Hastings stands at 103, marking it 3% higher than the national average.

In Hastings, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Hastings will resemble that of an average city, contributing to a manageable cost of living.

Is Hastings Affordable?

Is Hastings 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 Hastings, for instance, where the median home price falls 24.5% higher than the national average, and monthly rent rates are 2.4% higher than usual. Additionally, median income levels contribute to the equation, with Hastings flaunting a median household income of $75,026, 35.6% higher than the national norm.

What Factors can Influence the Cost of Living in Hastings?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Hastings, healthcare costs are 0.7% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Hastings, is 17.9% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Hastings, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.

Where is the Data From?

The cost of living in Hastings, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

New Real Estate Listings in Hastings Area
Search Homes for Sale in Hastings, MN

Cost Of Living Quick Facts

  • The cost of living in Hastings is 4% higher than the Minnesota average
  • The cost of living in Hastings is 3% higher than the national average
  • Hastings housing is 18% 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 Hastings

See all the best places to live around Hastings

Compare Hastings, MN Cost of Living

      vs
      How would you rate the cost of living in Hastings?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Hastings?
      Write a review to give others more information about this area.
      See all Hastings poll results

      Salary Calculator

      This is how much you would need to earn in
      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$88,845$7,404$2,073$2,666
      Renters$43,380$3,615$1,012$1,302
      The affordability of the housing market in Hastings, MN as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hastings homeowners, the median income is $88,845. This indicates that a monthly maximum of $2,073 should be spent by homeowners on all housing related costs. Renters have a median income of $43,380. This indicates that renters would have a maximum of $1,012 for their rent related monthly costs.

      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 Hastings National avg. Difference
      Haircut $28.67$24.2618.2%
      Beauty Salon $34.55$45.5624.2%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.30$1.281.5%
      Movie $13.47$12.1311.0%
      Bowling $21.50$18.0019.4%

      Groceries

      Item Hastings National avg. Difference
      Ground Beef $5.49$5.845.9%
      Fried Chicken $1.35$1.5714.2%
      Milk $4.63$4.670.8%
      Potatoes $4.98$4.930.8%
      Pizza $12.49$12.093.3%
      Beer $9.36$10.4110.1%

      Health Care

      Item Hastings National avg. Difference
      Optometrist $145.44$125.6815.7%
      Doctor $229.08$135.7868.7%
      Dentist $108.67$113.294.1%
      Ibuprofen $10.36$10.652.7%
      Lipitor $599.08$468.6027.8%

      Housing

      Item Hastings National avg. Difference
      Home Price $229,900.00$184,700.0024.5%
      Avg. Mortgage Payment $1,941.44$2,346.6917.3%
      Apartment Rent $972.00$949.002.4%

      Transportation

      Item Hastings National avg. Difference
      Gasoline $3.38$3.462.5%
      Tire Balancing $61.74$59.923.0%

      Utilities

      Item Hastings National avg. Difference
      All Electricity $175.38$193.999.6%
      Phone $187.39$192.252.5%
      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.
      South End, MN657525.2%
      New Trier, MN84963.9%
      Cannon Falls, MN4,053982.3%
      Coates, MN142991.2%
      Prescott, WI4,278990.9%
      Hastings, MN22,7961033.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Radcliff, KY22,796928.0%
      Winter Gardens, CA22,78514444.3%
      Granite Bay, CA22,81819190.7%
      Keene, NH22,82311212.4%
      Wilmot, ON22,827n/a 
      Hastings, MN22,7961033.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.