Cost Of Living in Montevideo, MN

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	Montevideo	Minnesota	National
Cost of living	90	99	100
Goods & Services	109	100	100
Groceries	97	98	100
Health care	124	109	100
Housing	59	100	100
Transportation	99	97	100
Utilities	93	93	100

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Cost Of Living Quick Facts

The cost of living in Montevideo is 9% lower than the Minnesota average
The cost of living in Montevideo is 10% lower than the national average
Montevideo housing is 41% 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	$67,786	$5,649	$1,582	$2,034
Renters	$35,709	$2,976	$833	$1,071

A good indicator of the general affordability of housing in Montevideo, MN, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Montevideo, the median monthly income is $67,786 for those who own their own homes. Under the standard rule, that income level would allow for $1,582 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $35,709, per the median income in the area. That would allow for renters to spend up to $833 on monthly rental expenses.

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	Montevideo	National avg.	Difference
Haircut	$27.97	$24.26	15.3%
Beauty Salon	$37.17	$45.56	18.4%
Toothpaste	$3.62	$3.70	2.2%
Shampoo	$1.52	$1.28	18.6%
Movie	$11.24	$12.13	7.4%
Bowling	$26.39	$18.00	46.6%

Groceries

Item	Montevideo	National avg.	Difference
Ground Beef	$5.75	$5.84	1.5%
Fried Chicken	$1.35	$1.57	13.9%
Milk	$4.58	$4.67	2.0%
Potatoes	$4.86	$4.93	1.4%
Pizza	$13.07	$12.09	8.2%
Beer	$9.52	$10.41	8.5%

Health Care

Item	Montevideo	National avg.	Difference
Optometrist	$109.94	$125.68	12.5%
Doctor	$162.98	$135.78	20.0%
Dentist	$96.90	$113.29	14.5%
Ibuprofen	$10.88	$10.65	2.1%
Lipitor	$492.95	$468.60	5.2%

Housing

Item	Montevideo	National avg.	Difference
Home Price	$100,600.00	$184,700.00	45.5%
Avg. Mortgage Payment	$1,954.72	$2,346.69	16.7%
Apartment Rent	$648.00	$949.00	31.7%

Transportation

Item	Montevideo	National avg.	Difference
Gasoline	$3.31	$3.46	4.3%
Tire Balancing	$61.97	$59.92	3.4%

Utilities

Item	Montevideo	National avg.	Difference
All Electricity	$175.69	$193.99	9.4%
Phone	$188.55	$192.25	1.9%

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.
Boyd, MN	149	77	22.9%
Milan, MN	364	83	17.0%
Watson, MN	178	85	15.2%
Maynard, MN	357	86	14.0%
Clarkfield, MN	962	86	13.6%
Montevideo, MN	5,071	90	9.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Penn Yan, NY	5,072	89	10.5%
Munroe Falls, OH	5,069	94	6.0%
East Port Orchard, WA	5,069	121	21.4%
Holbrook, AZ	5,073	94	6.2%
Chestertown, MD	5,073	111	10.6%
Montevideo, MN	5,071	90	9.6%

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

Cost of Living in Montevideo, MN