Cost of Living in Mounds View, MN

An Overview of Cost of Living in Mounds View, MN

Are you thinking about relocating, but curious about the potential cost of living in Mounds View? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Mounds View stands at 101, making it 1% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Mounds View aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Mounds View residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Mounds View Affordable?

Is Mounds View an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Mounds View is 20% higher than the national average, while the average monthly rent prices are 0.3% lower than average. The affordability of any location can also be influenced by median income levels. Mounds View has a median household income of $73,243, which is 32.4% higher than the national average.

What Factors can Influence the Cost of Living in Mounds View?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Mounds View, the transportation index is 2.9% lower 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 Mounds View, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.

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 Mounds View, the housing index comes in at 13.9% higher than the national average.

Where is the Data From?

The cost of living data in Mounds View 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.