Cost Of Living in Princeton, 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	Princeton	Minnesota	National
Cost of living	97	99	100
Goods & Services	109	100	100
Groceries	97	98	100
Health care	124	109	100
Housing	80	100	100
Transportation	99	97	100
Utilities	93	93	100

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Cost Of Living Quick Facts

The cost of living in Princeton is 2% lower than the Minnesota average
The cost of living in Princeton is 3% lower than the national average
Princeton housing is 20% 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	$54,063	$4,505	$1,261	$1,622
Renters	$26,123	$2,177	$609	$784

To approximate the cost of living and the housing affordability in Princeton, MN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Princeton have a median income of $54,063. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,261 per month to avoid calamity and poverty. The renters in the city have an income of about $26,123, which would make their monthly maximum allowable rental costs $609.

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	Princeton	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	Princeton	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	Princeton	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	Princeton	National avg.	Difference
Home Price	$148,000.00	$184,700.00	19.9%
Avg. Mortgage Payment	$1,954.72	$2,346.69	16.7%
Apartment Rent	$770.00	$949.00	18.9%

Transportation

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

Utilities

Item	Princeton	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.
Bock, MN	90	93	7.0%
Pease, MN	199	96	4.5%
Milaca, MN	2,894	96	4.4%
Foreston, MN	600	101	1.5%
Becker, MN	4,919	103	2.9%
Princeton, MN	4,701	97	3.0%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Gibson, AR	4,701	92	7.8%
Samoset, FL	4,701	94	5.7%
Auburn, IL	4,701	89	11.3%
Christiana, TN	4,701	109	9.3%
Lower Grand Lagoon, FL	4,700	108	7.8%
Princeton, MN	4,701	97	3.0%

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 Princeton, MN