F
20%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
75%
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 Woodbury Minnesota National
Cost of living12099100
Goods & Services96100100
Groceries9998100
Health care101109100
Housing175100100
Transportation9897100
Utilities9493100

An Overview of Cost of Living in Woodbury, MN

The cost of living in Woodbury 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 Woodbury is 120, which is 20% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you're in pursuit of an economical living environment, Woodbury may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Woodbury falls within this bracket.

Housing costs make up a big chunk of the cost of living in Woodbury, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 75.1% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

What Do Locals Say About the Cost of Living in Woodbury?

The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Woodbury. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 11% found it budget-friendly with decreasing prices, while 89% said it's simply not affordable as prices have continued to rise.

Is Woodbury Affordable?

Is Woodbury affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Woodbury, the median home price is 82.2% higher than the national average and monthly rent prices are 58.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Woodbury boasting a median household income of $108,055, 95.3% higher than the national average.

What Factors can Influence the Cost of Living in Woodbury?

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Woodbury, healthcare costs are 0.7% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Woodbury, the housing index is 75.1% 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 Woodbury, 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 data in Woodbury 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.

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

Cost Of Living Quick Facts

  • The cost of living in Woodbury is 21% higher than the Minnesota average
  • The cost of living in Woodbury is 20% higher than the national average
  • Woodbury housing is 75% 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 Woodbury

See all the best places to live around Woodbury

Compare Woodbury, MN Cost of Living

      vs
      How would you rate the cost of living in Woodbury?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Woodbury?
      Write a review to give others more information about this area.
      See all Woodbury 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$124,725$10,394$2,910$3,742
      Renters$72,017$6,001$1,680$2,161
      The affordability of the housing market in Woodbury, 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 Woodbury homeowners, the median income is $124,725. This indicates that a monthly maximum of $2,910 should be spent by homeowners on all housing related costs. Renters have a median income of $72,017. This indicates that renters would have a maximum of $1,680 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 Woodbury 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 Woodbury 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 Woodbury 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 Woodbury National avg. Difference
      Home Price $336,600.00$184,700.0082.2%
      Avg. Mortgage Payment $1,941.44$2,346.6917.3%
      Apartment Rent $1,503.00$949.0058.4%

      Transportation

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

      Utilities

      Item Woodbury 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.
      Houlton, WI105973.3%
      Landfall, MN7967030.3%
      South End, MN657525.2%
      Hilltop, MN1,0077722.8%
      St. Anthony city (Stearns County), MN1068019.7%
      Woodbury, MN71,29812020.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mansfield, TX71,41911818.5%
      Maple Grove, MN71,56911716.7%
      Bowling Green, KY71,628946.0%
      Weston, FL70,96515150.8%
      Gulfport, MS71,660918.7%
      Woodbury, MN71,29812020.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.