Minnetonka, MN Cost Of Living
Cost Of Living In Minnetonka, MN Summary
Cost of living in Minnetonka research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Minnetonka is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Minnetonka is 120, with 100 being the average.
The cost of living index in Minnetonka is 1.2x higher than the national average.
Minnetonka ranks as the #132 cheapest in Minnesota out of 148.
Minnetonka ranks as the #4,411 cheapest out of 6,489 in the US.
The median home value in Minnetonka is $474,565.
The median income in Minnetonka is $120,496.
Table Of Contents
Minnetonka's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Minnetonka, MN?
According to the most recent data on the cost of living, Minnetonka has an overall cost of living index of 120, which is 1.2x higher than the national index of 100.
Compared to Minnesota, Minnetonka has a cost of living index that's 1.2x higher than Minnesota's index of 97.
The standard of living in Minnetonka ranks as #132 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Minnetonka ranks as the #16 most expensive place in the North Star State.
For more reading on life in Minnetonka, check out:
In Minnesota
In America
Minnetonka Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Minnetonka. Here is how it fairs on each of the criteria:
The Services index in Minnetonka is 95.
The Groceries index in Minnetonka is 95.
The Health index in Minnetonka is 101.
The Housing index in Minnetonka is 185.
The Transportation index in Minnetonka is 95.
The Utilities index in Minnetonka is 95.
| Living Expense | Minnetonka | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 120 | 97 | 100 | |
| Services | 95 | 101 | 100 | |
| Groceries | 95 | 99 | 100 | |
| Health | 101 | 110 | 100 | |
| Housing | 185 | 100 | 100 | |
| Transportation | 95 | 95 | 100 | |
| Utilities | 95 | 94 | 100 | |
Minnetonka, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Minnetonka is $474,565.
The Median Rent in Minnetonka is $1,758.
The Median Income in Minnetonka is $120,496.
The Home Value To Income in Minnetonka is 3.9x.
The Rent To Monthly Income in Minnetonka is 0.18x.
| Statistic | Minnetonka | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $474,565 | $344,484 | $303,400 |
| Median Rent | $1,758 | $1,235 | $1,348 |
| Median Income | $120,496 | $87,556 | $78,538 |
| Home Value To Income | 3.9x | 3.9x | 3.9x |
| Rent To Monthly Income | 0.18x | 0.17x | 0.21x |
Median Home Value
Median Rent
Median Income
Minnetonka, MN Costs By Category
Detailed Minnetonka Services Costs Vs. Minnesota
| Item | Minnetonka | Minnesota |
|---|---|---|
| Shampoo | $1.5 | $1.28 |
| Movie | $11.32 | $12.13 |
| Bowling | $25.68 | $18 |
| Haircut | $25.86 | $24.26 |
| Beauty Salon | $37.0 | $45.56 |
Detailed Minnetonka Groceries Costs Vs. Minnesota
| Item | Minnetonka | Minnesota |
|---|---|---|
| Ground Beef | $5.75 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.6 | $4.67 |
| Potatoes | $4.76 | $4.93 |
| Pizza | $13.0 | $12.09 |
| Beer | $9.44 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Minnetonka Health Costs Vs. Minnesota
| Item | Minnetonka | Minnesota |
|---|---|---|
| Optometrist | $112.72 | $125.68 |
| Doctor | $164.15 | $135.78 |
| Dentist | $95.01 | $113.29 |
Detailed Minnetonka Transportation Costs Vs. Minnesota
| Item | Minnetonka | Minnesota |
|---|---|---|
| Gasoline | $3.32 | $3.46 |
| Tire Balancing | $59.91 | $59.92 |
Detailed Minnetonka Utilities Costs Vs. Minnesota
| Item | Minnetonka | Minnesota |
|---|---|---|
| All Electricity | $180.11 | $193.99 |
| Phone | $187.59 | $192.25 |
Minnetonka SnackAbility
/10
Cost Of Living In Cities Around Minnetonka
The cost of living varies in the cities and towns around Minnetonka. Here's a quick look at the cost of living in the most populous nearby places:
Plymouth, MN has a cost of living index of 124, 1.0x Minnetonka.
Maple Grove, MN has a cost of living index of 118, 1.0x Minnetonka.
Eden Prairie, MN has a cost of living index of 124, 1.0x Minnetonka.
| City | Population | Cost Of Living | Vs. Minnetonka |
|---|---|---|---|
| Plymouth, MN | 79,526 | 124 | 1.0x |
| Maple Grove, MN | 70,539 | 118 | 1.0x |
| Eden Prairie, MN | 63,249 | 124 | 1.0x |
| Edina, MN | 53,125 | 139 | 1.2x |
| St. Louis Park, MN | 49,541 | 112 | 0.9x |
| Shoreview, MN | 26,724 | 111 | 0.9x |
| Champlin, MN | 23,450 | 110 | 0.9x |
| Hopkins, MN | 18,696 | 105 | 0.9x |
| Rogers, MN | 13,405 | 122 | 1.0x |
| Mendota Heights, MN | 11,644 | 122 | 1.0x |
