New Ulm, MN Cost Of Living
Cost Of Living In New Ulm, MN Summary
Cost of living in New Ulm 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 New Ulm 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 New Ulm is 94, with 100 being the average.
The cost of living index in New Ulm is 0.9x lower than the national average.
New Ulm ranks as the #15 cheapest in Minnesota out of 148.
New Ulm ranks as the #1,806 cheapest out of 6,489 in the US.
The median home value in New Ulm is $243,813.
The median income in New Ulm is $63,984.
Table Of Contents
New Ulm's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in New Ulm, MN?
According to the most recent data on the cost of living, New Ulm has an overall cost of living index of 94, which is 0.9x lower than the national index of 100.
Compared to Minnesota, New Ulm has a cost of living index that's 1.0x lower than Minnesota's index of 97.
The standard of living in New Ulm ranks as #15 most affordable out of the 148 places we measured in Minnesota. By definition, that implies New Ulm ranks as the #133 most expensive place in the North Star State.
For more reading on life in New Ulm, check out:
In Minnesota
In America
New Ulm Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in New Ulm. Here is how it fairs on each of the criteria:
The Services index in New Ulm is 96.
The Groceries index in New Ulm is 97.
The Health index in New Ulm is 112.
The Housing index in New Ulm is 78.
The Transportation index in New Ulm is 94.
The Utilities index in New Ulm is 90.
| Living Expense | New Ulm | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 94 | 97 | 100 | |
| Services | 96 | 101 | 100 | |
| Groceries | 97 | 99 | 100 | |
| Health | 112 | 110 | 100 | |
| Housing | 78 | 100 | 100 | |
| Transportation | 94 | 95 | 100 | |
| Utilities | 90 | 94 | 100 | |
New Ulm, 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 New Ulm is $243,813.
The Median Rent in New Ulm is $974.
The Median Income in New Ulm is $63,984.
The Home Value To Income in New Ulm is 3.8x.
The Rent To Monthly Income in New Ulm is 0.18x.
Median Home Value
Median Rent
Median Income
New Ulm, MN Costs By Category
Detailed New Ulm Services Costs Vs. Minnesota
Detailed New Ulm Groceries Costs Vs. Minnesota
Detailed New Ulm Health Costs Vs. Minnesota
Detailed New Ulm Transportation Costs Vs. Minnesota
Detailed New Ulm Utilities Costs Vs. Minnesota
New Ulm SnackAbility
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Cost Of Living In Cities Around New Ulm
The cost of living varies in the cities and towns around New Ulm. Here's a quick look at the cost of living in the most populous nearby places:
Mankato, MN has a cost of living index of 100, 1.1x New Ulm.
Hutchinson, MN has a cost of living index of 97, 1.0x New Ulm.
North Mankato, MN has a cost of living index of 98, 1.0x New Ulm.
| City | Population | Cost Of Living | Vs. New Ulm |
|---|---|---|---|
| Mankato, MN | 44,882 | 100 | 1.1x |
| Hutchinson, MN | 14,629 | 97 | 1.0x |
| North Mankato, MN | 14,212 | 98 | 1.0x |
| Waconia, MN | 13,223 | 115 | 1.2x |
| St. Peter, MN | 12,085 | 95 | 1.0x |
| Fairmont, MN | 10,348 | 89 | 0.9x |
| New Prague, MN | 8,195 | 107 | 1.1x |
| Belle Plaine, MN | 7,401 | 105 | 1.1x |
| Jordan, MN | 6,704 | 108 | 1.1x |
| Glencoe, MN | 5,702 | 95 | 1.0x |
