Shakopee, MN Cost Of Living
Cost Of Living In Shakopee, MN Summary
Cost of living in Shakopee 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 Shakopee 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 Shakopee is 111, with 100 being the average.
The cost of living index in Shakopee is 1.1x higher than the national average.
Shakopee ranks as the #103 cheapest in Minnesota out of 148.
Shakopee ranks as the #3,765 cheapest out of 6,489 in the US.
The median home value in Shakopee is $400,581.
The median income in Shakopee is $110,989.
Table Of Contents
Shakopee's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Shakopee, MN?
According to the most recent data on the cost of living, Shakopee has an overall cost of living index of 111, which is 1.1x higher than the national index of 100.
Compared to Minnesota, Shakopee has a cost of living index that's 1.1x higher than Minnesota's index of 97.
The standard of living in Shakopee ranks as #103 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Shakopee ranks as the #45 most expensive place in the North Star State.
For more reading on life in Shakopee, check out:
In Minnesota
In America
Shakopee Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Shakopee. Here is how it fairs on each of the criteria:
The Services index in Shakopee is 97.
The Groceries index in Shakopee is 95.
The Health index in Shakopee is 100.
The Housing index in Shakopee is 145.
The Transportation index in Shakopee is 95.
The Utilities index in Shakopee is 95.
| Living Expense | Shakopee | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 111 | 97 | 100 | |
| Services | 97 | 101 | 100 | |
| Groceries | 95 | 99 | 100 | |
| Health | 100 | 110 | 100 | |
| Housing | 145 | 100 | 100 | |
| Transportation | 95 | 95 | 100 | |
| Utilities | 95 | 94 | 100 | |
Shakopee, 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 Shakopee is $400,581.
The Median Rent in Shakopee is $1,495.
The Median Income in Shakopee is $110,989.
The Home Value To Income in Shakopee is 3.6x.
The Rent To Monthly Income in Shakopee is 0.16x.
Median Home Value
Median Rent
Median Income
Shakopee, MN Costs By Category
Detailed Shakopee Services Costs Vs. Minnesota
Detailed Shakopee Groceries Costs Vs. Minnesota
Detailed Shakopee Health Costs Vs. Minnesota
Detailed Shakopee Transportation Costs Vs. Minnesota
Detailed Shakopee Utilities Costs Vs. Minnesota
Shakopee SnackAbility
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Cost Of Living In Cities Around Shakopee
The cost of living varies in the cities and towns around Shakopee. Here's a quick look at the cost of living in the most populous nearby places:
Bloomington, MN has a cost of living index of 109, 1.0x Shakopee.
Plymouth, MN has a cost of living index of 124, 1.1x Shakopee.
Lakeville, MN has a cost of living index of 119, 1.1x Shakopee.
| City | Population | Cost Of Living | Vs. Shakopee |
|---|---|---|---|
| Bloomington, MN | 88,838 | 109 | 1.0x |
| Plymouth, MN | 79,526 | 124 | 1.1x |
| Lakeville, MN | 72,480 | 119 | 1.1x |
| Burnsville, MN | 64,295 | 112 | 1.0x |
| Eden Prairie, MN | 63,249 | 124 | 1.1x |
| Apple Valley, MN | 55,696 | 111 | 1.0x |
| Minnetonka, MN | 53,256 | 120 | 1.1x |
| Edina, MN | 53,125 | 139 | 1.3x |
| Savage, MN | 32,706 | 118 | 1.1x |
| Chaska, MN | 28,146 | 112 | 1.0x |
