Shakopee, MN Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 108, with 100 being the average.

  • The cost of living index in Shakopee is 1.1x higher than the national average.

  • Shakopee ranks as the #95 cheapest in Minnesota out of 147.

  • Shakopee ranks as the #3,954 cheapest out of 6,412 in the US.

  • The median home value in Shakopee is $295,000.

  • The median income in Shakopee is $96,473.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
108
Shakopee's Overall Cost Of Living
1.1x
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 108, 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 95.

The standard of living in Shakopee ranks as #95 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Shakopee ranks as the #52 most expensive place in the North Star State.

For more reading on life in Shakopee, check out:

95 out of 147
In Minnesota
3,954 out of 6,412
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 110.

  • The Groceries index in Shakopee is 103.

  • The Health index in Shakopee is 102.

  • The Housing index in Shakopee is 122.

  • The Transportation index in Shakopee is 100.

  • The Utilities index in Shakopee is 99.

Living Expense Shakopee Minnesota National Average
Overall 108 95 100
Services 110 101 100
Groceries 103 98 100
Health 102 111 100
Housing 122 83 100
Transportation 100 98 100
Utilities 99 95 100
For more reading on cost of living around Minnesota, check out:
Shakopee Cost of Living Vs. MN

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 2017-2021. The key points are:

  • The Median Home Value in Shakopee is $295,000.

  • The Median Rent in Shakopee is $1,259.

  • The Median Income in Shakopee is $96,473.

  • The Home Value To Income in Shakopee is 3.1x.

  • The Rent To Monthly Income in Shakopee is 0.16x.

Statistic Shakopee Minnesota United States
Median Home Value $295,000 $250,200 $244,900
Median Rent $1,259 $1,081 $1,163
Median Income $96,473 $77,706 $69,021
Home Value To Income 3.1x 3.2x 3.5x
Rent To Monthly Income 0.16x 0.17x 0.2x
Search Homes For Sale In Shakopee, MN
$295,000
Median Home Value
$1,259
Median Rent
$96,473
Median Income

Shakopee, MN Costs By Category

Detailed Shakopee Services Costs Vs. Minnesota

Item Shakopee Minnesota
Shampoo $1.09 $1.06
Movie $9.96 $10.68
Bowling $22.57 $14.67
Haircut $24.2 $18.62
Beauty Salon $34.39 $39.05

Detailed Shakopee Groceries Costs Vs. Minnesota

Item Shakopee Minnesota
Ground Beef $4.4 $4.22
Fried Chicken $2.1 $1.39
Milk $2.6 $2.05
Potatoes $3.32 $3.29
Pizza $12.99 $10.62
Beer $8.96 $9.38
Toothpaste $3.36 $2.34

Detailed Shakopee Health Costs Vs. Minnesota

Item Shakopee Minnesota
Optometrist $89.59 $108.57
Doctor $147.85 $116.17
Dentist $86.94 $99.13

Detailed Shakopee Transportation Costs Vs. Minnesota

Item Shakopee Minnesota
Gasoline $2.06 $2.22
Tire Balancing $58.37 $50.07

Detailed Shakopee Utilities Costs Vs. Minnesota

Item Shakopee Minnesota
All Electricity $160.63 $167.67
Phone $180.98 $175.64

Shakopee SnackAbility

7.5
/10
Overall SnackAbility
Jobs
8.5/10
Housing
8.5
Affordability
8
Diversity
9
Safety
N/A
Amenities
8.5
Education
8.5
Commute
8

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 107, 1.0x Shakopee.

  • Plymouth, MN has a cost of living index of 122, 1.1x Shakopee.

  • Lakeville, MN has a cost of living index of 116, 1.1x Shakopee.

City Population Cost Of Living Vs. Shakopee
Bloomington, MN 89,436 107 1.0x
Plymouth, MN 80,034 122 1.1x
Lakeville, MN 69,026 116 1.1x
Eden Prairie, MN 64,048 121 1.1x
Burnsville, MN 63,926 110 1.0x
Apple Valley, MN 55,237 112 1.0x
Minnetonka, MN 53,809 121 1.1x
Edina, MN 53,059 135 1.2x
Savage, MN 32,092 113 1.0x
Chaska, MN 27,461 110 1.0x

Articles About Minnesota

Enjoy The Snack?