Article Table Of Contents
Everyone wants a home that mixes affordability with comfort and Minnesota does this very well. Families love the North Star State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Minnesota that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Minnesota for 2020.
So where is the most expensive place to live in Minnesota? That would be Arden Hills.
the 2014-2018 American Community Survey for the 146 places in Minnesota with more than 5,000 people.
What's the most expensive place to live in Minnesota? Well, HomeSnacks crunched the numbers and discovered that Arden Hills is the most expensive place to live in Minnesota.
So hopefully Hibbing (the cheapest place to live in Minnesota) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Minnesota and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Minnesota For 2020
The median income in Arden Hills comes in at $87,313 and the median home value is $282,900 for 2020.
Little Canada is a city in Ramsey County, Minnesota, United States. It is an inner ring suburb of Minneapolis-Saint Paul. The population was 9,773 at the 2010 census.
The median income in Little Canada comes in at $51,510 and the median home value is $216,300 for 2020.
Minnetonka is a suburban city in Hennepin County, Minnesota, United States, eight miles west of Minneapolis. The population was 49,734 at the 2010 census. The name comes from the Dakota Indian mni tanka, meaning "great water". The city is the home of Cargill, the country's largest privately owned company, and United Healthcare, the state's largest publicly owned company.
The median income in Minnetonka comes in at $91,374 and the median home value is $330,900 for 2020.
Hopkins is a suburban city in Hennepin County, Minnesota, United States, located west of Minneapolis. The city is four square miles in size and is surrounded by the larger, west suburban communities of Minnetonka, Saint Louis Park, and Edina. Hopkins is about 98% developed with little remaining vacant land. The population was 17,591 at the 2010 census.
The median income in Hopkins comes in at $55,025 and the median home value is $223,300 for 2020.
Minneapolis ) is the county seat of Hennepin County, and the larger of the Twin Cities, the 16th-largest metropolitan area in the United States. As of 2016, Minneapolis is the largest city in the state of Minnesota and 46th-largest in the United States, with an estimated population of 413,651. The Twin Cities metropolitan area consists of Minneapolis, its neighbor Saint Paul, and suburbs which together contain about 3.5 million people, the second-largest economic center in the Midwest, after Chicago.
The median income in Minneapolis comes in at $58,993 and the median home value is $235,900 for 2020.
Edina ee-DY-n), officially known as the City of Edina, is a city in Hennepin County, Minnesota, United States, and a suburb situated immediately southwest of Minneapolis. Edina began as a small farming and milling community in the 1860s. The population was 47,941, as of 2010.
The median income in Edina comes in at $99,295 and the median home value is $459,200 for 2020.
New Hope is a city in Hennepin County, Minnesota, United States and a suburb of Minneapolis. The population was 20,339 at the 2010 census and 21,032 at the 2015 estimate.
The median income in New Hope comes in at $56,610 and the median home value is $213,900 for 2020.
Saint Louis Park is a city in Hennepin County, Minnesota, United States. The population was 45,250 at the 2010 census. It is a first-ring suburb immediately west of Minneapolis. Other adjacent cities include Edina, Golden Valley, Minnetonka, Plymouth, and Hopkins.
The median income in St. Louis Park comes in at $75,690 and the median home value is $255,200 for 2020.
Burnsville is a city 15 miles south of downtown Minneapolis in Dakota County in the State of Minnesota. The city lies on the south bank of the Minnesota River, upstream from its confluence with the Mississippi River. Burnsville and nearby suburbs form the southern portion of Minneapolis-Saint Paul, the fifteenth largest metropolitan area in the United States, with about 3.6 million residents. According to the 2010 census, the population is 61,481.
The median income in Burnsville comes in at $70,600 and the median home value is $237,100 for 2020.
Saint Paul is the capital and second-most populous city of the U.S. state of Minnesota. As of 2016, the city's estimated population was 304,442. Saint Paul is the county seat of Ramsey County, the smallest and most densely populated county in Minnesota. The city lies mostly on the east bank of the Mississippi River in the area surrounding its point of confluence with the Minnesota River, and adjoins Minneapolis, the state's largest city. Known as the "Twin Cities", the two form the core of Minneapolis-Saint Paul, the 16th-largest metropolitan area in the United States, with about 3.52 million residents.
The median income in St. Paul comes in at $55,085 and the median home value is $196,500 for 2020.
How We Determined The Most Expensive Places To Live In The North Star State For 2020
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Minnesota to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 146 places in Minnesota that have more than 5,000 people.
The place with the highest cost of living in Minnesota according to the data is Arden Hills. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Minnesota For 2020
Well there you have it, the places in Minnesota that have the highest cost of living, with Arden Hills ranking as the most expensive city in the North Star State.
Here's a look at the most affordable cities in Minnesota according to the data:
- New Ulm
For more Minnesota reading, check out:
- 10 Best Places To Live In Minnesota
- These Are The 10 Best Counties To Live In Minnesota
- 10 Cheapest Places To Live In Minnesota
- 10 Best Places To Raise A Family In Minnesota
- These Are The 10 Best Places To Retire In Minnesota
- These Are The 10 Richest Cities In Minnesota
- 10 Safest Places In Minnesota
Detailed List Of The Most Expensive Cities In Minnesota
|8||St. Louis Park||33.0|
|14||West St. Paul||39.67|
|34||Inver Grove Heights||55.67|
|36||White Bear Lake||56.0|
|52||Spring Lake Park||61.67|
|64||North St. Paul||68.33|
|70||South St. Paul||70.67|
|94||East Grand Forks||82.67|