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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 2021.
So where is the most expensive place to live in Minnesota? That would be Little Canada.
the 2015-2019 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 Little Canada 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 2021
The median income in Little Canada comes in at $52,842 and the median home value is $242,500 for 2021.
The median income in Minnetonka comes in at $95,630 and the median home value is $347,900 for 2021.
The median income in North Oaks comes in at $178,816 and the median home value is $633,300 for 2021.
The median income in Minneapolis comes in at $62,583 and the median home value is $251,600 for 2021.
The median income in Hopkins comes in at $56,390 and the median home value is $227,500 for 2021.
The median income in Arden Hills comes in at $91,250 and the median home value is $292,900 for 2021.
The median income in Edina comes in at $104,244 and the median home value is $476,300 for 2021.
The median income in New Hope comes in at $60,675 and the median home value is $225,100 for 2021.
The median income in St. Louis Park comes in at $80,627 and the median home value is $271,600 for 2021.
The median income in St. Anthony comes in at $73,918 and the median home value is $269,300 for 2021.
How We Determined The Most Expensive Places To Live In The North Star State For 2021
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 2015-2019 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 Little Canada. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Minnesota For 2021
Well there you have it, the places in Minnesota that have the highest cost of living, with Little Canada 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:
- Best Places To Live In Minnesota
- Cheapest Places To Live In Minnesota
- Most Dangerous Cities In Minnesota
- Best Places To Raise A Family In Minnesota
- Safest Places In Minnesota
- Worst Places To Live In Minnesota
Detailed List Of The Most Expensive Cities In Minnesota
|9||St. Louis Park||32.67|
|17||West St. Paul||39.33|
|24||Inver Grove Heights||47.0|
|32||White Bear Lake||50.17|
|40||North St. Paul||55.0|
|52||Spring Lake Park||61.33|
|73||South St. Paul||72.0|
|88||East Grand Forks||80.33|