Minnetonka, MN Cost Of Living

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

Cost Of Living In Minnetonka, MN Summary

Cost of living in Minnetonka 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 Minnetonka 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 Minnetonka is 121, with 100 being the average.

  • The cost of living index in Minnetonka is 1.2x higher than the national average.

  • Minnetonka ranks as the #133 cheapest in Minnesota out of 147.

  • Minnetonka ranks as the #4,857 cheapest out of 6,412 in the US.

  • The median home value in Minnetonka is $373,000.

  • The median income in Minnetonka is $106,023.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
121
Minnetonka's Overall Cost Of Living
1.2x
Higher Than The National Average

What is the cost of living in Minnetonka, MN?

According to the most recent data on the cost of living, Minnetonka has an overall cost of living index of 121, which is 1.2x higher than the national index of 100.

Compared to Minnesota, Minnetonka has a cost of living index that's 1.3x higher than Minnesota's index of 95.

The standard of living in Minnetonka ranks as #133 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Minnetonka ranks as the #14 most expensive place in the North Star State.

For more reading on life in Minnetonka, check out:

133 out of 147
In Minnesota
4,857 out of 6,412
In America

Minnetonka Cost Of Living Vs. Minnesota

Six factors go into calculating the cost of living index in Minnetonka. Here is how it fairs on each of the criteria:

  • The Services index in Minnetonka is 109.

  • The Groceries index in Minnetonka is 104.

  • The Health index in Minnetonka is 100.

  • The Housing index in Minnetonka is 154.

  • The Transportation index in Minnetonka is 102.

  • The Utilities index in Minnetonka is 98.

Living Expense Minnetonka Minnesota National Average
Overall 121 95 100
Services 109 101 100
Groceries 104 98 100
Health 100 111 100
Housing 154 83 100
Transportation 102 98 100
Utilities 98 95 100
For more reading on cost of living around Minnesota, check out:
Minnetonka Cost of Living Vs. MN

Minnetonka, 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 Minnetonka is $373,000.

  • The Median Rent in Minnetonka is $1,523.

  • The Median Income in Minnetonka is $106,023.

  • The Home Value To Income in Minnetonka is 3.5x.

  • The Rent To Monthly Income in Minnetonka is 0.17x.

Statistic Minnetonka Minnesota United States
Median Home Value $373,000 $250,200 $244,900
Median Rent $1,523 $1,081 $1,163
Median Income $106,023 $77,706 $69,021
Home Value To Income 3.5x 3.2x 3.5x
Rent To Monthly Income 0.17x 0.17x 0.2x
Search Homes For Sale In Minnetonka, MN
$373,000
Median Home Value
$1,523
Median Rent
$106,023
Median Income

Minnetonka, MN Costs By Category

Detailed Minnetonka Services Costs Vs. Minnesota

Item Minnetonka 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 Minnetonka Groceries Costs Vs. Minnesota

Item Minnetonka 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 Minnetonka Health Costs Vs. Minnesota

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

Detailed Minnetonka Transportation Costs Vs. Minnesota

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

Detailed Minnetonka Utilities Costs Vs. Minnesota

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

Minnetonka SnackAbility

10
/10
Overall SnackAbility
Jobs
9/10
Housing
9
Affordability
7
Diversity
7
Safety
8.5
Amenities
9
Education
9
Commute
8

Cost Of Living In Cities Around Minnetonka

The cost of living varies in the cities and towns around Minnetonka. Here's a quick look at the cost of living in the most populous nearby places:

  • Plymouth, MN has a cost of living index of 122, 1.0x Minnetonka.

  • Maple Grove, MN has a cost of living index of 117, 1.0x Minnetonka.

  • Eden Prairie, MN has a cost of living index of 121, 1.0x Minnetonka.

City Population Cost Of Living Vs. Minnetonka
Plymouth, MN 80,034 122 1.0x
Maple Grove, MN 69,900 117 1.0x
Eden Prairie, MN 64,048 121 1.0x
Edina, MN 53,059 135 1.1x
St. Louis Park, MN 49,539 113 0.9x
Shoreview, MN 26,871 110 0.9x
Champlin, MN 23,877 110 0.9x
Hopkins, MN 18,861 104 0.9x
Rogers, MN 13,182 120 1.0x
Mendota Heights, MN 11,681 125 1.0x

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