New Hope, MN Cost Of Living
Cost Of Living In New Hope, MN Summary
Cost of living in New Hope 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 New Hope 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 New Hope is 106, with 100 being the average.
The cost of living index in New Hope is 1.1x higher than the national average.
New Hope ranks as the #83 cheapest in Minnesota out of 147.
New Hope ranks as the #3,772 cheapest out of 6,412 in the US.
The median home value in New Hope is $249,600.
The median income in New Hope is $64,929.
Table Of Contents
New Hope's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in New Hope, MN?
According to the most recent data on the cost of living, New Hope has an overall cost of living index of 106, which is 1.1x higher than the national index of 100.
Compared to Minnesota, New Hope has a cost of living index that's 1.1x higher than Minnesota's index of 95.
The standard of living in New Hope ranks as #83 most affordable out of the 147 places we measured in Minnesota. By definition, that implies New Hope ranks as the #64 most expensive place in the North Star State.
For more reading on life in New Hope, check out:
- Living In New Hope
- New Hope Crime Report
- Search Homes For Sale In New Hope, MN
In Minnesota
In America
New Hope Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in New Hope. Here is how it fairs on each of the criteria:
The Services index in New Hope is 110.
The Groceries index in New Hope is 105.
The Health index in New Hope is 102.
The Housing index in New Hope is 103.
The Transportation index in New Hope is 101.
The Utilities index in New Hope is 98.
| Living Expense | New Hope | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 106 | 95 | 100 | |
| Services | 110 | 101 | 100 | |
| Groceries | 105 | 98 | 100 | |
| Health | 102 | 111 | 100 | |
| Housing | 103 | 83 | 100 | |
| Transportation | 101 | 98 | 100 | |
| Utilities | 98 | 95 | 100 | |
New Hope, 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 New Hope is $249,600.
The Median Rent in New Hope is $1,132.
The Median Income in New Hope is $64,929.
The Home Value To Income in New Hope is 3.8x.
The Rent To Monthly Income in New Hope is 0.21x.
| Statistic | New Hope | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $249,600 | $250,200 | $244,900 |
| Median Rent | $1,132 | $1,081 | $1,163 |
| Median Income | $64,929 | $77,706 | $69,021 |
| Home Value To Income | 3.8x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.21x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
New Hope, MN Costs By Category
Detailed New Hope Services Costs Vs. Minnesota
Detailed New Hope Groceries Costs Vs. Minnesota
Detailed New Hope Health Costs Vs. Minnesota
Detailed New Hope Transportation Costs Vs. Minnesota
Detailed New Hope Utilities Costs Vs. Minnesota
New Hope SnackAbility
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Cost Of Living In Cities Around New Hope
The cost of living varies in the cities and towns around New Hope. Here's a quick look at the cost of living in the most populous nearby places:
Brooklyn Park, MN has a cost of living index of 105, 1.0x New Hope.
Plymouth, MN has a cost of living index of 122, 1.2x New Hope.
Maple Grove, MN has a cost of living index of 117, 1.1x New Hope.
| City | Population | Cost Of Living | Vs. New Hope |
|---|---|---|---|
| Brooklyn Park, MN | 85,247 | 105 | 1.0x |
| Plymouth, MN | 80,034 | 122 | 1.2x |
| Maple Grove, MN | 69,900 | 117 | 1.1x |
| Eden Prairie, MN | 64,048 | 121 | 1.1x |
| Minnetonka, MN | 53,809 | 121 | 1.1x |
| Edina, MN | 53,059 | 135 | 1.3x |
| St. Louis Park, MN | 49,539 | 113 | 1.1x |
| Brooklyn Center, MN | 33,298 | 100 | 0.9x |
| Shoreview, MN | 26,871 | 110 | 1.0x |
| Champlin, MN | 23,877 | 110 | 1.0x |
