Cost of Living in Minnetonka, MN
Housing
The housing market plays a significant role in determining the cost of living in Minnetonka, MN.
- Housing Index: 110.0 / 100
- Median Home Price is: $410,000
- Average Rent (2 BR Apartment): $2231 per month
- Average Rent (2 BR House): $2425 per month
In analyzing the housing market in Minnetonka, MN, the housing index of 110.0 suggests it's more competitive compared to the national average. The median home price stands at 410000, which can be considered high, making homeownership a significant investment. Additionally, average rents for a 2-bedroom apartment are around 2231 while renting a 2-bedroom house costs about 2425. Given these figures, it's crucial to weigh the cost of renting versus homebuying depending on your long-term plans, as homeownership may provide equity but requires a larger upfront commitment.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Minnetonka, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Minnetonka, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Minnetonka is a financially viable option for your relocation.