Quick facts: Savage, MN

Quick Facts

102.8
Cost of Living
above US average
32,893
Population
9.33
Crime Rate per 1000
below US average
$123,069
Median Income
above US average
$435,000
Median House Price
above US average
$2958.0
Average Rent
above US average
4%
Poverty Rate
below US average
3.3%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $123,069.

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Income Needed to Buy

βœ— Stretch
$136k/year
Based on $435,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $136k vs median $123,069
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Income Needed to Rent

⚠ Stretch
$127k/year
Based on $2958.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $127k vs median $123,069
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Savage, MN

Savage, Minnesota, is a suburban city located in Scott County, just south of the Twin Cities metropolitan area. It boasts a population of around 30,000 residents and offers a blend of suburban living with easy access to urban amenities. The city features a range of parks and recreational facilities, including the picturesque Murphy-Hanrehan Park Reserve, which is popular for hiking, biking, and bird-watching. Savage is known for its family-friendly atmosphere, with highly-rated schools and a strong sense of community. The downtown area features charming local businesses and restaurants, contributing to a vibrant community hub. The city's strong commitment to maintaining green spaces and promoting outdoor activities enhances the quality of life for its residents. Commuting to nearby cities like Bloomington or Minneapolis is straightforward, thanks to well-connected roadways, making Savage an ideal location for those who work in the city but prefer a quieter suburban lifestyle. Overall, Savage blends convenience, community spirit, and natural beauty, making it a desirable place to live in Minnesota.

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