Minnetonka, MN

Yes — Minnetonka is about 25% more expensive than the national average, with an overall Cost Index of 125. Housing is the biggest factor: the typical home here is valued around $472,418, and monthly rents average roughly $1,758. Day-to-day costs like groceries and utilities tend to run closer to the national norm.

Start with housing. Typical monthly rent is $1,758, while local median household income is $120,496. That implies a rent-burden proxy of about 18% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

Minnesota has a progressive state income tax with a top rate of 9.85%. The effective property tax rate is 1.11%. On a home worth $472,418, that translates to roughly $5,244 per year in property taxes. Sales tax (state + local) averages around 7.54% on everyday purchases.

The typical monthly rent in Minnetonka is around $1,758. That's about 30% higher than the $1,348 national median. For comparison, the median home value here is $472,418, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Minnetonka is valued at $472,418. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $2,389/month for principal and interest alone — before property taxes and insurance. About 72% of residents here own their homes.

Grocery prices in Minnetonka are about average compared to the rest of the US (index: 103, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 93). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.

Minnetonka is a smaller city with a population of about 53,256. The median age of residents is 42.8, skewing somewhat older — common in established suburban communities. The local poverty rate is 4.78%, well below the national average of 12.4%.