What is the Cost of Living in Rochester, MN?
Rochester is one of the best cities to live in America (#28), raise a family (23) and buy a house (#3). But how does it rank in terms of the cost of living? Overall Rochester have a affordability score of 94.1 vs. the national average of 100. But let’s take a closer look at some of factors that contribute to that score.
Real Estate | Statistics
Median Sale Price for homes – $280,000 for a 4 bedroom 2 bathroom house.
Rental Market $1,000 for a 2 bedroom 1 bath.
4b/2b home is about $1,800
If you would like to get a list of the most affordable homes in Rochester, MN I will have a link on the video description below. And if you want to check out one of the most affordable neighborhood here in Rochester, check this video out.
Taxes
State income Tax – Graduated tax with four rates.
5.35% up to 9.85
Sales Tax – 8.125% consisting of 6.88% Minnesota state sales tax and 1.25% Rochester local sales taxes
One nice thing is that Groceries and clothing are exempt from the Rochester and Minnesota state sales taxes. So you can drive 1 hour north to the Mall of America and go shopping without feeling too bad.
Examples of sales tax in other cities
Property Taxes – Will be about 1% of the market value of the property. Link with Tax estimator.
So for example if you buy a house for $300,000 you can expect your property taxes to be about $3,000-$3,500 a year.
Transportation
Gas right now is about $3.10 https://www.gasbuddy.com/gasprices/minnesota/rochester
Park & Ride lots
Bus system https://www.rochestermn.gov/government/departments/public-transportation
One questions I get often here on YT is:
Do you need a car to live in Rochester, MN? If you live in the downtown area you can probably get away without having a car but during the winter it will be challenging to get groceries.
Utilities
99.7 your energy bill will be about $168/month
Gas – Furnace
Food
99.9% so we are right around the national average.
FAQs
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Rochester, MN is generally considered to be a safe place to live. The city has a low crime rate, and the police department works hard to keep the community safe. Additionally, the city has a variety of programs in place to ensure that individuals feel safe and secure in their neighborhoods. For example, the city has Neighborhood Watch programs, and the police department regularly holds community meetings to discuss safety and security. So overall, yes, Rochester, MN is a safe place to live.
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The cost of living in Rochester, MN is very reasonable. According to a recent cost of living index report, Rochester has a score of 92.5, which is 7.5% lower than the national average. The housing market in Rochester is fairly affordable, with the median home cost being around $290,000. Additionally, the median rent for a one-bedroom apartment is around $800 per month. Overall, the cost of living in Rochester is quite reasonable and offers a great quality of life for those looking to settle down in the area.
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Absolutely! Rochester, Minnesota is a wonderful place to live. It has a wide variety of activities and attractions, ranging from museums and parks to restaurants and shopping centers. The city is also home to the world-renowned Mayo Clinic, providing excellent healthcare options. The city is safe and has a strong sense of community. It also offers a range of housing options, making it a great place to call home.
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Here are a few great ideas of things to do in the area:
1) Take a stroll through the Quarry Hill Nature Center, where you can explore trails and take in the stunning views of the town.
2) Explore the downtown area and check out the various shops, restaurants, and galleries.
3) Catch a show at the Rochester Civic Theatre, which puts on a variety of plays and musicals.