Cost of Living in Rochester, MN

Cost of Living Index

Cost of living is the many fees an individual or family has to pay to maintain a good quality of life in a particular city. If you're planning to move into a new community, you'll want to ensure you review these costs to identify if you can afford to live in your new neighborhood. 

The cost of living in Rochester is rated at 93 out of 100, which is 9% less than the state average and 7% below the national average. This means that residents can expect most expenses in the community are a right amount lower than other cities in the region. Various factors affecting the total cost of living are as follows:

Goods/services (33%)
Housing (30%)
Grocery (13%)
Utilities (10%)
Transportation (9%) and
Health care (5%)

Check out our original neighborhood post at https://www.domaillerealestate.com/.

Housing in Rochester

Housing is one of the biggest expenses in the cost of living index of Rochester. The median home value in the city is $240,072, which has increased by 5.2% over the past year. The forecast is that this amount will go up another 2.1% the following year. If you would like to check out a list of available properties for sale in the city, please visit our site for more information.

The median price per square foot in the region is $194, with the metropolitan average at $178. The average sale price of properties in the city is at $238,700, meaning you can find ample real estate opportunities in the region. If you plan to rent a home or apartment in Rochester, the median rent price in the city is $1,300, which is 1.1% lower than the national average.

Check out our original neighborhood post at https://www.domaillerealestate.com/.

Rochester Economy and Tax Rates

Over the last few years, the city of Rochester has had a job market growth of 0.4%. There is a planned increase of 34.7% over the following decade, which is marginally higher than the national average of 33.5%. Tax rates in the city include a sales tax rate of 8.13%, an average effective tax rate of 1.15%, and a median property tax payment of $2,264.

Check out our original neighborhood post at https://www.domaillerealestate.com/