A-
5%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
26%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Fergus Falls Minnesota National
Cost of living9599100
Goods & Services109100100
Groceries9798100
Health care124109100
Housing74100100
Transportation9997100
Utilities9393100

An Overview of Cost of Living in Fergus Falls, MN

Knowing the cost of living in Fergus Falls allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fergus Falls stands at 95, marking it 5% lower than the national average.

In Fergus Falls, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Fergus Falls will resemble that of an average city, contributing to a manageable cost of living.

Is Fergus Falls Affordable?

Is Fergus Falls an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Fergus Falls, the median home price is 22.7% lower than what most folks pay across the country, and monthly rent prices are 32.7% lower than the usual rates. Income levels in Fergus Falls come in at $42,659, which is 22.9% lower than the national average.

What Factors can Influence the Cost of Living in Fergus Falls?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Fergus Falls, healthcare costs are 24.3% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Fergus Falls, the utilities index registers 6.8% lower than the national average.

Where is the Data From?

The Fergus Falls cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Fergus Falls is 4% lower than the Minnesota average
  • The cost of living in Fergus Falls is 5% lower than the national average
  • Fergus Falls housing is 26% lower than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 106% higher than the national average

Most Affordable Places to Live in and Around Fergus Falls

See all the best places to live around Fergus Falls

Compare Fergus Falls, MN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,728$4,977$1,394$1,792
      Renters$25,051$2,088$584$752
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Fergus Falls, MN, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Fergus Falls homeowners, is $59,728. This would allow for a maximum of $1,394 per month to be spent on housing costs. For renters, the median monthly income is $25,051 which would result in a maximum of $584 to be spent on rental costs.

      Minnesota Sales Tax

      State General Sales Tax With Max Surtax
      Minnesota 6.875% 7.875%

      Minnesota Income Tax

      State Income Tax (Low) Income Tax (High)
      Minnesota 5.35% 9.85%

      Goods & Services

      Item Fergus Falls National avg. Difference
      Haircut $27.97$24.2615.3%
      Beauty Salon $37.17$45.5618.4%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.52$1.2818.6%
      Movie $11.24$12.137.4%
      Bowling $26.39$18.0046.6%

      Groceries

      Item Fergus Falls National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.35$1.5713.9%
      Milk $4.58$4.672.0%
      Potatoes $4.86$4.931.4%
      Pizza $13.07$12.098.2%
      Beer $9.52$10.418.5%

      Health Care

      Item Fergus Falls National avg. Difference
      Optometrist $109.94$125.6812.5%
      Doctor $162.98$135.7820.0%
      Dentist $96.90$113.2914.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $492.95$468.605.2%

      Housing

      Item Fergus Falls National avg. Difference
      Home Price $142,700.00$184,700.0022.7%
      Avg. Mortgage Payment $1,954.72$2,346.6916.7%
      Apartment Rent $639.00$949.0032.7%

      Transportation

      Item Fergus Falls National avg. Difference
      Gasoline $3.31$3.464.3%
      Tire Balancing $61.97$59.923.4%

      Utilities

      Item Fergus Falls National avg. Difference
      All Electricity $175.69$193.999.4%
      Phone $188.55$192.251.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Foxhome, MN1118317.3%
      Erhard, MN1667722.6%
      Dalton, MN3138812.0%
      Ashby, MN425919.3%
      Rothsay, MN5028614.4%
      Fergus Falls, MN13,754954.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Shepherdsville, KY13,757955.4%
      Grimes, IA13,7461000.4%
      Chaparral, NM13,7448217.5%
      Lincoln, IL13,7428316.8%
      Maumee, OH13,742954.6%
      Fergus Falls, MN13,754954.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.