D+
12%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
48%
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 Ramsey Minnesota National
Cost of living11299100
Goods & Services95100100
Groceries9798100
Health care101109100
Housing148100100
Transportation9797100
Utilities9593100

An Overview of Cost of Living in Ramsey, MN

Understanding the cost of living in Ramsey can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Ramsey cost of living index is 112, which is 12% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Housing costs are a very significant part of the Ramsey cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 48.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Ramsey Affordable?

Is Ramsey affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Ramsey, the median home price is 43.4% higher than the national average and monthly rent prices are 59.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Ramsey boasting a median household income of $97,779, 76.7% higher than the national average.

What Factors can Influence the Cost of Living in Ramsey?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Ramsey, the housing index stands at 48.1% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Ramsey, the groceries index is 2.6% lower than the national average.

Where is the Data From?

The Ramsey cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Ramsey is 13% higher than the Minnesota average
  • The cost of living in Ramsey is 12% higher than the national average
  • Ramsey housing is 48% higher 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 Ramsey

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Compare Ramsey, MN Cost of Living

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          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$104,555$8,713$2,439$3,137
          Renters$66,821$5,568$1,559$2,005
          To approximate the cost of living and the housing affordability in Ramsey, MN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Ramsey have a median income of $104,555. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,439 per month to avoid calamity and poverty. The renters in the city have an income of about $66,821, which would make their monthly maximum allowable rental costs $1,559.

          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 Ramsey National avg. Difference
          Haircut $25.86$24.266.6%
          Beauty Salon $37.00$45.5618.8%
          Toothpaste $3.62$3.702.2%
          Shampoo $1.50$1.2816.9%
          Movie $11.32$12.136.7%
          Bowling $25.68$18.0042.6%

          Groceries

          Item Ramsey National avg. Difference
          Ground Beef $5.75$5.841.4%
          Fried Chicken $1.40$1.5711.2%
          Milk $4.60$4.671.5%
          Potatoes $4.76$4.933.5%
          Pizza $13.00$12.097.6%
          Beer $9.44$10.419.3%

          Health Care

          Item Ramsey National avg. Difference
          Optometrist $112.72$125.6810.3%
          Doctor $164.15$135.7820.9%
          Dentist $95.01$113.2916.1%
          Ibuprofen $10.71$10.650.6%
          Lipitor $499.35$468.606.6%

          Housing

          Item Ramsey National avg. Difference
          Home Price $264,900.00$184,700.0043.4%
          Avg. Mortgage Payment $1,983.77$2,346.6915.5%
          Apartment Rent $1,510.00$949.0059.1%

          Transportation

          Item Ramsey National avg. Difference
          Gasoline $3.32$3.464.0%
          Tire Balancing $59.91$59.920.0%

          Utilities

          Item Ramsey National avg. Difference
          All Electricity $180.11$193.997.2%
          Phone $187.59$192.252.4%
          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.
          Hilltop, MN1,0077722.8%
          Big Lake CDP, MN3751033.0%
          Columbia Heights, MN20,247991.3%
          Rockford, MN4,481991.0%
          Brooklyn Center, MN30,755990.7%
          Ramsey, MN27,20111211.8%

          Cities with similar population

          City Population Cost of Living Index National Avg.
          New Smyrna Beach, FL27,20711111.4%
          Dodge City, KS27,1868713.0%
          Glen Cove, NY27,17215453.9%
          Horn Lake, MS27,2348811.6%
          Elmira, NY27,2368712.8%
          Ramsey, MN27,20111211.8%
          Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.