Cost of Living in Stillwater, MN

An Overview of Cost of Living in Stillwater, MN

Knowing the cost of living in Stillwater 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 Stillwater stands at 112, marking it 12% higher than the national average.

Housing costs are a very significant part of the Stillwater 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 48.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Stillwater?

The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in Stillwater. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 33% found it budget-friendly with decreasing prices, while 67% said it's simply not affordable as prices have continued to rise.

Is Stillwater Affordable?

Is Stillwater an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Stillwater is 63.8% higher than the national average, while the average monthly rent prices are 14.2% higher than average. The affordability of any location can also be influenced by median income levels. Stillwater has a median household income of $91,947, which is 66.2% higher than the national average.

What Factors can Influence the Cost of Living in Stillwater?

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Stillwater, healthcare costs are 0.7% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Stillwater, the groceries index is 1.2% lower than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Where is the Data From?

The cost of living data in Stillwater displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.