Housing costs in Hermantown?
A typical home costs
$351,100, which is 3.8% more expensive than the national average of
$338,100 and 13.4% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Hermantown costs
$1,330 per month, which is 7.0% cheaper than the national average of
$1,430 and 6.8% more than the state average of
$1,240.
Can I afford Hermantown?
To live comfortably in Hermantown, Minnesota, a minimum annual income of
$67,320 for a family, and
$40,800 for a single person is recommended.
What does A.I. say about Hermantown?
The cost of living in Hermantown, MN is very reasonable. The overall cost of living index is slightly higher than the U.S. average, but is still considered to be relatively low compared to other cities in the region. Housing costs are some of the most affordable in the state, with a median home price of about $200,000. The median household income in Hermantown is also relatively high at around $67,500 per year. This indicates that families can enjoy a comfortable lifestyle while still having plenty of money left over for leisure activities and other necessary expenses. Additionally, taxes in Hermantown are lower than average for Minnesota, which helps to keep the overall cost of living down even further.