What are the Factors of Cost of Living in MSP

[ellysbelly]

LOL, yes, I've always had MidWest sensibilities, even when living on the East Coast, heck, even while living in NYC-- no wonder I like it here in MN so much!

My grocery habits have changed, too, mainly in winter as I'm less motivated to get out of the house to shop on bitterly cold days (whereas in FL, I'd go to the farmer's market weekly)-- as sensible as I might be, I even paid the extra few bucks to have my order pre-packed at Byerly's so I could drive up and have it put in my trunk without getting out of the car-- if it was much colder for longer, I'd even opt for their $10 delivery service (but I'd bought mostly sale and BOGO items, so I didn't entirely lose it).

I found that switching to a few more frozen options and "investing" in an extra freezer and buying 1/4 cow and a 1/2 a pig before winter-- both saved me money and time (though you can and should do that anywhere that you live, not just in a cold climate-- both cheaper and better quality meats and more money in the hands of a farmer-- plus MUCH more convenient).

But back to the original topic, I don't think that MN is all that much different cost-wise than either Atlanta or Charlotte-- at least for my life and lifestyle. Plus, for us, financially (hubs is a full time, professional youth hockey coach), MN was a slam dunk on the income/revenue side-- of course, YMMV.

[Steve Bowen]

Originally Posted by pete6032

Wat? Something is wrong with that dataset. Washington DC is the most affordable?

I don't think there's anything wrong with the dataset. If you look at reports of salaries in major metro areas in the US, D.C. is consistently in the top 5. And while it's not cheap, it's a lot cheaper than SF or San Jose which are typically #1 and # 2.

[cielpur]

Originally Posted by ellysbelly

But back to the original topic, I don't think that MN is all that much different cost-wise than either Atlanta or Charlotte-- at least for my life and lifestyle. Plus, for us, financially (hubs is a full time, professional youth hockey coach), MN was a slam dunk on the income/revenue side-- of course, YMMV.

I think this is why a lot of people stay in MN. It depends on one's field of work, obviously, but frequently the income/COL ratio is extremely difficult to beat. There's no doubt that I make more here than if I were to move to a southern metropolis. Even in NYC my income might be only 10% higher at best or equal at worst for the same work.

[pete6032]

Originally Posted by Steve Bowen

I don't think there's anything wrong with the dataset. If you look at reports of salaries in major metro areas in the US, D.C. is consistently in the top 5. And while it's not cheap, it's a lot cheaper than SF or San Jose which are typically #1 and # 2.

The data are not wrong, but I disagree with how the data are suggesting that DC and SF are affordable.

[Hockeygirl063]

Neither of those city is even close to affordable

I used one of the COL calculators and it said Minneapolis was so much lower in housing but by looking on CL I see that is not true. The prices for rentals is about the same. I live in a roughly 11 sq apartment 3 bedrooms and 2 full baths with a small laundry/storage room. W/d included We pay about 1400 a month our lease is almost up and I am sure they will jack our rent if we stay
I am sure you have higher electric and gas in the winter Our electric is about $80 on an all electric place. A couple months in the winter it was over $100 we had some colder than usual days.

I am in the suburbs of Portland, OR.

[ellysbelly]

@Hockeygirl063: I'm not certain, but it's very possible that the COL was calculated using the cost to buy, not rent. But you also have to consider the wages here in MN which tend to be high (not certain that they're higher than Portland, but they very well might be), which might more than mitigate the higher rent for an equivalent apartment.

The rental prices and housing (purchase) prices are not very tightly correlated-- there are many cities (NYC comes to mind) where buying doesn't seem to make financial sense (even after adjusting for tax advantages, it's often FAR cheaper to rent). Most other places, it's far cheaper to buy than it is to rent-- in the Twin Cities, it's often cheaper to buy than to rent, even before you factor in the tax advantage.

Back to rental prices here; I also live in the 'burbs (but of Minneapolis) and pay $1900 for a 4 bed/3 bath single family home with a fenced yard on three quarters of an acre and have seen a few, but not a ton, of 3 bedroom townhomes and smaller (but charming) homes for under $1500, so the rental market might be equivalent while the buying market might be FAR lower-- it's rarely to see mid-to-major cities that have 3-4 bedroom single family homes, in excellent school districts, within 30-45 minutes commuting time, or less, to the downtown core for under $300K and that's definitely achievable here, making our housing VERY affordable. Granted, to get a bigger/nicer home, you're looking at spending north of that-- but fully half of the homes listed in St Louis Park, a first ring suburb that tends to have small but charming homes, are under $300K.

[Hockeygirl063]

Thanks for the reply.

I think that the rental prices are very similar. Townhouses are around $1500 some may be a little more depending on which suburb or area you live in. Same with rental houses. Although it is hard to find places with any acreage. This place we live in has no amenities which sucks. But as I have rented for many years I found out that most people don't use them. A pool would be nice and a playground for the kids. There is a park with easy walking .

I know our minimum wage is above the national average. I am a full time mom so I don't know wages except my hubby makes decent money but has been at the same company for 15 years. I think the minimum is $9.25.

The only advantage we have is the weather. We just do not get those bone chilling cold days as a matter of fact it really doesn't go below freezing very often. If it does it usually isn't for extended days at a time. Not saying the cold weather is a bad thing. i grew up in western PA so I know all about cold snowy winters. And hazy hot and humid in the summer. The humidity has been up the past few days but only like 68%. Had some thunder the other day which was nice but does not compare to the Midwest or back east. With our all electric place in summer we average $70-80 for electric that is no A/C only a couple box fans.

I like that the wages are high there. If I could convince my other half it would be good to move. Of course the actual moving is a pain in the backside. He works in the computer industry. He is a programmer. He does not have a college degree.