Shorewood, MN Cost Of Living
Cost Of Living In Shorewood, MN Summary
Cost of living in Shorewood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Shorewood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Shorewood is 134, with 100 being the average.
The cost of living index in Shorewood is 1.3x higher than the national average.
Shorewood ranks as the #142 cheapest in Minnesota out of 147.
Shorewood ranks as the #5,400 cheapest out of 6,412 in the US.
The median home value in Shorewood is $559,800.
The median income in Shorewood is $149,792.
Table Of Contents
Shorewood's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Shorewood, MN?
According to the most recent data on the cost of living, Shorewood has an overall cost of living index of 134, which is 1.3x higher than the national index of 100.
Compared to Minnesota, Shorewood has a cost of living index that's 1.4x higher than Minnesota's index of 95.
The standard of living in Shorewood ranks as #142 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Shorewood ranks as the #5 most expensive place in the North Star State.
For more reading on life in Shorewood, check out:
- Living In Shorewood
- Search Homes For Sale In Shorewood, MN
In Minnesota
In America
Shorewood Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Shorewood. Here is how it fairs on each of the criteria:
The Services index in Shorewood is 112.
The Groceries index in Shorewood is 101.
The Health index in Shorewood is 102.
The Housing index in Shorewood is 196.
The Transportation index in Shorewood is 102.
The Utilities index in Shorewood is 98.
| Living Expense | Shorewood | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 134 | 95 | 100 | |
| Services | 112 | 101 | 100 | |
| Groceries | 101 | 98 | 100 | |
| Health | 102 | 111 | 100 | |
| Housing | 196 | 83 | 100 | |
| Transportation | 102 | 98 | 100 | |
| Utilities | 98 | 95 | 100 | |
Shorewood, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Shorewood is $559,800.
The Median Rent in Shorewood is $1,794.
The Median Income in Shorewood is $149,792.
The Home Value To Income in Shorewood is 3.7x.
The Rent To Monthly Income in Shorewood is 0.14x.
| Statistic | Shorewood | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $559,800 | $250,200 | $244,900 |
| Median Rent | $1,794 | $1,081 | $1,163 |
| Median Income | $149,792 | $77,706 | $69,021 |
| Home Value To Income | 3.7x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.14x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Shorewood, MN Costs By Category
Detailed Shorewood Services Costs Vs. Minnesota
Detailed Shorewood Groceries Costs Vs. Minnesota
Detailed Shorewood Health Costs Vs. Minnesota
Detailed Shorewood Transportation Costs Vs. Minnesota
Detailed Shorewood Utilities Costs Vs. Minnesota
Shorewood SnackAbility
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Cost Of Living In Cities Around Shorewood
The cost of living varies in the cities and towns around Shorewood. Here's a quick look at the cost of living in the most populous nearby places:
Plymouth, MN has a cost of living index of 122, 0.9x Shorewood.
Maple Grove, MN has a cost of living index of 117, 0.9x Shorewood.
Eden Prairie, MN has a cost of living index of 121, 0.9x Shorewood.
| City | Population | Cost Of Living | Vs. Shorewood |
|---|---|---|---|
| Plymouth, MN | 80,034 | 122 | 0.9x |
| Maple Grove, MN | 69,900 | 117 | 0.9x |
| Eden Prairie, MN | 64,048 | 121 | 0.9x |
| Minnetonka, MN | 53,809 | 121 | 0.9x |
| Edina, MN | 53,059 | 135 | 1.0x |
| Champlin, MN | 23,877 | 110 | 0.8x |
| Golden Valley, MN | 22,247 | 116 | 0.9x |
| Rogers, MN | 13,182 | 120 | 0.9x |
| Victoria, MN | 10,361 | 128 | 1.0x |
| Orono, MN | 8,252 | 157 | 1.2x |
