Cottonwood, MN vs Ely, MN

There is a significant gap in the cost of living between these two cities. Ely is 23% cheaper than Cottonwood. With a cost index of 62 vs 76, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Ely to Cottonwood should plan for substantially higher expenses across most categories.

On the housing front, median rent in Cottonwood is $914/month compared to $627/month in Ely — a 46% difference. Home values follow the same pattern: Ely is more affordable at $150,800 median vs $180,200.

Median household income in Cottonwood is $90,750 compared to $46,042 in Ely (+97.1%). While Cottonwood is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Cottonwood spend roughly 12.1% of their income on rent, less than the 16.3% in Ely.