New Ulm, MN vs Watertown, MN

There is a significant gap in the cost of living between these two cities. New Ulm is 17.1% cheaper than Watertown. With a cost index of 76 vs 92, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from New Ulm to Watertown should plan for substantially higher expenses across most categories.

On the housing front, median rent in New Ulm is $974/month compared to $967/month in Watertown — a 1% difference. Interestingly, home values tell a different story: while Watertown has cheaper rent, New Ulm actually has lower median home values ($192,700 vs $315,200).

Median household income in New Ulm is $63,984 compared to $93,008 in Watertown (-31.2%). While Watertown is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of New Ulm spend roughly 18.3% of their income on rent, more than the 12.5% in Watertown.

Climate-wise, both cities share similar average temperatures (45.4°F vs 46.7°F). Watertown receives more rainfall at 30.6" per year compared to 28" in New Ulm.