Cost of Living in Askov, MN

With a cost of living index of 56, Askov, MN is one of the most affordable cities in the country. Living here is 44% cheaper than the national average and 26% below the Minnesota state average of 82. Askov is a small community of 333 residents.

Housing costs are the biggest factor in Askov's cost of living. The median monthly rent is $388 (71% below the US median of $1,319), and the median home value sits at $129,200 (58% below the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Askov is $34,464, which is 54% lower than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.