Cost of Living in Baxter, MN

With a cost of living index of 92, Baxter, MN is slightly more affordable than average. Living here is 8% cheaper than the national average and 10% above the Minnesota state average of 82. Baxter is a smaller community of 8,804 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Baxter's cost of living. The median monthly rent is $1,123 (15% below the US median of $1,319), and the median home value sits at $298,400 (2% below the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Baxter is $71,272, which is 5% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.