Cost of Living in Byron, MN

With a cost of living index of 92, Byron, 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. Byron is a smaller community of 6,510 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Byron's cost of living. The median monthly rent is $1,079 (18% below the US median of $1,319), and the median home value sits at $326,400 (7% above the national median of $304,900). At current prices, the median home costs roughly 2.7x the median household income — well within traditional affordability guidelines.

The median household income in Byron is $121,681, which is 62% higher than the national median of $75,149. Residents spend roughly 11% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Rochester, MN (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.