Cost of Living in Carver, MN

With a cost of living index of 112, Carver, MN is somewhat more expensive than average. Living here is 12% more expensive than the national average and 30% above the Minnesota state average of 82. Carver is a smaller community of 5,935 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Carver's cost of living. The median monthly rent is $1,347 (2% above the US median of $1,319), and the median home value sits at $427,600 (40% above the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Carver is $144,408, which is 92% 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. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher 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.