Cost of Living in Evansville, MN

With a cost of living index of 65, Evansville, MN is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 18% below the Minnesota state average of 82. Evansville is a small community of 631 residents.

Housing costs are the biggest factor in Evansville's cost of living. The median monthly rent is $632 (52% below the US median of $1,319), and the median home value sits at $145,000 (52% 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 Evansville is $39,063, which is 48% 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. 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.