Cost of Living in Excelsior, MN

With a cost of living index of 139, Excelsior, MN is a notably expensive place to live. Living here is 39% more expensive than the national average and 57% above the Minnesota state average of 82. Excelsior is a small community of 2,359 residents.

Housing costs are the biggest factor in Excelsior's cost of living. The median monthly rent is $1,125 (15% below the US median of $1,319), and the median home value sits at $839,500 (175% above the national median of $304,900). At current prices, the median home costs roughly 7.7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Excelsior is $108,611, which is 45% higher than the national median of $75,149. Residents spend roughly 12% 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.