Cost of Living in Hopkins, MN

With a cost of living index of 106, Hopkins, MN is somewhat more expensive than average. Living here is 6% more expensive than the national average and 24% above the Minnesota state average of 82. Hopkins is a smaller community of 18,696 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Hopkins's cost of living. The median monthly rent is $1,346 (2% above the US median of $1,319), and the median home value sits at $350,100 (15% above the national median of $304,900). At current prices, the median home costs roughly 4.9x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Hopkins is $71,170, which is 5% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Hopkins. The area sees an average annual temperature of 46.7°F, with summers averaging 72°F and winters around 19°F. Annual rainfall totals 30.6 inches spread over roughly 107 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.