Cost of Living in Medford, MN

With a cost of living index of 84, Medford, MN is a very affordable place to live. Living here is 16% cheaper than the national average and in line with the Minnesota state average. Medford is a small community of 1,194 residents.

Housing costs are the biggest factor in Medford's cost of living. The median monthly rent is $1,036 (21% below the US median of $1,319), and the median home value sits at $234,300 (23% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Medford is $98,375, which is 31% higher than the national median of $75,149. Residents spend roughly 13% 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 Medford. The area sees an average annual temperature of 44.8°F, with summers averaging 69°F and winters around 18°F. Annual rainfall totals 34.7 inches spread over roughly 124 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.