Cost of Living in Morristown, MN

With a cost of living index of 83, Morristown, MN is a very affordable place to live. Living here is 17% cheaper than the national average and in line with the Minnesota state average. Morristown is a small community of 982 residents.

Housing costs are the biggest factor in Morristown's cost of living. The median monthly rent is $1,152 (13% below the US median of $1,319), and the median home value sits at $175,600 (42% 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 Morristown is $74,479, which is 1% 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.

Climate is another factor for anyone considering a move to Morristown. 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.

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.