Cost of Living in Nashwauk, MN

With a cost of living index of 60, Nashwauk, MN is one of the most affordable cities in the country. Living here is 40% cheaper than the national average and 22% below the Minnesota state average of 82. Nashwauk is a small community of 1,035 residents.

Housing costs are the biggest factor in Nashwauk's cost of living. The median monthly rent is $697 (47% below the US median of $1,319), and the median home value sits at $102,400 (66% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Nashwauk is $58,533, which is 22% lower than the national median of $75,149. Residents spend roughly 14% 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.

Climate is another factor for anyone considering a move to Nashwauk. The area sees an average annual temperature of 36.9°F, with summers averaging 61°F and winters around 10°F. Annual rainfall totals 24.8 inches spread over roughly 113 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Duluth, MN-WI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.