Cost of Living in New London, MN

With a cost of living index of 80, New London, MN is a very affordable place to live. Living here is 20% cheaper than the national average and in line with the Minnesota state average. New London is a small community of 1,156 residents.

Housing costs are the biggest factor in New London's cost of living. The median monthly rent is $960 (27% below the US median of $1,319), and the median home value sits at $209,300 (31% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in New London is $66,830, which is 11% lower than the national median of $75,149. Residents spend roughly 17% 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 New London. The area sees an average annual temperature of 42.5°F, with summers averaging 68°F and winters around 14°F. Annual rainfall totals 24.1 inches spread over roughly 92 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.