Cost of Living in New York Mills, MN

With a cost of living index of 67, New York Mills, MN is one of the most affordable cities in the country. Living here is 33% cheaper than the national average and 15% below the Minnesota state average of 82. New York Mills is a small community of 1,319 residents.

Housing costs are the biggest factor in New York Mills's cost of living. The median monthly rent is $712 (46% below the US median of $1,319), and the median home value sits at $144,900 (52% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in New York Mills is $51,696, which is 31% 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 York Mills. The area sees an average annual temperature of 40.4°F, with summers averaging 67°F and winters around 11°F. Annual rainfall totals 23.9 inches spread over roughly 103 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.