Cost of Living in Park Rapids, MN

With a cost of living index of 79, Park Rapids, MN is a very affordable place to live. Living here is 21% cheaper than the national average and 3% below the Minnesota state average of 82. Park Rapids is a small community of 4,226 residents.

Housing costs are the biggest factor in Park Rapids's cost of living. The median monthly rent is $912 (31% below the US median of $1,319), and the median home value sits at $218,500 (28% below the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Park Rapids is $45,800, which is 39% lower than the national median of $75,149. Residents spend roughly 24% 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 Park Rapids. 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.