Cost of Living in Perham, MN

With a cost of living index of 74, Perham, MN is one of the most affordable cities in the country. Living here is 26% cheaper than the national average and 9% below the Minnesota state average of 82. Perham is a small community of 3,577 residents.

Housing costs are the biggest factor in Perham's cost of living. The median monthly rent is $813 (38% below the US median of $1,319), and the median home value sits at $186,000 (39% below the national median of $304,900). At current prices, the median home costs roughly 4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Perham is $47,088, which is 37% lower than the national median of $75,149. Residents spend roughly 21% 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 Perham. 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.