Cost of Living in Ranier, MN

With a cost of living index of 68, Ranier, MN is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 14% below the Minnesota state average of 82. Ranier is a small community of 541 residents.

Housing costs are the biggest factor in Ranier's cost of living. The median monthly rent is $870 (34% below the US median of $1,319), and the median home value sits at $140,400 (54% 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 Ranier is $81,389, which is 8% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Ranier. The area sees an average annual temperature of 37.4°F, with summers averaging 63°F and winters around 9°F. Annual rainfall totals 25.4 inches spread over roughly 133 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.