Cost of Living in Red Wing, MN

With a cost of living index of 84, Red Wing, MN is a very affordable place to live. Living here is 16% cheaper than the national average and in line with the Minnesota state average. Red Wing is a smaller community of 16,660 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Red Wing's cost of living. The median monthly rent is $954 (28% below the US median of $1,319), and the median home value sits at $224,800 (26% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Red Wing is $65,259, which is 13% lower than the national median of $75,149. Residents spend roughly 18% 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 Red Wing. The area sees an average annual temperature of 46.5°F, with summers averaging 71°F and winters around 20°F. Annual rainfall totals 29.2 inches spread over roughly 102 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher 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.