Cost of Living in Spicer, MN

With a cost of living index of 81, Spicer, MN is a very affordable place to live. Living here is 19% cheaper than the national average and in line with the Minnesota state average. Spicer is a small community of 1,222 residents.

Housing costs are the biggest factor in Spicer's cost of living. The median monthly rent is $825 (37% below the US median of $1,319), and the median home value sits at $278,500 (9% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Spicer is $76,406, which is 2% 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 Spicer. The area sees an average annual temperature of 45.4°F, with summers averaging 71°F and winters around 18°F. Annual rainfall totals 28 inches spread over roughly 96 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.