Cost of Living in Taconite, MN

With a cost of living index of 132, Taconite, MN is a notably expensive place to live. Living here is 32% more expensive than the national average and 49% above the Minnesota state average of 82. Taconite is a small community of 541 residents.

Housing costs are the biggest factor in Taconite's cost of living. The median monthly rent is $2,646 (101% above the US median of $1,319), and the median home value sits at $217,900 (29% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Taconite is $100,089, which is 33% higher than the national median of $75,149. Residents spend roughly 32% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Taconite. The area sees an average annual temperature of 36.9°F, with summers averaging 61°F and winters around 10°F. Annual rainfall totals 24.8 inches spread over roughly 113 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.