Cost of Living in Wanamingo, MN

With a cost of living index of 72, Wanamingo, MN is one of the most affordable cities in the country. Living here is 28% cheaper than the national average and 10% below the Minnesota state average of 82. Wanamingo is a small community of 1,185 residents.

Housing costs are the biggest factor in Wanamingo's cost of living. The median monthly rent is $611 (54% below the US median of $1,319), and the median home value sits at $247,400 (19% below the national median of $304,900). At current prices, the median home costs roughly 2.9x the median household income — well within traditional affordability guidelines.

The median household income in Wanamingo is $85,000, which is 13% higher than the national median of $75,149. Residents spend roughly 9% 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 Wanamingo. The area sees an average annual temperature of 44.8°F, with summers averaging 69°F and winters around 18°F. Annual rainfall totals 34.7 inches spread over roughly 124 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.