Edina, MN

Very High · 154

Minnesota · Population 53,125 · Updated March 2026

$1,757
Median Rent / Month
$129,225
Median Income
$624,000
Median Home Value
$1,995
Owner Costs / Month

Affordability

How far your income goes in Edina

16.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$21,084
Annual Rent
$12,729
State Income Tax
$6,926
Property Tax (est.)

Cost of Living Overview

Edina has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 154 (where 100 equals the national median), Edina residents can expect to pay median rent of $1,757/month while earning a median household income of $129,225/year.

The median home value in Edina, MN is $624,000, with typical monthly owner costs around $1,995 including mortgage, insurance, and taxes. The median rent-to-income ratio of 16.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Edina.

Frequently Asked Questions

Common questions about living costs in Edina

What is the cost of living in Edina, MN?
The cost of living index in Edina, MN is 154 (US average = 100). Median monthly rent is $1,757, median household income is $129,225/year, and the median home value is $624,000.
Is Edina, MN affordable?
No, Edina is more expensive than the national average with a cost index of 154. The rent-to-income ratio is 16.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Edina, MN?
The median gross rent in Edina, MN is $1,757 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $21,084.
What is the median household income in Edina?
The median household income in Edina, MN is $129,225 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.