Hastings, MN

Average · 90

Minnesota · Population 22,050 · Updated March 2026

$1,184
Median Rent / Month
$92,940
Median Income
$294,100
Median Home Value
$1,352
Owner Costs / Month

Affordability

How far your income goes in Hastings

15.3%
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

$14,208
Annual Rent
$9,155
State Income Tax
$3,265
Property Tax (est.)

Cost of Living Overview

Hastings offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 90 (where 100 equals the national median), Hastings residents can expect to pay median rent of $1,184/month while earning a median household income of $92,940/year.

The median home value in Hastings, MN is $294,100, with typical monthly owner costs around $1,352 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.3% 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 Hastings.

Frequently Asked Questions

Common questions about living costs in Hastings

What is the cost of living in Hastings, MN?
The cost of living index in Hastings, MN is 90 (US average = 100). Median monthly rent is $1,184, median household income is $92,940/year, and the median home value is $294,100.
Is Hastings, MN affordable?
Yes, Hastings is more affordable than the national average with a cost index of 90. The rent-to-income ratio is 15.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hastings, MN?
The median gross rent in Hastings, MN is $1,184 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,208.
What is the median household income in Hastings?
The median household income in Hastings, MN is $92,940 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%.