Hermantown, MN

Average · 109

Minnesota · Population 10,192 · Updated March 2026

$1,375
Median Rent / Month
$92,026
Median Income
$374,000
Median Home Value
$1,649
Owner Costs / Month

Affordability

How far your income goes in Hermantown

17.9%
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

$16,500
Annual Rent
$9,065
State Income Tax
$4,151
Property Tax (est.)

Cost of Living Overview

Hermantown is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 109 (where 100 equals the national median), Hermantown residents can expect to pay median rent of $1,375/month while earning a median household income of $92,026/year.

The median home value in Hermantown, MN is $374,000, with typical monthly owner costs around $1,649 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.9% 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 Hermantown.

Frequently Asked Questions

Common questions about living costs in Hermantown

What is the cost of living in Hermantown, MN?
The cost of living index in Hermantown, MN is 109 (US average = 100). Median monthly rent is $1,375, median household income is $92,026/year, and the median home value is $374,000.
Is Hermantown, MN affordable?
No, Hermantown is more expensive than the national average with a cost index of 109. The rent-to-income ratio is 17.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hermantown, MN?
The median gross rent in Hermantown, MN is $1,375 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,500.
What is the median household income in Hermantown?
The median household income in Hermantown, MN is $92,026 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%.