Northfield, MN

Below Avg · 84

Minnesota · Population 20,678 · Updated March 2026

$1,036
Median Rent / Month
$92,000
Median Income
$305,300
Median Home Value
$1,211
Owner Costs / Month

Affordability

How far your income goes in Northfield

13.5%
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

$12,432
Annual Rent
$9,062
State Income Tax
$3,389
Property Tax (est.)

Cost of Living Overview

Northfield is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 84 (where 100 equals the national median), Northfield residents can expect to pay median rent of $1,036/month while earning a median household income of $92,000/year.

The median home value in Northfield, MN is $305,300, with typical monthly owner costs around $1,211 including mortgage, insurance, and taxes. The median rent-to-income ratio of 13.5% 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 Northfield.

Frequently Asked Questions

Common questions about living costs in Northfield

What is the cost of living in Northfield, MN?
The cost of living index in Northfield, MN is 84 (US average = 100). Median monthly rent is $1,036, median household income is $92,000/year, and the median home value is $305,300.
Is Northfield, MN affordable?
Yes, Northfield is more affordable than the national average with a cost index of 84. The rent-to-income ratio is 13.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Northfield, MN?
The median gross rent in Northfield, MN is $1,036 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,432.
What is the median household income in Northfield?
The median household income in Northfield, MN is $92,000 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%.