Savage, MN

Above Avg · 122

Minnesota · Population 32,706 · Updated March 2026

$1,608
Median Rent / Month
$122,646
Median Income
$395,600
Median Home Value
$1,875
Owner Costs / Month

Affordability

How far your income goes in Savage

15.7%
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

$19,296
Annual Rent
$12,081
State Income Tax
$4,391
Property Tax (est.)

Cost of Living Overview

Savage has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 122 (where 100 equals the national median), Savage residents can expect to pay median rent of $1,608/month while earning a median household income of $122,646/year.

The median home value in Savage, MN is $395,600, with typical monthly owner costs around $1,875 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.7% 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 Savage.

Frequently Asked Questions

Common questions about living costs in Savage

What is the cost of living in Savage, MN?
The cost of living index in Savage, MN is 122 (US average = 100). Median monthly rent is $1,608, median household income is $122,646/year, and the median home value is $395,600.
Is Savage, MN affordable?
No, Savage is more expensive than the national average with a cost index of 122. The rent-to-income ratio is 15.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Savage, MN?
The median gross rent in Savage, MN is $1,608 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,296.
What is the median household income in Savage?
The median household income in Savage, MN is $122,646 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%.