Cost of Living in Montevideo, MN
Population 5,303 · Minnesota · Data vintage 2023
(100 = US avg)
Buyers in Montevideo can reasonably expect a home to cost less than three years of household income — $138,000 against $65,724 in typical earnings — a ratio that has collapsed to 5:1 or worse in much of the country. An unemployment rate of 2.4% points to a labor market well on the tight side of the national distribution.
Montevideo lies roughly 110 miles northeast of the nearest major metro, Sioux Falls — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 49% lower than Sioux Falls' $271,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Montevideo
The median home value in Montevideo is $137,600 — 55% below the national median of $305,000. Median rent runs $832/month, 37% lower than the national median of $1,314/month. The median household income of $65,724/year is 12% lower than the US median of $74,580. The local unemployment rate is 2.4%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Montevideo has a cost of living index of 52 versus the US average of 100, meaning it is 48% less expensive.
Montevideo has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Montevideo, MN?
Montevideo has a cost index of 52 (100 = national average). It is 48% below the national average.
What is average rent in Montevideo, MN?
The median gross rent in Montevideo is $832 per month based on 2023 Census data.
What is the average home price in Montevideo?
The median home value in Montevideo is $137,600 according to Zillow and Census data.
What is the median income in Montevideo?
The median household income in Montevideo is $65,724 per year (2023 ACS 5-year estimates).
What is the sales tax in Montevideo, MN?
The combined state and local sales tax rate in Montevideo is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Montevideo, MN affordable?
Yes, Montevideo is generally considered affordable, with a cost of living index of 52 — about 48% below the US national average of 100.
Montevideo at a Glance
- Population
- 5,303
- Median Income
- $65,724
- Home Value
- $137,600
- Median Rent
- $832/mo
- Unemployment
- 2.4%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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