Cost of Living in New Hope, MN
Population 21,402 · Minnesota · Data vintage 2023
(100 = US avg)
New Hope is a smaller Minnesota community of around 21000 residents, where median household incomes of $73,698 and housing costs ($315,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape.
Geographically, New Hope sits roughly 8 miles northwest of Minneapolis. Median home values run roughly 9% lower than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in New Hope
The median home value in New Hope is $314,600 — 3% above the national median of $305,000. Median rent runs $1,306/month, 1% lower than the national median of $1,314/month. The median household income of $73,698/year is 1% lower than the US median of $74,580. The local unemployment rate is 5.3%, above the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. The climate averages highs of 55.5°F and lows of 36.1°F. Overall, New Hope has a cost of living index of 102 versus the US average of 100, meaning it is 2% more expensive.
🏠 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 24 | 29 | 42 | 57 | 70 | 79 | 83 | 81 | 73 | 58 | 42 | 29 |
| Low °F | 7 | 11 | 23 | 35 | 47 | 58 | 63 | 61 | 52 | 38 | 26 | 13 |
| Precip" | 0.61 | 0.62 | 1.42 | 2.88 | 4.34 | 4.37 | 4.19 | 4.14 | 3.16 | 2.61 | 1.47 | 0.90 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in New Hope, MN?
New Hope has a cost index of 102 (100 = national average). It is 2% above the national average.
What is average rent in New Hope, MN?
The median gross rent in New Hope is $1,306 per month based on 2023 Census data.
What is the average home price in New Hope?
The median home value in New Hope is $314,600 according to Zillow and Census data.
What is the median income in New Hope?
The median household income in New Hope is $73,698 per year (2023 ACS 5-year estimates).
What is the sales tax in New Hope, MN?
The combined state and local sales tax rate in New Hope is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is New Hope, MN affordable?
New Hope is near the national average in terms of cost of living, with an index of 102 (100 = US average).
What is the weather like in New Hope?
New Hope has average high temperatures of 55.5°F and average lows of 36.1°F. Annual precipitation is 30.7". Data from NOAA 1991–2020 Climate Normals.
New Hope at a Glance
- Population
- 21,402
- Median Income
- $73,698
- Home Value
- $314,600
- Median Rent
- $1,306/mo
- Unemployment
- 5.3%
- Avg High Temp
- 55.5°F
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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