Cost of Living in New Prague, MN

Population 8,195 · Minnesota · Data vintage 2023

100

Cost Index
(100 = US avg)

Page updated: April 2026 · Data vintage: 2023 ACS 5-Year

Sources: Census ACS·BLS·NOAA·EPA·Zillow · Methodology

Under 25,000 residents gives New Prague a small-town character that shows up in every data point below — from the commute patterns to the rental inventory. A typical home runs $324,000.

Geographically, New Prague is about 35 miles southwest of Minneapolis, the nearest large metro. Housing prices track closely with Minneapolis' $346,000 median.

Cost Overview

Housing 106

Rent 91

Scale: 100 = US national average. Green < 90, Red > 110.

About the Cost of Living in New Prague

The median home value in New Prague is $323,500 — 6% above the national median of $305,000. Median rent runs $1,198/month, 9% lower than the national median of $1,314/month. The median household income of $98,424/year is 32% higher than the US median of $74,580. The local unemployment rate is 3.1%, 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, New Prague has a cost of living index of 100 versus the US average of 100, meaning it is on par with the national average.

📍

New Prague 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:

Prior Lake, MN

Median home: $429,900

Rent: $1,548/mo

Income: $130,278

Shakopee, MN

Median home: $361,400

Rent: $1,495/mo

Income: $110,989

Savage, MN

Median home: $395,600

Rent: $1,608/mo

Income: $122,646

Lakeville, MN

Median home: $425,200

Rent: $1,727/mo

Income: $138,119

Chaska, MN

Median home: $379,400

Rent: $1,436/mo

Income: $110,000

🏠 Housing

Median Home Value

$323,500

6% above avg

Zillow Home Value

$622,347

Zillow ZHVI

Median Rent

$1,198/mo

9% below avg

Price-to-Rent Ratio

22.5x

Favors renting

Property Tax Rate

1.1%

Effective rate

HUD Fair Market Rents by Bedroom

Studio

$702

1 BR

$784

2 BR

$937

3 BR

$1,307

4 BR

$1,537

Owner-occupied 77.4%

Renter-occupied 22.6%

💰 Estimated Monthly Budget

Rent median rent

$1,198

Groceries national estimate

$400

Utilities local estimate

$88

Transportation local gas prices

$126

Estimated Total $1,812/mo

Estimates based on median data and national averages. Actual costs vary.

🛒 Food & Groceries

National BLS average prices (2023). Local prices may vary.

🥚

Eggs (dozen)

$0.548

🍞

White Bread (lb)

$1.912

🥩

Ground Beef (lb)

$5.61

🚗 Transportation

Avg Commute

27.1 min

0% below avg

Gas Price

$3.145/gal

0% below avg

Work From Home

10.5%

Commute Mode

Drove alone

77.7%

Carpooled

7.4%

Walked

1.8%

Bicycle

1.7%

Work from home

10.5%

⚡ Utilities

Electricity

$0.176/kWh

0% below avg

📋 Taxes

State Income Tax 9.8%

Total Sales Tax 7.4%

State rate 6.9%

Avg local rate 0.6%

Property Tax 1.1%

💼 Income & Employment

Median Household Income

$98,424

32% above avg

Per Capita Income

$45,054

Unemployment Rate

3.1%

35% below avg

Poverty Rate

3.1%

Labor Force Participation

71.3%

🎓 Education

Bachelor's degree+ 21.4%

Graduate degree 10.1%

👥 Demographics

Median Age 34.4

Male median age 32.6

Female median age 36.3

💨 Air Quality

EPA AQS 2023 — county-level monitoring data

Median AQI 51 — Moderate

47.4%

Good air days/yr

179

Max AQI recorded

219

PM2.5 days

146

Ozone days

🏫 Schools

NCES CCD 2019 — public school district data

93%

4-Year Graduation Rate

20.1:1

Student-teacher ratio

Public schools

4,316

Total enrollment

Frequently Asked Questions

What is the cost of living in New Prague, MN?

New Prague has a cost index of 100 (100 = national average). It is near the national average.

What is average rent in New Prague, MN?

The median gross rent in New Prague is $1,198 per month based on 2023 Census data.

What is the average home price in New Prague?

The median home value in New Prague is $323,500 according to Zillow and Census data.

What is the median income in New Prague?

The median household income in New Prague is $98,424 per year (2023 ACS 5-year estimates).

What is the sales tax in New Prague, MN?

The combined state and local sales tax rate in New Prague is 7.4%. The Minnesota state income tax top rate is 9.8%.

Is New Prague, MN affordable?

New Prague is near the national average in terms of cost of living, with an index of 100 (100 = US average).

New Prague at a Glance

Population: 8,195
Median Income: $98,424
Home Value: $323,500
Median Rent: $1,198/mo
Unemployment: 3.1%
Sales Tax: 7.4%

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