Cost of Living in New Ulm, MN
Population 14,066 · Minnesota · Data vintage 2023
(100 = US avg)
New Ulm offers a notably favorable income-to-housing ratio for its region. The typical home — $193,000 — costs less than 3 times median household income of $63,984, a threshold many coastal markets passed a decade ago. The labor market has been unusually tight, with unemployment around 2.5% — below most comparable cities in the state.
Located 75 miles southwest of Minneapolis, New Ulm is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 44% lower than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in New Ulm
The median home value in New Ulm is $192,700 — 37% below the national median of $305,000. Median rent runs $974/month, 26% lower than the national median of $1,314/month. The median household income of $63,984/year is 14% lower than the US median of $74,580. The local unemployment rate is 2.5%, 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 Ulm has a cost of living index of 68 versus the US average of 100, meaning it is 32% less 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
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in New Ulm, MN?
New Ulm has a cost index of 68 (100 = national average). It is 32% below the national average.
What is average rent in New Ulm, MN?
The median gross rent in New Ulm is $974 per month based on 2023 Census data.
What is the average home price in New Ulm?
The median home value in New Ulm is $192,700 according to Zillow and Census data.
What is the median income in New Ulm?
The median household income in New Ulm is $63,984 per year (2023 ACS 5-year estimates).
What is the sales tax in New Ulm, MN?
The combined state and local sales tax rate in New Ulm is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is New Ulm, MN affordable?
Yes, New Ulm is generally considered affordable, with a cost of living index of 68 — about 32% below the US national average of 100.
New Ulm at a Glance
- Population
- 14,066
- Median Income
- $63,984
- Home Value
- $192,700
- Median Rent
- $974/mo
- Unemployment
- 2.5%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
Cities in other states with comparable housing costs