Cost of Living in New Hope, MN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
123.8
100 = national avg
+23.8 vs national average
Living Wage (1 Adult)
$54,463
per year
Living Wage (Family of 4)
$128,730
per year
Cost Index by Category
Housing156.6
Food106.3
Transportation94.0
Healthcare105.1
Utilities115.1
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,405
per month
2 Bedroom
$1,709
per month
The overall cost of living index in New Hope is 123.8, which is 23.8% above the national average. Housing costs are above the national average at an index of 156.6. A single adult needs to earn approximately $54,463 per year to cover basic expenses.