Cost of Living in Carver County, Minnesota
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Carver County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Carver County ranks #967 of 3,144 counties for affordability (top 31%)
Data Story
About Cost of Living in Carver County, Minnesota
Carver's high incomes offset steep rents
Carver County residents earn $123,144 annually—65% more than the national median of $74,755—allowing them to spend just 14.1% on rent despite $1,444 monthly costs. This high-income advantage keeps affordability ratios manageable despite premium housing prices.
Among Minnesota's most expensive counties
Carver ranks among Minnesota's priciest markets with a median home value of $426,900 and median rent at $1,444—the highest among these eight counties. Yet its 14.1% rent-to-income ratio edges below the state average, a feat only possible due to outsized local incomes.
Carver towers above regional neighbors
Carver's median rent of $1,444 dwarfs Carlton County's $967 and Chisago County's $1,112, while median home values exceed nearby counties by $100,000+. This premium reflects Carver's proximity to the Twin Cities and concentration of high-earning professionals.
Wealth absorbs Carver's housing premium
With $1,444 rent and $1,993 monthly owner costs, Carver residents dedicate roughly 14-19% of their $123,144 income to housing. The county's exceptional incomes make these elevated costs affordable in ways that would strain residents elsewhere.
Carver suits high-earning relocators
If your household income exceeds $120,000 and you value suburban proximity to major employment centers, Carver's premium housing stock and strong affordability ratio work in your favor. The equation flips for middle-income families: these prices would consume unsustainable income shares.
Cost of Living Advisory: Carver County
Affordability Verdict
Carver County offers affordable rental housing at a median of $1,444/month — about 14.1% of the typical household income here.
Rent vs. Own
The median rent in Carver County is $1,444/month, while owner costs run $1,993/month. Renting saves approximately $549/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $57,760/year. For owner costs at the 28% rule, the required income is roughly $85,414/year. With a median household income of $123,144, most households can comfortably afford rent here. Notably, 26.0% of renter households in Carver County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Dakota County where rent averages $1,497/month, Carver County is approximately 4% less expensive.
Affordability Calculator
See how your income compares to housing costs in Carver County
Rent Burden
14.1%
of gross income
Max Housing (28% Rule)
$2,873
per month
Owner Cost Burden
19.4%
of gross income
The median home in Carver County may be a stretch
Median home value is $426,900. Estimated monthly cost: $3,408 vs. your max of $2,873.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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