Safe Rate Local

Cost of Living in Murray County

Is it better to rent or buy in Murray County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Murray County Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$73,297
$829/mo

Median in area: $829

$193,486

Median in area: $193,486

$38,697

If you Rent

🔑
$1,214 /mo
Base Rent$829
Est. Utilities$385
% of Income19.9%
Pre-tax Residual$4,894

If you Buy

🏠
$1,673 /mo
P&I (7.195%)$1,050
Taxes & Ins$238
Est. Utilities$385
% of Income27.4%
Pre-tax Residual$4,435

Compare Nearby Areas

See how Murray County stacks up against neighboring areas.

countyRedwood County, MN
$781/mo
countyLyon County, MN
$804/mo
countyPipestone County, MN
$768/mo
countyCottonwood County, MN
$804/mo
countyNobles County, MN
$888/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Murray County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Murray County. The estimated all-in monthly cost for renting is $1,214, while owning a median-priced home with a 20% down payment is roughly $1,673 per month (a difference of $459).

How much do utilities cost in Murray County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Murray County is approximately $385. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Murray County?›

To comfortably afford the median rent and utilities in Murray County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $48,560 per year.