Retire in Saint Paul

Affordability

Find out how much it costs to live in Saint Paul.

Cost of Living

Kiplinger Rating:

Least Tax-Friendly

State Income Tax:

5.35-9.85%

Social Security Tax?

Yes

County + State Sales Tax

7.6%

Property Tax Rate *

1.1%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1043

* 2008-2010

Cost of Living Index (100=average):

106.2

Housing + transportation costs as % of income:

43%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Yes

Tax burden: % income going to state and local taxes:

10.8%

Inheritance and estate taxes (per Kiplinger):

Minnesota has no inheritance tax. But it does have an estate tax with an exclusion of $1.4 million in 2015 and increasing gradually to $2 million in 2018. The maximum estate tax rate is 16%.\n

Taxing of other retirement income (per Kiplinger):

Yes

Property Tax Break for Seniors (per Kiplinger):

The Senior Citizen Property Tax Deferral Program allows people age 65 or older whose household income is $60000 or less to defer a portion of the property tax on their home. The program limits the maximum amount of property tax to 3% of total household income. The deferred tax is paid by the state to the county. Interest at an annually adjusted rate not to exceed 5% will be charged on this loan and a lien will attach to your property.\n

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • State of Minnesota
  • Minnesota State College and Universities
  • 3M Company
  • homson Reuters
  • HealthEast Care

GDP Growth Last 3 Years

12%

Income Growth Last 3 Years

9.9%

Employment Growth Last 3 Years

3%

Top Industries Hiring

  • Health care and social assistance
  • Professional scientific and technical services
  • Manufacturing
  • Other services (except public administration)
  • Construction

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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