If you're looking to save some money, you likely don't want to live in this city, because it's now been ranked as the most expensive in the entire state of Minnesota.

No matter where in the North Star State you call home, there are just some costs you always have to pay, right? Unless you own your home outright, you probably have a mortgage or rent payment. Then there are utility bills, taxes, insurance and other costs most of us pay each month as well, all of which eat up a healthy portion of our income.

But some of those costs can vary greatly depending on just where in Minnesota you reside. And a new survey has just shed some light on which city now has the highest monthly bills and is the most expensive in the Land of 10,000 Lakes.

The crew over at doxo just released their 2024 Cost of Bills Index (COBI) Report. It looks at the cost of the ten most common household bill categories (Utilities, Cable & Phone, Mobile Phone, Auto Loans, Auto Insurance, Life Insurance, Health Insurance, Alarm & Security, Rent, and Mortgage) and provides a standard comparison index for the most fundamental expenses that make up the cost of living.

ALSO INTERESTING: Minnesota Now Has Six Cities Where the Average Home is Worth Over a Million Dollars

And after crunching all the numbers and comparing all the statistics, doxo has come up with the Most Expensive City in Minnesota. It's a city where the COBI index is a whopping 46% higher than the national average!

If you live in Minnesota's Most Expensive City, you pay $37,129 a year in household bills, which is $3,094 a month. Those figures are also $11,616 higher than the national average in the U.S. and represent 24% of the average home's income of $156,308.

Which city is it? Congratulations to Excelsior, a city in the southwest Twin Cities metro, in Hennepin County on Lake Minnetonka. Doxo says it is Minnesota's Most Expensive City, based on the 2024 COBI index.

The Port of Excelsior on Lake Minnetonka (Google Street View)
The Port of Excelsior on Lake Minnetonka (Google Street View)

Check out these other facts that make Excelsior Minnesota's Most Expensive City, according to doxo:

  • Average monthly mortgage payment: $2,827 (over twice the national average)
  • Average monthly rent payment: $1,171
  • Average monthly utility bills: $360
  • Average monthly health insurance: $136
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On the other end of the spectrum, doxo says Aitkin, in northern Minnesota, a little northeast of Brainerd, has the least expensive monthly bills, coming in at just $1,558. Worthington, Albert Lea, Fairmont and Marshall round out the list of the cities in Minnesota with the lowest monthly payments.

And we don't have the information to verify, we're going to guess the monthly payments would be pretty hefty on this enormous castle-like home in here in the Bold North. Keep scrolling to check it out!

Here is the list of the 10 Most Expensive Cities in Minnesota, according to their total average monthly bills from doxo's 2024 COBI report.

1) Excelsior - $3,094

2) Lakeville - $3,093

3) Wayzata - $3,054

4) Stillwater - $2,843

5) Shakopee - $2,778

6) Rogers - $2,769

7) Prior Lake - $2,750

8) Chanhassen - $2,731

9) Minnetonka - $2,669

10) Savage - $2,619

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Enormous Castle-Like Home In Minnesota Will Blow You Away

This spectacular home is located in Orono and has all the bells and whistles! Just wait until you see that indoor sport court - drool!!

Gallery Credit: Samm Adams

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