What is the cost of living in Lakeville, MN?
According to the most recent data on the cost of living, Lakeville has an overall cost of living index of 122, which is 1.2x higher than the national index of 100.
Compared to Minnesota, Lakeville has a cost of living index that's 1.2x higher than Minnesota's index of 101.
The standard of living in Lakeville ranks as #132 most affordable out of the 151 places we measured in Minnesota. By definition, that implies Lakeville ranks as the #19 most expensive place in the North Star State.
For more reading on life in Lakeville, check out:
Lakeville Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Lakeville. Here is how it fares on each of the criteria:
The Services index in Lakeville is 101.
The Groceries index in Lakeville is 100.
The Health index in Lakeville is 175.
The Housing index in Lakeville is 99.
The Transportation index in Lakeville is 100.
The Utilities index in Lakeville is 94.
| Living Expense | Lakeville | Minnesota | National Average |
|---|---|---|---|
| Overall | 122 | 101 | 100 |
| Services | 101 | 101 | 100 |
| Groceries | 100 | 99 | 100 |
| Health | 175 | 99 | 100 |
| Housing | 99 | 101 | 100 |
| Transportation | 100 | 103 | 100 |
| Utilities | 94 | 101 | 100 |
Lakeville Cost Of Living Compared To Minnesota Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Minnesota, check out:
Protect your home budget Compare home warranties in Lakeville Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Lakeville, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2020-2024. The key points are:
The Median Home Value in Lakeville is $487,882.
The Median Rent in Lakeville is $1,806.
The Median Income in Lakeville is $139,041.
The Home Value To Income in Lakeville is 3.5x.
The Rent To Monthly Income in Lakeville is 0.16x.
Lakeville, MN Costs By Category
Detailed Lakeville Services costs vs. Minnesota
Detailed Lakeville Groceries costs vs. Minnesota
Detailed Lakeville Health costs vs. Minnesota
Detailed Lakeville Transportation costs vs. Minnesota
Lakeville SnackAbility
Cost Of Living In Cities Around Lakeville
The cost of living varies in the cities and towns around Lakeville. Here's a quick look at the cost of living in the most populous nearby places:
Bloomington, MN has a cost of living index of 112, 0.9x Lakeville.
Eagan, MN has a cost of living index of 117, 1.0x Lakeville.
Burnsville, MN has a cost of living index of 114, 0.9x Lakeville.
| City | Population | Cost Of Living | Vs. Lakeville |
|---|---|---|---|
| Bloomington, MN | 88,665 | 112 | 0.9x |
| Eagan, MN | 68,000 | 117 | 1.0x |
| Burnsville, MN | 64,463 | 114 | 0.9x |
| Eden Prairie, MN | 63,051 | 128 | 1.0x |
| Apple Valley, MN | 55,679 | 114 | 0.9x |
| Edina, MN | 53,262 | 141 | 1.2x |
| Cottage Grove, MN | 40,992 | 115 | 0.9x |
| Richfield, MN | 36,642 | 106 | 0.9x |
| Savage, MN | 32,889 | 121 | 1.0x |
| Prior Lake, MN | 28,016 | 120 | 1.0x |
