Lakeville, MN Cost Of Living
Cost Of Living In Lakeville, MN Summary
Cost of living in Lakeville research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lakeville is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lakeville is 116, with 100 being the average.
The cost of living index in Lakeville is 1.2x higher than the national average.
Lakeville ranks as the #125 cheapest in Minnesota out of 147.
Lakeville ranks as the #4,558 cheapest out of 6,412 in the US.
The median home value in Lakeville is $342,100.
The median income in Lakeville is $119,970.
Table Of Contents
Lakeville's Overall Cost Of Living
Higher Than The National Average
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 116, 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 95.
The standard of living in Lakeville ranks as #125 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Lakeville ranks as the #22 most expensive place in the North Star State.
For more reading on life in Lakeville, check out:
- Living In Lakeville
- Lakeville Crime Report
- Search Homes For Sale In Lakeville, MN
In Minnesota
In America
Lakeville Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Lakeville. Here is how it fairs on each of the criteria:
The Services index in Lakeville is 110.
The Groceries index in Lakeville is 104.
The Health index in Lakeville is 100.
The Housing index in Lakeville is 138.
The Transportation index in Lakeville is 99.
The Utilities index in Lakeville is 97.
| Living Expense | Lakeville | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 116 | 95 | 100 | |
| Services | 110 | 101 | 100 | |
| Groceries | 104 | 98 | 100 | |
| Health | 100 | 111 | 100 | |
| Housing | 138 | 83 | 100 | |
| Transportation | 99 | 98 | 100 | |
| Utilities | 97 | 95 | 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 2017-2021. The key points are:
The Median Home Value in Lakeville is $342,100.
The Median Rent in Lakeville is $1,604.
The Median Income in Lakeville is $119,970.
The Home Value To Income in Lakeville is 2.9x.
The Rent To Monthly Income in Lakeville is 0.16x.
| Statistic | Lakeville | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $342,100 | $250,200 | $244,900 |
| Median Rent | $1,604 | $1,081 | $1,163 |
| Median Income | $119,970 | $77,706 | $69,021 |
| Home Value To Income | 2.9x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.16x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
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
Detailed Lakeville Utilities Costs Vs. Minnesota
Lakeville SnackAbility
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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 107, 0.9x Lakeville.
Eagan, MN has a cost of living index of 112, 1.0x Lakeville.
Eden Prairie, MN has a cost of living index of 121, 1.0x Lakeville.
| City | Population | Cost Of Living | Vs. Lakeville |
|---|---|---|---|
| Bloomington, MN | 89,436 | 107 | 0.9x |
| Eagan, MN | 68,205 | 112 | 1.0x |
| Eden Prairie, MN | 64,048 | 121 | 1.0x |
| Burnsville, MN | 63,926 | 110 | 0.9x |
| Apple Valley, MN | 55,237 | 112 | 1.0x |
| Edina, MN | 53,059 | 135 | 1.2x |
| Cottage Grove, MN | 38,582 | 111 | 1.0x |
| Richfield, MN | 36,899 | 104 | 0.9x |
| Savage, MN | 32,092 | 113 | 1.0x |
| Prior Lake, MN | 27,242 | 115 | 1.0x |
