Lakeville, MN Cost Of Living

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Updated: 2020-03-08
Lakeville's Overall Cost Of Living
Higher Than The National Average
The cost of living index is set to 100 for the average place in America. An index above 100 means Lakeville is expensive, while a number below 100 means it's a relatively cheap place to live.

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 only Minnesota, Lakeville has a cost of living index that's 1.1x higher than Minnesota's index of 104.

The standard of living in Lakeville ranks as #4571 most affordable out of the 6522 places we measured in Minnesota. By definition, that implies Lakeville ranks as the #1835 most expensive place in the North Star State.

Lakeville Cost Of Living Vs. Minnesota

Living Expense Lakeville Minnesota National Average
Overall 116 104 100
Services 113 109 100
Groceries 103 106 100
Health 103 110 100
Housing 137 100 100
Transportation 104 100 100
Utilities 97 98 100
For more reading on cost of living around Minnesota, check out:
Lakeville Cost of Living Vs. MN

Lakeville, MN Housing Cost Breakdown

Housing swings affordability the most between places in Minnesota, so we broke down the statistics around housing costs into more detail. It's also important to consider median household incomes to make apples-to-apples comparisons across locations.

Home and income come data comes from the most recent US Census ACS 2014-2018.

Median Home Value
Median Rent
Median Income
Statistic Lakeville Minnesota United States
Median Home Value $292,800 $211,800 $204,900
Median Rent $1,432 $944 $1,023
Median Income $106,069 $68,411 $60,293
Home Value To Income 2.8x 3.1x 3.4x
Rent To Monthly Income 0.16x 0.17x 0.2x

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Cost Of Living In Cities Around Lakeville

City Population Cost Of Living Vs. Lakeville
Bloomington, MN 85,394 110 0.9x
Eagan, MN 66,363 114 1.0x
Eden Prairie, MN 63,900 123 1.1x
Burnsville, MN 61,283 109 0.9x
Apple Valley, MN 51,931 110 0.9x
Edina, MN 51,136 135 1.2x
Cottage Grove, MN 36,221 111 1.0x
Richfield, MN 35,982 105 0.9x
Savage, MN 30,615 116 1.0x
Prior Lake, MN 25,880 118 1.0x

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