Prior Lake, MN Cost Of Living
Cost Of Living In Prior Lake, MN Summary
Cost of living in Prior Lake 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 Prior Lake 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 Prior Lake is 114, with 100 being the average.
The cost of living index in Prior Lake is 1.1x higher than the national average.
Prior Lake ranks as the #116 cheapest in Minnesota out of 148.
Prior Lake ranks as the #4,023 cheapest out of 6,489 in the US.
The median home value in Prior Lake is $524,569.
The median income in Prior Lake is $130,278.
Table Of Contents
Prior Lake's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Prior Lake, MN?
According to the most recent data on the cost of living, Prior Lake has an overall cost of living index of 114, which is 1.1x higher than the national index of 100.
Compared to Minnesota, Prior Lake has a cost of living index that's 1.2x higher than Minnesota's index of 97.
The standard of living in Prior Lake ranks as #116 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Prior Lake ranks as the #32 most expensive place in the North Star State.
For more reading on life in Prior Lake, check out:
In Minnesota
In America
Prior Lake Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Prior Lake. Here is how it fairs on each of the criteria:
The Services index in Prior Lake is 95.
The Groceries index in Prior Lake is 96.
The Health index in Prior Lake is 102.
The Housing index in Prior Lake is 165.
The Transportation index in Prior Lake is 95.
The Utilities index in Prior Lake is 96.
| Living Expense | Prior Lake | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 114 | 97 | 100 | |
| Services | 95 | 101 | 100 | |
| Groceries | 96 | 99 | 100 | |
| Health | 102 | 110 | 100 | |
| Housing | 165 | 100 | 100 | |
| Transportation | 95 | 95 | 100 | |
| Utilities | 96 | 94 | 100 | |
Prior Lake, 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 2019-2023. The key points are:
The Median Home Value in Prior Lake is $524,569.
The Median Rent in Prior Lake is $1,548.
The Median Income in Prior Lake is $130,278.
The Home Value To Income in Prior Lake is 4.0x.
The Rent To Monthly Income in Prior Lake is 0.14x.
| Statistic | Prior Lake | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $524,569 | $344,484 | $303,400 |
| Median Rent | $1,548 | $1,235 | $1,348 |
| Median Income | $130,278 | $87,556 | $78,538 |
| Home Value To Income | 4.0x | 3.9x | 3.9x |
| Rent To Monthly Income | 0.14x | 0.17x | 0.21x |
Median Home Value
Median Rent
Median Income
Prior Lake, MN Costs By Category
Detailed Prior Lake Services Costs Vs. Minnesota
| Item | Prior Lake | Minnesota |
|---|---|---|
| Shampoo | $1.5 | $1.28 |
| Movie | $11.32 | $12.13 |
| Bowling | $25.68 | $18 |
| Haircut | $25.86 | $24.26 |
| Beauty Salon | $37.0 | $45.56 |
Detailed Prior Lake Groceries Costs Vs. Minnesota
| Item | Prior Lake | Minnesota |
|---|---|---|
| Ground Beef | $5.75 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.6 | $4.67 |
| Potatoes | $4.76 | $4.93 |
| Pizza | $13.0 | $12.09 |
| Beer | $9.44 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Prior Lake Health Costs Vs. Minnesota
| Item | Prior Lake | Minnesota |
|---|---|---|
| Optometrist | $112.72 | $125.68 |
| Doctor | $164.15 | $135.78 |
| Dentist | $95.01 | $113.29 |
Detailed Prior Lake Transportation Costs Vs. Minnesota
| Item | Prior Lake | Minnesota |
|---|---|---|
| Gasoline | $3.32 | $3.46 |
| Tire Balancing | $59.91 | $59.92 |
Detailed Prior Lake Utilities Costs Vs. Minnesota
| Item | Prior Lake | Minnesota |
|---|---|---|
| All Electricity | $180.11 | $193.99 |
| Phone | $187.59 | $192.25 |
Prior Lake SnackAbility
/10
Cost Of Living In Cities Around Prior Lake
The cost of living varies in the cities and towns around Prior Lake. 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 109, 1.0x Prior Lake.
Lakeville, MN has a cost of living index of 119, 1.0x Prior Lake.
Burnsville, MN has a cost of living index of 112, 1.0x Prior Lake.
| City | Population | Cost Of Living | Vs. Prior Lake |
|---|---|---|---|
| Bloomington, MN | 88,838 | 109 | 1.0x |
| Lakeville, MN | 72,480 | 119 | 1.0x |
| Burnsville, MN | 64,295 | 112 | 1.0x |
| Eden Prairie, MN | 63,249 | 124 | 1.1x |
| Apple Valley, MN | 55,696 | 111 | 1.0x |
| Minnetonka, MN | 53,256 | 120 | 1.1x |
| Edina, MN | 53,125 | 139 | 1.2x |
| Shakopee, MN | 45,002 | 111 | 1.0x |
| Savage, MN | 32,706 | 118 | 1.0x |
| Chaska, MN | 28,146 | 112 | 1.0x |
