Lake City cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexLake CityMinnesotaNational
Cost of living index97102100
IndexLake CityMinnesotaNational
Goods & Services index102106100
Groceries index95105100
Health care index111110100
Housing index87101100
Transportation index10998100
Utilities index9491100
Displayed above is a general overview of the Lake City, MN cost of living index. The overall cost of living index in Lake City, MN is 97, which is 5% lower than the Minnesota average and 3% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Lake City, MN are 4% lower than the Minnesota average and 2% higher than the national average.

Did you know?

  • The cost of living in Lake City is 5% lower than the Minnesota average.
  • The cost of living in Lake City is 3% lower than the national average.
  • The cost of housing in Lake City is 13% lower than the national average.
  • Minnesota general sales tax is 35% higher than the national average.
  • Minnesota state income tax is 141% higher than the national average.

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Salary Calculator

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The salary calculator is meant to help you compare your salary in Lake City, MN to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lake City, MN, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lake City, MN salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$55,231$4,603$1,289$1,657
Renters$37,143$3,095$867$1,114
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lake City, MN as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lake City, MN homeowners, is $55,231. This would allow for a maximum of $1,289 per month to be spent on housing costs. For renters, the median monthly income is $37,143 which would result in a maximum of $867 to be spent on rental costs.

Minnesota Sales Tax

StateGeneral Sales TaxWith Max Surtax
Minnesota6.875%7.875%

Minnesota Income Tax

StateIncome Tax (Low)Income Tax (High)
Minnesota5.35%9.85%
When assessing the complete cost of living in Lake City, MN, the Minnesota income tax and the Minnesota sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Minnesota maximum surtax is 7.875%, and the Minnesota sales tax is 6.875%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.35% to 9.85% in Minnesota.

Goods & Services

ItemLake CityNational avg.Difference
Haircut $17.33$15.5611.4%
Beauty Salon $31.67$36.1112.3%
Toothpaste $2.55$2.473.1%
Shampoo $1.04$0.968.1%
Movie $9.47$10.136.5%
Bowling $4.30$4.749.1%

Groceries

ItemLake CityNational avg.Difference
Ground Beef $3.72$3.986.7%
Fried Chicken $1.54$1.419.2%
Milk $1.79$2.0613.4%
Potatoes $2.00$2.9833.0%
Pizza $11.44$9.4720.8%
Beer $7.56$8.7914.0%

Health Care

ItemLake CityNational avg.Difference
Optometrist $115.00$101.0413.8%
Doctor $149.69$107.4439.3%
Dentist $88.62$90.422.0%
Ibuprofen $8.82$9.285.0%
Lipitor $447.40$426.504.9%

Housing

ItemLake CityNational avg.Difference
Home Price $146,500.00$175,700.0016.6%
Avg. Mortgage Payment $910.06$1,133.2319.7%
Apartment Rent $881.00$920.004.2%

Transportation

ItemLake CityNational avg.Difference
Gasoline $2.01$1.990.8%
Tire Balancing $59.00$45.7628.9%

Utilities

ItemLake CityNational avg.Difference
All Electricity$167.94$163.812.5%
Phone $23.33$28.3917.8%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Arkansaw, WI16983-17%
Millville, MN15289-11%
Maiden Rock, WI9489-11%
Bay City, WI51292-8%
Mazeppa, MN80592-8%
Lake City, MN5,09397-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Kayenta, AZ5,09485-15%
Bayou Vista, LA5,09289-11%
Smiths Station, AL5,09589-11%
Arnold, PA5,09079-21%
Grayson Valley, AL5,09087-13%
Lake City, MN5,09397-3%
Source: The Lake City, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.