Lakeville 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.
IndexLakevilleMinnesotaNational
Cost of living index113102100
IndexLakevilleMinnesotaNational
Goods & Services index109107100
Groceries index105107100
Health care index103108100
Housing index133101100
Transportation index10298100
Utilities index9187100
Here we can see a simple outline of the cost of living in Lakeville, MN. As you can see, with the average cost of living in Lakeville, MN being 113, that puts it 11% higher than the average of Minnesota and 13% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Lakeville, MN, the price of goods and services are 2% higher than the average of Minnesota as well as 9% higher than the nation's average.

Did you know?

  • The cost of living in Lakeville is 11% higher than the Minnesota average.
  • The cost of living in Lakeville is 13% higher than the national average.
  • The cost of housing in Lakeville is 33% higher 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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Compare Lakeville, MN Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Groceries index
Health care index
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Transportation index
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Using the salary calculator lets you compare the salary you earn in Lakeville, MN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Lakeville, MN, you have to earn a higher income in order to still have the same standard of living. To operate the Lakeville, MN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$103,555$8,630$2,416$3,107
Renters$45,761$3,813$1,068$1,373
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Lakeville, MN, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lakeville, MN has a median income of about $103,555 for people who own homes. Based on that number, a person should spend a maximum of $2,416 on expenses related to housing. Renters have a slightly different median income, which is $45,761. Based on this average, renters should spend no more than $1,068 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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%
One thing to keep in mind when considering the cost of living in Lakeville, MN is the Minnesota sales tax and Minnesota income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Minnesota sales tax rate is 6.875% and the maximum surtax that can be charged is 7.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

ItemLakevilleNational avg.Difference
Haircut $22.74$14.5955.8%
Beauty Salon $33.43$34.683.6%
Toothpaste $3.44$2.4739.1%
Shampoo $1.05$1.022.7%
Movie $9.88$9.870.1%
Bowling $4.16$4.395.3%

Groceries

ItemLakevilleNational avg.Difference
Ground Beef $3.76$4.4816.0%
Fried Chicken $1.92$1.4631.1%
Milk $2.24$2.365.0%
Potatoes $3.22$3.065.2%
Pizza $10.57$9.2414.4%
Beer $8.66$8.630.3%

Health Care

ItemLakevilleNational avg.Difference
Optometrist $81.89$99.7817.9%
Doctor $131.17$105.0324.9%
Dentist $86.82$88.702.1%
Ibuprofen $11.79$9.4125.3%
Lipitor $250.88$298.5016.0%

Housing

ItemLakevilleNational avg.Difference
Home Price $243,000.00$175,700.0038.3%
Avg. Mortgage Payment $1,173.84$1,081.038.6%
Apartment Rent $1,121.00$920.0021.8%

Transportation

ItemLakevilleNational avg.Difference
Gasoline $1.97$2.095.8%
Tire Balancing $55.48$45.2922.5%

Utilities

ItemLakevilleNational avg.Difference
All Electricity$158.73$170.807.1%
Phone $24.99$28.2611.6%
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.
St. Paul Park, MN5,32799-1%
Lonsdale, MN3,7601033%
Vermillion, MN4831033%
Northfield, MN20,3031044%
Hampton, MN7911044%
Lakeville, MN57,71511313%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Orland Park, IL57,80211414%
Bartlett, TN57,80597-3%
Jupiter, FL57,62512020%
Casper, WY57,81595-5%
Moore, OK57,56385-15%
Lakeville, MN57,71511313%
Source: The Lakeville, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.