| Index | Lakeville | Minnesota | National |
| Cost of living | 122 | 100 | 100 |
| Groceries | 102 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 173 | 100 | 100 |
| Transportation | 98 | 100 | 100 |
| Utilities | 102 | 104 | 100 |
| Lifestyle & Entertainment | 95 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 103 | 99 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Lakeville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lakeville stands at 122, making it 22% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Lakeville is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lakeville falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Lakeville cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 72.9% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Lakeville an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Lakeville, the median home price is 80.5% higher than what most folks pay across the country, and monthly rent prices are 55.3% higher than the usual rates. Income levels in Lakeville come in at $163,722, which is 101.3% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Lakeville, the housing index is 72.9% higher than the national average.
The Lakeville cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $175,054 | $14,588 | $4,084 | $5,252 |
| Renters | $83,435 | $6,953 | $1,947 | $2,503 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| St. Paul Park, MN | 5,562 | 101 | 1.2% |
| Coates, MN | 145 | 101 | 1.5% |
| Northfield, MN | 21,004 | 105 | 4.8% |
| Hampton, MN | 610 | 105 | 5.1% |
| Vermillion, MN | 494 | 106 | 6.0% |
| Lakeville, MN | 67,943 | 122 | 21.8% |
| City | Population | Cost of Living Index | National Avg. |
| Auburn, AL | 67,890 | 104 | 4.5% |
| Ames, IA | 68,047 | 100 | 0.1% |
| Shawnee, KS | 67,767 | 105 | 4.7% |
| Eagan, MN | 68,193 | 117 | 16.6% |
| Eastvale, CA | 67,681 | 176 | 76.1% |
| Lakeville, MN | 67,943 | 122 | 21.8% |
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