Lakeville, Minnesota Cost Of Living

F

13%

Overall NAT. AVG.

5%

Goods & Services NAT. AVG.

37%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Lakeville	Minnesota	National
Cost of living	113	102	100
Goods & Services	105	104	100
Groceries	95	101	100
Health care	102	112	100
Housing	137	100	100
Transportation	104	99	100
Utilities	100	98	100

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Cost Of Living Quick Facts

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
Lakeville housing is 37% higher than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 137% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$119,152	$9,929	$2,780	$3,575
Renters	$55,772	$4,648	$1,301	$1,673

A good way to judge both the affordability of the housing and the cost of living in Lakeville is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lakeville has a median income of about $119,152 for people who own homes. Based on that number, a maximum of $2,780 should be spent on expenses related to housing. Renters have a slightly different median income, which is $55,772. Based on this average, renters should spend no more than $1,301 on all rental costs if they want to maintain a non-impoverished standard of living.

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

Goods & Services

Item	Lakeville	National avg.	Difference
Haircut	$25.41	$22.08	15.1%
Beauty Salon	$37.88	$42.88	11.7%
Toothpaste	$3.26	$2.57	27.0%
Shampoo	$1.17	$1.15	1.1%
Movie	$11.04	$11.51	4.0%
Bowling	$31.35	$16.62	88.7%

Groceries

Item	Lakeville	National avg.	Difference
Ground Beef	$4.61	$4.98	7.5%
Fried Chicken	$1.95	$1.58	23.1%
Milk	$2.28	$2.42	5.6%
Potatoes	$3.18	$3.54	10.2%
Pizza	$13.06	$11.49	13.7%
Beer	$9.02	$10.04	10.2%

Health Care

Item	Lakeville	National avg.	Difference
Optometrist	$100.90	$117.76	14.3%
Doctor	$161.06	$125.34	28.5%
Dentist	$88.15	$107.52	18.0%
Ibuprofen	$10.73	$10.26	4.6%
Lipitor	$458.00	$459.24	0.3%

Housing

Item	Lakeville	National avg.	Difference
Home Price	$325,400.00	$184,700.00	76.2%
Avg. Mortgage Payment	$1,576.23	$1,697.41	7.1%
Apartment Rent	$1,464.00	$949.00	54.3%

Transportation

Item	Lakeville	National avg.	Difference
Gasoline	$3.94	$3.85	2.5%
Tire Balancing	$62.08	$57.01	8.9%

Utilities

Item	Lakeville	National avg.	Difference
All Electricity	$176.95	$177.27	0.2%
Phone	$188.30	$189.62	0.7%

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	Population	Cost of Living Index	National Avg.
St. Paul Park, MN	5,404	98	1.9%
Coates, MN	142	98	1.6%
Randolph, MN	481	100	0.5%
Vermillion, MN	484	100	0.5%
Northfield, MN	20,399	100	0.0%
Lakeville, MN	65,710	113	12.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Eastvale, CA	65,766	157	57.4%
Shawnee, KS	65,844	96	4.1%
Madera, CA	65,575	106	5.8%
Auburn, AL	65,508	102	1.9%
Halton Hills, ON	65,483	n/a
Lakeville, MN	65,710	113	12.6%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.