Cost Of Living in Prior Lake, MN

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D-

20%

Overall NAT. AVG.

0%

Groceries NAT. AVG.

66%

Housing NAT. AVG.

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index	Prior Lake	Minnesota	National
Cost of living	120	100	100
Groceries	100	100	100
Health care	101	100	100
Housing	166	100	100
Transportation	99	100	100
Utilities	101	104	100
Lifestyle & Entertainment	102	100	100
Household Items	99	100	100
Education & Childcare	96	99	100

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Homes For Sale In Prior Lake, MN

3360 Wood Duck Dr NW

Prior Lake, MN

14236 Epperson Cir NE

Prior Lake, MN

6167 Lake Dr

Prior Lake, MN

20951 Prairie Hills Ln

Prior Lake, MN

An Overview of Cost of Living in Prior Lake, MN

Getting a feel for the cost of living in Prior Lake is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Prior Lake is 120, which is 20% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

When it comes to the cost of living in Prior Lake, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 66.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Prior Lake Affordable?

Is Prior Lake an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Prior Lake is 82.5% higher than the national average, while the average monthly rent prices are 28.7% higher than average. The affordability of any location can also be influenced by median income levels. Prior Lake has a median household income of $162,226, which is 99.5% higher than the national average.

What Factors can Influence the Cost of Living in Prior Lake?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Prior Lake, the groceries index is 0.2% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Prior Lake, the utilities index registers 1.4% higher than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Prior Lake, healthcare costs are 0.5% higher than the national average.

Where is the Data From?

The cost of living estimates displayed for Prior Lake are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.

Cost Of Living Quick Facts

The cost of living in Prior Lake is 19% higher than the Minnesota average
The cost of living in Prior Lake is 20% higher than the national average
Prior Lake housing is 66% higher than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% higher than the national average

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Cost of living index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Lifestyle index
Household index
Educare index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$178,951	$14,913	$4,175	$5,369
Renters	$62,182	$5,182	$1,451	$1,866

To approximate the cost of living and the housing affordability in Prior Lake, MN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Prior Lake have a median income of $178,951. Therefore, the amount that a consumer should spend on housing costs should be no more than $4,175 per month to avoid calamity and poverty. The renters in the city have an income of about $62,182, which would make their monthly maximum allowable rental costs $1,451.

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%

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Mendota, MN	152	105	5.2%
Mound, MN	9,693	108	7.5%
Richfield, MN	37,149	107	7.4%
New Prague, MN	8,268	108	7.8%
Hopkins, MN	19,072	110	9.9%
Prior Lake, MN	27,582	120	19.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Brownsburg, IN	27,585	103	2.7%
Athens, AL	27,586	93	7.5%
Leisure City, FL	27,592	110	10.4%
West Islip, NY	27,610	149	49.2%
Norco, CA	27,611	163	63.1%
Prior Lake, MN	27,582	120	19.7%

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.