Prior Lake, Minnesota is a medium-sized city with a population of 24,997 inhabitants. If we look at the most recent Census, Prior Lake is known to have a predominantly White population. The next two most common races are Asian and American Indian and Alaskan. If you are looking for a family friendly city, Prior Lake might be a good fit as 86% of the population over 15 years old are married, and 48% have kids who are 18 years old or younger.
Without the right tools, moving to any new area can be very stressful and challenging. Living in Prior Lake, Minnesota could be a fulfilling experience for anyone who puts in the effort to do the research required. Finding the best places to live in Prior Lake and nearby areas is a much easier task when you can rely on information and data from the livability score, which includes amenities, cost of living, housing and other important metrics.
Using data and statistics Prior Lake has received a livability score of 79 out of 100. This score is ranked in the 91st percentile when compared to all other cities. Compared to the national average, Prior Lake ranks among some of the best places to live in the country! Prior Lake is also ranked in the top 10 percentile of all cities across the USA. There are seven total categories that create the livability score. Prior Lake scores well for amenities (A-), crime (A), education (A+), employment (B+) and housing (B). There is at least one category that did not score well in Prior Lake. The following was graded with a disappointing score: cost of living (F) and weather (F).
Location, location, location - possibly the three most important words in your search for a new place to live. Fortunately, in Prior Lake, there is no shortage of amazing local amenities and interesting things to do.
Feeling a sense of safety in the area that you live in is a must for most people. Low crime rates can have a positive impact on things like home prices, home appreciation rates and the overall sense of community. Prior Lake has a violent crime rate of 114 crimes per 100,000 residents which is far lower than the national average.
School test scores can be an important metric in deciding if the local area schools can provide a solid educational system for children. The schools in Prior Lake have a test score average of 69%, which is well above the US average.
Based on multiple factors including: median home and rental prices, appreciation rates and home affordability, Prior Lake has received high marks in the housing category. Based on these calculations, the apartment rental and real estate market appears to be very healthy.
Certain items on your wish list like shopping, restaurants, nightlife and proximity to public transportation are all important factors to search for. Having said that, perhaps the most important metric to consider when contemplating a move to Prior Lake is real estate affordability. The median home price for Prior Lake homes is $286,100, which is 49.4% higher than the Minnesota average. If we take a closer look at the affordability of homes in Prior Lake, we’ll see that the home price to income ratio is 2.8, which is 6.7% lower than the Minnesota average. Real estate appreciation rates in Prior Lake are important to consider, as they can act as a guide to determine if your new home purchase will be a solid investment going forward. During the last twelve months, the appreciation rate for Prior Lake homes comes in at 5.3%, and the 5 year appreciation rates were 7.2%.
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