F
18%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
70%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 living11899100
Goods & Services95100100
Groceries9798100
Health care101109100
Housing170100100
Transportation9797100
Utilities9593100

An Overview of Cost of Living in Lakeville, MN

Knowing the cost of living in Lakeville allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Lakeville stands at 118, marking it 18% higher than the national average.

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 69.6% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Lakeville Affordable?

Is Lakeville 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 Lakeville is 76.2% higher than the national average, while the average monthly rent prices are 54.3% higher than average. The affordability of any location can also be influenced by median income levels. Lakeville has a median household income of $112,020, which is 102.5% higher than the national average.

What Factors can Influence the Cost of Living in Lakeville?

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.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lakeville, the groceries index is 2.6% lower than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Lakeville comes in at 5.2% lower than the national average.

Where is the Data From?

The Lakeville cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lakeville is 19% higher than the Minnesota average
  • The cost of living in Lakeville is 18% higher than the national average
  • Lakeville housing is 70% 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

Most Affordable Places to Live in and Around Lakeville

See all the best places to live around Lakeville

Compare Lakeville, MN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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 $25.86$24.266.6%
      Beauty Salon $37.00$45.5618.8%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.50$1.2816.9%
      Movie $11.32$12.136.7%
      Bowling $25.68$18.0042.6%

      Groceries

      Item Lakeville National avg. Difference
      Ground Beef $5.75$5.841.4%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $4.76$4.933.5%
      Pizza $13.00$12.097.6%
      Beer $9.44$10.419.3%

      Health Care

      Item Lakeville National avg. Difference
      Optometrist $112.72$125.6810.3%
      Doctor $164.15$135.7820.9%
      Dentist $95.01$113.2916.1%
      Ibuprofen $10.71$10.650.6%
      Lipitor $499.35$468.606.6%

      Housing

      Item Lakeville National avg. Difference
      Home Price $325,400.00$184,700.0076.2%
      Avg. Mortgage Payment $1,983.77$2,346.6915.5%
      Apartment Rent $1,464.00$949.0054.3%

      Transportation

      Item Lakeville National avg. Difference
      Gasoline $3.32$3.464.0%
      Tire Balancing $59.91$59.920.0%

      Utilities

      Item Lakeville National avg. Difference
      All Electricity $180.11$193.997.2%
      Phone $187.59$192.252.4%
      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.
      Coates, MN142991.2%
      St. Paul Park, MN5,404990.6%
      Northfield, MN20,3991032.7%
      Hampton, MN5861032.9%
      Vermillion, MN4841043.6%
      Lakeville, MN65,71011818.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Eastvale, CA65,76617069.7%
      Shawnee, KS65,8441043.7%
      Madera, CA65,57511514.7%
      Auburn, AL65,5081087.8%
      Halton Hills, ON65,483n/a 
      Lakeville, MN65,71011818.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.