Cost of Living in Lakeville, MN
Population 72,480 · Minnesota · Data vintage 2023
(100 = US avg)
The Lakeville cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $425,000, rents near $1,727 a month. An unemployment rate of 2.3% points to a labor market well on the tight side of the national distribution.
Lakeville sits roughly 20 miles south of Minneapolis — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 23% higher than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lakeville
The median home value in Lakeville is $425,200 — 39% above the national median of $305,000. Median rent runs $1,727/month, 31% higher than the national median of $1,314/month. The median household income of $138,119/year is 85% higher than the US median of $74,580. The local unemployment rate is 2.3%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Lakeville has a cost of living index of 136 versus the US average of 100, meaning it is 36% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Lakeville, MN?
Lakeville has a cost index of 136 (100 = national average). It is 36% above the national average.
What is average rent in Lakeville, MN?
The median gross rent in Lakeville is $1,727 per month based on 2023 Census data.
What is the average home price in Lakeville?
The median home value in Lakeville is $425,200 according to Zillow and Census data.
What is the median income in Lakeville?
The median household income in Lakeville is $138,119 per year (2023 ACS 5-year estimates).
What is the sales tax in Lakeville, MN?
The combined state and local sales tax rate in Lakeville is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Lakeville, MN affordable?
Lakeville is above average in cost of living, with an index of 136 — about 36% higher than the national average.
Lakeville at a Glance
- Population
- 72,480
- Median Income
- $138,119
- Home Value
- $425,200
- Median Rent
- $1,727/mo
- Unemployment
- 2.3%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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