Cost of Living in Prior Lake, MN
Population 27,832 · Minnesota · Data vintage 2023
(100 = US avg)
Prior Lake lands reasonably close to national benchmarks on most cost indicators, with a median home value of $430,000 — 41% above the US figure. That makes it a useful reference point for comparing with more extreme markets in Minnesota. The labor market has been unusually tight, with unemployment around 1.2% — below most comparable cities in the state.
Geographically, Prior Lake sits roughly 20 miles southwest of Minneapolis. Median home values run roughly 24% higher than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Prior Lake
The median home value in Prior Lake is $429,900 — 41% above the national median of $305,000. Median rent runs $1,548/month, 18% higher than the national median of $1,314/month. The median household income of $130,278/year is 75% higher than the US median of $74,580. The local unemployment rate is 1.2%, 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, Prior Lake has a cost of living index of 132 versus the US average of 100, meaning it is 32% 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 Prior Lake, MN?
Prior Lake has a cost index of 132 (100 = national average). It is 32% above the national average.
What is average rent in Prior Lake, MN?
The median gross rent in Prior Lake is $1,548 per month based on 2023 Census data.
What is the average home price in Prior Lake?
The median home value in Prior Lake is $429,900 according to Zillow and Census data.
What is the median income in Prior Lake?
The median household income in Prior Lake is $130,278 per year (2023 ACS 5-year estimates).
What is the sales tax in Prior Lake, MN?
The combined state and local sales tax rate in Prior Lake is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Prior Lake, MN affordable?
Prior Lake is above average in cost of living, with an index of 132 — about 32% higher than the national average.
Prior Lake at a Glance
- Population
- 27,832
- Median Income
- $130,278
- Home Value
- $429,900
- Median Rent
- $1,548/mo
- Unemployment
- 1.2%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
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