Forest Lake, MN

Average · 107

Minnesota · Population 20,678 · Updated March 2026

$1,379
Median Rent / Month
$89,879
Median Income
$375,900
Median Home Value
$1,503
Owner Costs / Month

Affordability

How far your income goes in Forest Lake

18.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$16,548
Annual Rent
$8,853
State Income Tax
$4,172
Property Tax (est.)

Cost of Living Overview

Forest Lake is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 107 (where 100 equals the national median), Forest Lake residents can expect to pay median rent of $1,379/month while earning a median household income of $89,879/year.

The median home value in Forest Lake, MN is $375,900, with typical monthly owner costs around $1,503 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Forest Lake.

Frequently Asked Questions

Common questions about living costs in Forest Lake

What is the cost of living in Forest Lake, MN?
The cost of living index in Forest Lake, MN is 107 (US average = 100). Median monthly rent is $1,379, median household income is $89,879/year, and the median home value is $375,900.
Is Forest Lake, MN affordable?
No, Forest Lake is more expensive than the national average with a cost index of 107. The rent-to-income ratio is 18.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Forest Lake, MN?
The median gross rent in Forest Lake, MN is $1,379 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,548.
What is the median household income in Forest Lake?
The median household income in Forest Lake, MN is $89,879 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.