Ham Lake, MN

Above Avg · 114

Minnesota · Population 16,575 · Updated March 2026

$1,319
Median Rent / Month
$116,845
Median Income
$430,100
Median Home Value
$1,667
Owner Costs / Month

Affordability

How far your income goes in Ham Lake

13.5%
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

$15,828
Annual Rent
$11,509
State Income Tax
$4,774
Property Tax (est.)

Cost of Living Overview

Ham Lake is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 114 (where 100 equals the national median), Ham Lake residents can expect to pay median rent of $1,319/month while earning a median household income of $116,845/year.

The median home value in Ham Lake, MN is $430,100, with typical monthly owner costs around $1,667 including mortgage, insurance, and taxes. The median rent-to-income ratio of 13.5% 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 Ham Lake.

Frequently Asked Questions

Common questions about living costs in Ham Lake

What is the cost of living in Ham Lake, MN?
The cost of living index in Ham Lake, MN is 114 (US average = 100). Median monthly rent is $1,319, median household income is $116,845/year, and the median home value is $430,100.
Is Ham Lake, MN affordable?
No, Ham Lake is more expensive than the national average with a cost index of 114. The rent-to-income ratio is 13.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Ham Lake, MN?
The median gross rent in Ham Lake, MN is $1,319 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,828.
What is the median household income in Ham Lake?
The median household income in Ham Lake, MN is $116,845 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%.