Lakeville, MN

Very High · 131

Minnesota · Population 72,480 · Updated March 2026

$1,727
Median Rent / Month
$138,119
Median Income
$425,200
Median Home Value
$1,977
Owner Costs / Month

Affordability

How far your income goes in Lakeville

15.0%
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

$20,724
Annual Rent
$13,605
State Income Tax
$4,720
Property Tax (est.)

Cost of Living Overview

Lakeville has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 131 (where 100 equals the national median), Lakeville residents can expect to pay median rent of $1,727/month while earning a median household income of $138,119/year.

The median home value in Lakeville, MN is $425,200, with typical monthly owner costs around $1,977 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.0% 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 Lakeville.

Frequently Asked Questions

Common questions about living costs in Lakeville

What is the cost of living in Lakeville, MN?
The cost of living index in Lakeville, MN is 131 (US average = 100). Median monthly rent is $1,727, median household income is $138,119/year, and the median home value is $425,200.
Is Lakeville, MN affordable?
No, Lakeville is more expensive than the national average with a cost index of 131. The rent-to-income ratio is 15.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lakeville, MN?
The median gross rent in Lakeville, MN is $1,727 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $20,724.
What is the median household income in Lakeville?
The median household income in Lakeville, MN is $138,119 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%.