Cost of Living in Lake County, Minnesota
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Lake County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lake County ranks #2,252 of 3,142 counties for affordability (bottom 28%)
Sourced county brief
Lake County Median Gross Rent and Housing Market Overview
The median gross rent in Lake County is $1,093 per month, which is $155 higher than the Minnesota unweighted county mean of $938. According to official ACS table B25071, the median gross rent as a percentage of household income (GRAPI) is 25.8%. This metric is 1.5 percentage points lower than the state unweighted county mean of 27.3%. Homeowners in Lake County have a median home value of $241,300, which is $2,964 above the state unweighted mean of $238,336. However, median selected monthly owner costs for all owner-occupied units are $965, which is $151 below the state unweighted mean of $1,116. The median income for renter-households is $50,750, while the overall median household income is $75,541. These points summarize housing and income data for the 2020-2024 five-year period. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Lake County
Affordability Verdict
ACS B25071 estimates median gross rent at 25.8% of renter household income in Lake County, which is below the 30% affordability benchmark. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $1,093 per month; median selected monthly owner costs are $965. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $43,720 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Minnesota unweighted mean of county median rents is $938 per month. Lake County's $1,093 median is 16.5% above that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Lake County
Rent Burden
17.4%
of gross income
Max Housing (28% Rule)
$1,763
per month
Owner Cost Burden
15.3%
of gross income
The median home in Lake County may be a stretch
Median home value is $241,300. Estimated monthly cost: $1,926 vs. your max of $1,763.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
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