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)
How Lake County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lake County ranks #238 of 3,144 counties for affordability (top 8%)
Data Story
About Cost of Living in Lake County, Minnesota
Lake County: high rent, strong local wages
Lake County residents spend 16.3% of their $75,621 median household income on rent, above the national comfort zone but supported by wages that exceed the national average of $74,755. At $1,026 per month, median rent reflects the county's higher cost structure relative to rural Minnesota peers.
Among state's pricier rental markets
Lake County's 16.3% rent-to-income ratio ranks above Minnesota's 14.5% state average, indicating tighter housing affordability than most of the state. At $1,026 monthly, median rent sits $111 above the state average of $915, placing Lake County among the costlier Minnesota counties despite its remote location.
Lake County's rents stand above peers
Lake County renters pay $1,026 monthly—nearly $300 more than Kittson County ($728) and $252 more than Koochiching ($774)—despite modest median incomes of $75,621. Among regional neighbors, only Kanabec at $1,003 approaches Lake County's rental price point, marking both as the region's costliest markets for renters.
Higher rent burden on solid incomes
Renters in Lake County dedicate 16.3% of their income to rent, above state averages, while homeowners pay $947 monthly for homes valued at $222,900. The county's higher housing costs across both renting and ownership pathways require stronger household budgets to avoid financial strain.
Premium pricing in a scenic location
Lake County offers strong wages and desirable amenities—likely driving higher rents—but budget-conscious relocators may find better value in nearby Kittson or Koochiching. If you prioritize lake culture and scenic beauty over housing affordability, Lake County's premium may be worth the investment.
Cost of Living Advisory: Lake County
Affordability Verdict
For renters in Lake County, the market is affordable. Expect to pay around $1,026/month in gross rent, with 23.0% of renter households considered cost-burdened.
Rent vs. Own
Renters in Lake County pay $1,026/month on average, compared to $947/month for homeowners. This market favors buyers by about 8%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $41,040/year. For owner costs at the 28% rule, the required income is roughly $40,586/year. With a median household income of $75,621, most households can comfortably afford rent here. Notably, 23.0% of renter households in Lake County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to St. Louis County where rent averages $970/month, Lake County is approximately 6% more expensive.
Affordability Calculator
See how your income compares to housing costs in Lake County
Rent Burden
16.3%
of gross income
Max Housing (28% Rule)
$1,764
per month
Owner Cost Burden
15.0%
of gross income
The median home in Lake County may be a stretch
Median home value is $222,900. Estimated monthly cost: $1,779 vs. your max of $1,764.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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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 (2019-2023) — Informational only. Not financial or legal advice.
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