Cost of Living in Lake of the Woods County, Minnesota

$867/mo

Median Monthly Rent

$215,000

Median Home Value

5% below state averageUnaffordable

At a Glance

Median Monthly Rent

$867/mo

5% below state average

Median Home Value

$215,000

24% below national

Rent-to-Income Ratio

31.0%

% of income spent on rent

Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)

Affordability Rating

Unaffordable

Rent over 50% of income

How Lake of the Woods County Compares

Median monthly rent comparison

Lake of the Woods County$867/mo

Minnesota Average$915/mo

National Median$1,163/mo

Detailed Housing Stats

$867/mo

Median Gross Rent

$215,000

Median Home Value

$839/mo

Monthly Owner Cost

31.0%

Rent-to-Income Ratio

Data Story

About Cost of Living in Lake of the Woods County, Minnesota

Lake of the Woods: slightly above national norms

Lake of the Woods County residents spend 14.8% of their $70,091 median household income on rent, just above the national comfort zone but approaching problematic territory. At $867 per month, median rent is accessible, though local incomes trail the national average by about $4,600, typical for remote northern Minnesota.

Marginally above state rent-to-income average

Lake of the Woods's 14.8% rent-to-income ratio edges slightly above Minnesota's 14.5% state average, placing it in the middle tier of the state's housing markets. Median rent of $867 runs $48 below the state average of $915, offering modest rental savings relative to the broader state.

Moderate costs among northern peers

Lake of the Woods renters pay $867 monthly, positioning the county between Kittson's $728 and Kanabec's $1,003, with a rent burden of 14.8% that matches most state norms. The county occupies the middle ground of affordability among its northern Minnesota neighbors.

Balanced housing costs on modest incomes

Renters in Lake of the Woods spend 14.8% of their $70,091 annual income on housing, very close to the state average, while homeowners pay $839 monthly for properties valued at $215,000. Both pathways require moderate household discipline but remain within reach for middle-income families.

Reasonable middle ground in the north

Lake of the Woods offers modest rent and home values without the extreme affordability of Kittson or the premium pricing of Lake County. The county suits those seeking a balance between housing costs and northern Minnesota living, though economic diversity may be limited for relocating job seekers.

Affordability Calculator

See how your income compares to housing costs in Lake of the Woods County

Your Annual Household Income

Rent Burden

14.8%

of gross income

Max Housing (28% Rule)

$1,635

per month

Owner Cost Burden

14.4%

of gross income

The median home in Lake of the Woods County may be a stretch

Median home value is $215,000. Estimated monthly cost: $1,716 vs. your max of $1,635.

Rent Affordability Guide

Your rent-to-income ratio14.8%

Recommended max30.0%

Frequently Asked Questions

What is the cost of living in Lake of the Woods County, Minnesota?

Lake of the Woods County, Minnesota has a median monthly rent of $867/mo and a median home value of $215,000. The affordability rating is Unaffordable, with rent making up approximately 31.0% of median household income.

What is the median rent in Lake of the Woods County?

The median gross rent in Lake of the Woods County is $867/mo. This is 5% below state average for Minnesota.

Is Lake of the Woods County affordable?

Lake of the Woods County is rated Unaffordable based on rent-to-income ratio of 31.0%. Spending over 50% of income on rent is generally considered unaffordable.

How does Lake of the Woods County's rent compare to the state average?

Lake of the Woods County's median rent of $867/mo is 5% below state average of $915/mo for Minnesota.

What is the median home value in Lake of the Woods County?

The median home value in Lake of the Woods County, Minnesota is $215,000. This is 24% below the national median home value of $281,900.