Cost of Living in Lake of the Woods County, Minnesota
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Lake of the Woods County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lake of the Woods County ranks #17 of 3,144 counties for affordability (top 1%)
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.
Cost of Living Advisory: Lake of the Woods County
Affordability Verdict
Housing in Lake of the Woods County is affordable. The median rent is $867/month against a median household income of $70,091, putting rent at 14.8% of income.
Rent vs. Own
At $867/month rent versus $839/month in owner costs, owning is roughly $28/month cheaper — a 3% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $34,680/year. For owner costs at the 28% rule, the required income is roughly $35,957/year. With a median household income of $70,091, most households can comfortably afford rent here. Notably, 31.0% of renter households in Lake of the Woods County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Lake of the Woods County sits 6% less expensive than Hubbard County ($923/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Lake of the Woods County
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
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 (2019-2023) — Informational only. Not financial or legal advice.
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