Lake City, MN Cost Of Living
Cost Of Living In Lake City, MN Summary
Cost of living in Lake City research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lake City is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lake City is 95, with 100 being the average.
The cost of living index in Lake City is 0.9x lower than the national average.
Lake City ranks as the #25 cheapest in Minnesota out of 147.
Lake City ranks as the #2,449 cheapest out of 6,412 in the US.
The median home value in Lake City is $199,000.
The median income in Lake City is $65,652.
Table Of Contents
Lake City's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Lake City, MN?
According to the most recent data on the cost of living, Lake City has an overall cost of living index of 95, which is 0.9x lower than the national index of 100.
Compared to Minnesota, Lake City has a cost of living index that's 1.0x lower than Minnesota's index of 95.
The standard of living in Lake City ranks as #25 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Lake City ranks as the #122 most expensive place in the North Star State.
For more reading on life in Lake City, check out:
- Living In Lake City
- Lake City Crime Report
- Search Homes For Sale In Lake City, MN
In Minnesota
In America
Lake City Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Lake City. Here is how it fairs on each of the criteria:
The Services index in Lake City is 101.
The Groceries index in Lake City is 96.
The Health index in Lake City is 113.
The Housing index in Lake City is 81.
The Transportation index in Lake City is 104.
The Utilities index in Lake City is 104.
| Living Expense | Lake City | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 95 | 95 | 100 | |
| Services | 101 | 101 | 100 | |
| Groceries | 96 | 98 | 100 | |
| Health | 113 | 111 | 100 | |
| Housing | 81 | 83 | 100 | |
| Transportation | 104 | 98 | 100 | |
| Utilities | 104 | 95 | 100 | |
Lake City, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Lake City is $199,000.
The Median Rent in Lake City is $963.
The Median Income in Lake City is $65,652.
The Home Value To Income in Lake City is 3.0x.
The Rent To Monthly Income in Lake City is 0.18x.
| Statistic | Lake City | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $199,000 | $250,200 | $244,900 |
| Median Rent | $963 | $1,081 | $1,163 |
| Median Income | $65,652 | $77,706 | $69,021 |
| Home Value To Income | 3.0x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.18x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Lake City, MN Costs By Category
Detailed Lake City Services Costs Vs. Minnesota
Detailed Lake City Groceries Costs Vs. Minnesota
Detailed Lake City Health Costs Vs. Minnesota
Detailed Lake City Transportation Costs Vs. Minnesota
Detailed Lake City Utilities Costs Vs. Minnesota
Lake City SnackAbility
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