salaryRent is higher than in 56% of U.S. cities. A typical house costs about 3.9 years of household income.
How much money do I need?
To rent here comfortably, you should earn about $71,120 a year. That is $34 an hour at a full-time job.
Is rent cheaper than other Minnesota cities?
No. Rent here is more expensive than in most of Minnesota. It is number 99 of 150 cities from cheapest to most expensive.
How much do households earn in Forest Lake?
Share of households by yearly income. 33.9% of households earn $100,000 or more.
Rent by apartment size in Forest Lake
| Size | Forest Lake | U.S. average |
|---|---|---|
| 1 bedroom | $1,428 | $1,324 |
| 2 bedrooms | $1,559 | $1,509 |
| 3 bedrooms | $1,859 | $1,698 |
| 4 bedrooms | $2,478 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Forest Lake overall?
Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Forest Lake, so the Minnesota figure is shown.
Taxes and bills in Forest Lake
Life in Forest Lake
Is it cheaper to rent or buy in Forest Lake?
Renting is cheaper right now: about $952 a month less.
Owning assumes a typical $393,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $39,350 for the down payment.
Frequently asked questions
What is the average rent in Forest Lake, MN?
Renting in Forest Lake costs a median of about $1,778 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Forest Lake?
To keep rent under 30% of income, you need about $71,120 a year, or $34 an hour at a full-time job.
Is Forest Lake cheap or expensive?
Forest Lake is rated OK: rent takes 21.3% of the typical household income of $100,240. It ranks 99th cheapest of 150 Minnesota cities we track.
How much are property taxes in Forest Lake?
The median homeowner in Forest Lake pays $3,751 a year in property taxes, about 0.95% of the median home value.
Is Forest Lake more expensive than the national average?
Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Forest Lake?
The median home value in Forest Lake is $393,500, about 3.9 times the typical yearly household income.
20,729 people live in Forest Lake. Numbers are typical (middle) values.