salaryRent here is among the lowest 10% of all U.S. cities. A typical house costs about 3.1 years of household income. Most homes (79.2%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $23,760 a year. That is $11 an hour at a full-time job.
Is rent cheaper than other Minnesota cities?
Yes. Rent here is cheaper than in most of Minnesota. It is number 1 of 150 cities from cheapest to most expensive.
How much do households earn in Lake City?
Share of households by yearly income. 23.6% of households earn $100,000 or more.
Rent by apartment size in Lake City
| Size | Lake City | U.S. average |
|---|---|---|
| 1 bedroom | $700 | $1,324 |
| 2 bedrooms | $943 | $1,509 |
| 3 bedrooms | $1,268 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Lake City 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 Lake City, so the Minnesota figure is shown.
Taxes and bills in Lake City
Life in Lake City
Is it cheaper to rent or buy in Lake City?
Renting is cheaper right now: about $1,062 a month less.
Owning assumes a typical $238,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,870 for the down payment.
Frequently asked questions
What is the average rent in Lake City, MN?
Renting in Lake City costs a median of about $594 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Lake City?
To keep rent under 30% of income, you need about $23,760 a year, or $11 an hour at a full-time job.
Is Lake City cheap or expensive?
Lake City is rated Cheap: rent takes 9.1% of the typical household income of $77,915. It ranks 1st cheapest of 150 Minnesota cities we track.
How much are property taxes in Lake City?
The median homeowner in Lake City pays $2,781 a year in property taxes, about 1.17% of the median home value.
Is Lake City 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 Lake City?
The median home value in Lake City is $238,700, about 3.1 times the typical yearly household income.
5,034 people live in Lake City. Numbers are typical (middle) values.