salaryRent is higher than in 78% of U.S. cities. Household incomes are higher than in 89% of U.S. cities. A typical house costs about 3.0 years of household income. Most homes (87.8%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $89,800 a year. That is $43 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 132 of 150 cities from cheapest to most expensive.
How much do households earn in Lakeville?
Share of households by yearly income. 55.5% of households earn $100,000 or more.
Rent by apartment size in Lakeville
| Size | Lakeville | U.S. average |
|---|---|---|
| Studio | $2,158 | $1,338 |
| 1 bedroom | $1,510 | $1,324 |
| 2 bedrooms | $1,943 | $1,509 |
| 3 bedrooms | $2,299 | $1,698 |
| 4 bedrooms | $2,743 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Lakeville 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 Lakeville, so the Minnesota figure is shown.
Taxes and bills in Lakeville
Life in Lakeville
Is it cheaper to rent or buy in Lakeville?
Renting is cheaper right now: about $895 a month less.
Owning assumes a typical $452,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $45,250 for the down payment.
Frequently asked questions
What is the average rent in Lakeville, MN?
Renting in Lakeville costs a median of about $2,245 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Lakeville?
To keep rent under 30% of income, you need about $89,800 a year, or $43 an hour at a full-time job.
Is Lakeville cheap or expensive?
Lakeville is rated Cheap: rent takes 18.0% of the typical household income of $149,956. It ranks 132nd cheapest of 150 Minnesota cities we track.
How much are property taxes in Lakeville?
The median homeowner in Lakeville pays $4,498 a year in property taxes, about 0.99% of the median home value.
Is Lakeville 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 Lakeville?
The median home value in Lakeville is $452,500, about 3.0 times the typical yearly household income.
74,354 people live in Lakeville. Numbers are typical (middle) values.