salaryRent is higher than in 57% of U.S. cities. Household incomes are higher than in 88% of U.S. cities. A typical house costs about 3.1 years of household income. Most homes (86.2%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $71,560 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 102 of 150 cities from cheapest to most expensive.
How much do households earn in Prior Lake?
Share of households by yearly income. 54.0% of households earn $100,000 or more.
Rent by apartment size in Prior Lake
| Size | Prior Lake | U.S. average |
|---|---|---|
| 1 bedroom | $1,641 | $1,324 |
| 2 bedrooms | $1,698 | $1,509 |
| 3 bedrooms | $2,126 | $1,698 |
| 4 bedrooms | $3,351 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Prior 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 Prior Lake, so the Minnesota figure is shown.
Taxes and bills in Prior Lake
Life in Prior Lake
Is it cheaper to rent or buy in Prior Lake?
Renting is cheaper right now: about $1,338 a month less.
Owning assumes a typical $450,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $45,070 for the down payment.
Frequently asked questions
What is the average rent in Prior Lake, MN?
Renting in Prior Lake costs a median of about $1,789 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Prior Lake?
To keep rent under 30% of income, you need about $71,560 a year, or $34 an hour at a full-time job.
Is Prior Lake cheap or expensive?
Prior Lake is rated Cheap: rent takes 14.8% of the typical household income of $144,794. It ranks 102nd cheapest of 150 Minnesota cities we track.
How much are property taxes in Prior Lake?
The median homeowner in Prior Lake pays $4,467 a year in property taxes, about 0.99% of the median home value.
Is Prior 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 Prior Lake?
The median home value in Prior Lake is $450,700, about 3.1 times the typical yearly household income.
28,016 people live in Prior Lake. Numbers are typical (middle) values.