States › Minnesota › Shakopee

Is Shakopee, MN expensive to live in?

OKRent takes 22 cents of every $1 people earn here.
🏠 Rent per month (2026)$2,15423% higher than U.S. average
💵 Families earn per year (2026)$115,640about $9,637/month · 33% higher than U.S. average
🔑 House price$374,80013% higher than U.S. average

Rent is higher than in 75% of U.S. cities. A typical house costs about 3.2 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $86,160 a year. That is $41 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 128 of 150 cities from cheapest to most expensive.

Shakopee
$2,154
Mankato
$1,411
Moorhead
$1,145
St. Louis Park
$2,024
Cottage Grove
$2,338
Maplewood
$1,682
Minnetonka
$2,100

How much do households earn in Shakopee?

Under $25k
7.2%
$25k–50k
15.9%
$50k–100k
31.9%
$100k–150k
21.6%
$150k+
20.5%

Share of households by yearly income. 42.1% of households earn $100,000 or more.

Rent by apartment size in Shakopee

SizeShakopeeU.S. average
Studio$1,210$1,338
1 bedroom$1,380$1,324
2 bedrooms$1,814$1,509
3 bedrooms$2,081$1,698
4 bedrooms$1,944$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Shakopee overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Shakopee, so the Minnesota figure is shown.

Taxes and bills in Shakopee

🏛️ Property tax$3,700a year · 0.99% of home value · U.S. $3,119
⚡ Electric bill$134a month (typical) · U.S. $156

Life in Shakopee

Commute to work22.4 minU.S.: 26.4 min
College degree40.4%U.S.: 35.7%
Own their home74.8%U.S.: 65.2%
Below poverty line5.9%U.S.: 12.5%
Unemployment3.7%U.S.: 5.2%

Is it cheaper to rent or buy in Shakopee?

Renting is cheaper right now: about $447 a month less.

Renting
$2,154
Owning
$2,601

Owning assumes a typical $374,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $37,480 for the down payment.

Frequently asked questions

What is the average rent in Shakopee, MN?

Renting in Shakopee costs a median of about $2,154 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Shakopee?

To keep rent under 30% of income, you need about $86,160 a year, or $41 an hour at a full-time job.

Is Shakopee cheap or expensive?

Shakopee is rated OK: rent takes 22.4% of the typical household income of $115,640. It ranks 128th cheapest of 150 Minnesota cities we track.

How much are property taxes in Shakopee?

The median homeowner in Shakopee pays $3,700 a year in property taxes, about 0.99% of the median home value.

Is Shakopee 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 Shakopee?

The median home value in Shakopee is $374,800, about 3.2 times the typical yearly household income.

46,012 people live in Shakopee. Numbers are typical (middle) values.