Cost of Living in Lakefield, MN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
91.0
100 = national avg
-9.0 vs national average
Living Wage (1 Adult)
$40,035
per year
Living Wage (Family of 4)
$94,629
per year
Cost Index by Category
Housing80.7
Food97.9
Transportation95.8
Healthcare98.3
Utilities94.9
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$846
per month
2 Bedroom
$973
per month
The overall cost of living index in Lakefield is 91.0, which is 9.0% below the national average. Housing costs are below the national average at an index of 80.7. A single adult needs to earn approximately $40,035 per year to cover basic expenses.