Cost of Living in Lakeville, MN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
187.2
100 = national avg
+87.2 vs national average
Living Wage (1 Adult)
$82,356
per year
Living Wage (Family of 4)
$194,660
per year
Cost Index by Category
Housing201.9
Food155.6
Transportation211.1
Healthcare144.5
Utilities153.7
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,405
per month
2 Bedroom
$1,709
per month
The overall cost of living index in Lakeville is 187.2, which is 87.2% above the national average. Housing costs are above the national average at an index of 201.9. A single adult needs to earn approximately $82,356 per year to cover basic expenses.