Cost of Living: Lake park, MN vs Palatine, IL
Housing
The housing market plays a significant role in determining the cost of living.
| Metric | Lake park | Palatine |
|---|---|---|
| Housing Index | 85.0 | 110.0 |
| Median Home Price | $236,000 | $316,000 |
| Average Rent (2 BR Apartment) | $1200 | $1800 |
| Average Rent (2 BR House) | $1360 | $1840 |
Housing Comparison: Lake park vs Palatine
- The median home price in Palatine is higher at $316,000, compared to $236,000 in Lake park.
- In Palatine, the rental for a two-bedroom apartment stands at $1,800, while it is $1,200 in Lake park.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living.
| Metric | Lake park | Palatine |
|---|---|---|
| Electricity Price | $16.38 | $16.15 |
| Natural Gas Price | $14.87 | $16.59 |
| Other Utilities | $220 | $250 |
Utilities Comparison: Lake park vs Palatine
- Electricity costs are higher in Lake park at $16.38 per kWh, compared to $16.15 in Palatine.
- Palatine experiences higher natural gas costs at $16.59 per unit, with costs at $14.87 in Lake park.
- Palatine has higher utility expenses, averaging $250, while Lake park averages $220.