Cost of Living in Lakeville, MN
Housing
The housing market plays a significant role in determining the cost of living in Lakeville, MN.
- Housing Index: 110.0 / 100
- Median Home Price is: $380,000
- Average Rent (2 BR Apartment): $1800 per month
- Average Rent (2 BR House): $1920 per month
Considering a move to Lakeville, MN? With a housing index of 110.0, it's relatively higher than the national average, indicating increased demand. A median home price of 380000 suggests homeownership may evolve into a hefty investment. Meanwhile, average rents for a 2-bedroom apartment are around 1800, while a 2-bedroom house averages 1920. This may imply limited rental availability or higher living costs. Research local amenities, schools, and employment trends to better gauge your decision. Always consider potential future appreciation when buying real estate in this dynamic market.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Lakeville, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Lakeville, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Lakeville is a financially viable option for your relocation.