Cost of Living in Prior Lake, MN
Population 28,016 · Census ACS 2020–2024 5-year estimates
The median rent in Prior Lake, MN is $1,654/month, 29% higher than the Minnesota median and 17% higher than the U.S. median. The median home value is $450,700, 35% higher than the national median. Households earn a median of $134,255 a year, 51% higher than the state median.
Affordability
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Prior Lake vs. Minnesota vs. U.S.
| Prior Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median rent | $1,654 | $1,280 | $1,413 |
| Median home value | $450,700 | $329,300 | $332,700 |
| Median household income | $134,255 | $89,062 | $80,734 |
| Homeownership rate | 86.2% | 72.2% | 65.2% |
| Bachelor's degree or higher | 52.4% | 39.4% | 35.7% |
| Poverty rate | 3.1% | 9.3% | 12.5% |
| Unemployment rate | 1.5% | 4.1% | 5.2% |
| Work from home | 24.6% | 17.6% | 15.1% |
| Median age | 39.6 | 38.8 | 38.9 |
FAQ
What is the average rent in Prior Lake, MN?
The median gross rent in Prior Lake, MN is $1,654 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Prior Lake, MN?
Using the common 30% rule, renting a median-priced home takes about $66,160 a year in gross income.
Is Prior Lake, MN expensive to live in?
Rent there is 17% higher than the U.S. median, and the median home costs about 3.4 times the median household income.
Other cities in Minnesota
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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