Housing costs in Detroit Lakes?
A typical home costs
$340,900, which is 0.8% more expensive than the national average of
$338,100 and 10.1% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Detroit Lakes costs
$880 per month, which is 38.5% cheaper than the national average of
$1,430 and 40.9% cheaper than the state average of
$1,240.
Can I afford Detroit Lakes?
To live comfortably in Detroit Lakes, Minnesota, a minimum annual income of
$65,160 for a family, and
$27,600 for a single person is recommended.
What does A.I. say about Detroit Lakes?
The cost of living in Detroit Lakes, MN is quite reasonable compared to surrounding areas. While housing costs may be slightly higher than the U.S. average, they are still lower than most other metropolitan areas. According to BestPlaces, the cost of living index for Detroit Lakes is 68.3 out of 100, while the U.S. average is 100. The median home sale price for homes in Detroit Lakes is $169,000 - lower than the statewide median of $186,000 and higher than comparable rural towns and cities nearby. Additionally, basic utilities such as electricity and water are less expensive with the average monthly cost being around $100-$150 depending on usage and seasonality. Groceries are also reasonably priced allowing most families to benefit from a wide variety of options and prices for food items throughout the city.