Housing costs in Lorain?
A typical home costs
$260,900, which is 22.8% less expensive than the national average of
$338,100 and 15.7% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Lorain costs
$930 per month, which is 35.0% more than the national average of
$1,430 and 33.3% more than the state average of
$1,240.
Can I afford Lorain?
To live comfortably in Lorain, Minnesota, a minimum annual income of
$50,040 for a family, and
$28,000 for a single person is recommended.
What does A.I. say about Lorain?
The cost of living in Lorain, MN is relatively affordable. According to the latest US Census Bureau data, the median household income is $36,521, and the median home value is $135,900. Additionally, the overall cost of living index for Lorain is 87.1 which is lower than the US average of 100. This means that housing and groceries tend to cost less in this area than other parts of the country. Furthermore, there are a variety of amenities located within city limits such as restaurants, grocery stores, banks and shopping malls which makes it easy to stay within budget while still enjoying all that Lorain has to offer.