Housing costs in Detroit Lakes?
A typical home costs
$331,700, which is 1.9% less expensive than the national average of
$338,100 and 7.2% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Detroit Lakes costs
$890 per month, which is 37.8% cheaper than the national average of
$1,430 and 39.3% cheaper than the state average of
$1,240.
Can I afford Detroit Lakes?
To live comfortably in Detroit Lakes (zip 56501), Minnesota, a minimum annual income of
$63,720 for a family, and
$28,000 for a single person is recommended.
What does A.I. say about Detroit Lakes?
The cost of living in 56501 Detroit Lakes, MN is relatively low compared to the national average. According to BestPlaces, Detroit Lakes' cost of living index is 80, which is 20% lower than the US average. The overall median home cost for Detroit Lakes stands at $179,200 while the median household income is $47,842. Renters will find that it’s more affordable than most cities in Minnesota with a median rent price of $745 per month. Although prices are still climbing, many people find that living in this area is much more affordable than other towns and cities across the country.