Housing costs in Lakefield?
A typical home costs
$160,000, which is 52.7% less expensive than the national average of
$338,100 and 48.3% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Lakefield costs
$800 per month, which is 44.1% cheaper than the national average of
$1,430 and 55.0% cheaper than the state average of
$1,240.
Can I afford Lakefield?
To live comfortably in Lakefield (zip 56150), Minnesota, a minimum annual income of
$30,600 for a family, and
$24,400 for a single person is recommended.
What does A.I. say about Lakefield?
Living in 56150 Lakefield, MN has an average cost of living that is slightly higher than the national average. According to the most recent census data, the median home price in this area is around $158,000. This means that you can expect to pay more for a home here than in other parts of Minnesota. Rent is also on the higher side compared to other areas nearby but still less expensive than many other cities in the United States. Furthermore, groceries and utilities cost more than the national average as well. All these factors combined make it an expensive place to live but one with a low unemployment rate and a great quality of life.