Zip 56063 (Madison Lake, MN) Cost of Living


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How much do I need to live in Madison Lake, Minnesota?
$6,270 / month
for a family, 16.1% more expensive than the national average A total of $75,240 for the year for a family.
$2,633 / month
for a single person, 44.8% less expensive than the national average A total of $31,600 for the year for a single person.

Madison Lake cost of living score
86.7
Less expensive
13.3% lower
than the US average
10.8% lower
than the Minnesota average
Madison Lake (zip 56063), Minnesota gets a BestPlaces Cost of Living score of 86.7, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 13.3% lower than the U.S. average and 10.8% higher than the average for Minnesota.

Zip 56063 (Madison Lake, MN)

Housing costs in Madison Lake?
A typical home costs $393,400, which is 16.4% more expensive than the national average of $338,100 and 27.1% more expensive than the average Minnesota home, at $309,500. Renting a two-bedroom unit in Madison Lake costs $990 per month, which is 20.2% cheaper than the national average of $1,240 and 7.1% cheaper than the state average of $1,060.

Can I afford Madison Lake?
To live comfortably in Madison Lake (zip 56063), Minnesota, a minimum annual income of $75,240 for a family, and $31,600 for a single person is recommended.

What does A.I. say about Madison Lake?
The cost of living in Madison Lake, MN 56063 is relatively low compared to other cities in the US. The median home price is around $150,000, and the average rental rate for a one-bedroom apartment is about $700 per month. Utilities are also quite affordable, with an average electric bill of around $100 per month. Taxes are also fairly low, and overall it's an affordable city for those looking to settle down in a small town with plenty of recreational activities available.
   Cost of living score
       Higher than 100 is more expensive than the national average.
       Lower than 100 is less expensive.
     CategoriesMadison LakeMinnesotaUnited States
    Unlock97.2100.0
  101.6  Unlock100.0
    Unlock78.3100.0
  117.2  Unlock100.0
    Unlock$309,500$338,100
  96.6  Unlock100.0
    Unlock96.4100.0
  100.1  Unlock100.0

   100=National Average

   Average Rent by Bedroom Size
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