Cost Of Living in Lake City, MN

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Lake City	Minnesota	National
Cost of living	100	99	100
Goods & Services	103	100	100
Groceries	97	98	100
Health care	110	109	100
Housing	96	100	100
Transportation	99	97	100
Utilities	101	93	100

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Cost Of Living Quick Facts

The cost of living in Lake City is 1% higher than the Minnesota average
The cost of living in Lake City is equal to the national average
Lake City housing is 4% lower than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$70,142	$5,845	$1,637	$2,104
Renters	$42,885	$3,574	$1,001	$1,287

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lake City, MN, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Lake City homeowners, is $70,142. This would allow for a maximum of $1,637 per month to be spent on housing costs. For renters, the median monthly income is $42,885 which would result in a maximum of $1,001 to be spent on rental costs.

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

Goods & Services

Item	Lake City	National avg.	Difference
Haircut	$20.83	$24.26	14.1%
Beauty Salon	$39.17	$45.56	14.0%
Toothpaste	$3.67	$3.70	1.0%
Shampoo	$1.23	$1.28	3.7%
Movie	$10.00	$12.13	17.6%
Bowling	$15.67	$18.00	13.0%

Groceries

Item	Lake City	National avg.	Difference
Ground Beef	$5.94	$5.84	1.8%
Fried Chicken	$1.61	$1.57	2.6%
Milk	$4.58	$4.67	2.0%
Potatoes	$4.49	$4.93	9.0%
Pizza	$12.29	$12.09	1.7%
Beer	$8.47	$10.41	18.6%

Health Care

Item	Lake City	National avg.	Difference
Optometrist	$125.00	$125.68	0.5%
Doctor	$179.67	$135.78	32.3%
Dentist	$107.33	$113.29	5.3%
Ibuprofen	$10.27	$10.65	3.6%
Lipitor	$538.52	$468.60	14.9%

Housing

Item	Lake City	National avg.	Difference
Home Price	$178,900.00	$184,700.00	3.1%
Avg. Mortgage Payment	$1,958.05	$2,346.69	16.6%
Apartment Rent	$886.00	$949.00	6.6%

Transportation

Item	Lake City	National avg.	Difference
Gasoline	$3.36	$3.46	2.8%
Tire Balancing	$62.89	$59.92	5.0%

Utilities

Item	Lake City	National avg.	Difference
All Electricity	$193.62	$193.99	0.2%
Phone	$197.22	$192.25	2.6%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Millville, MN	267	89	11.3%
Arkansaw, WI	338	89	10.7%
Nelson, WI	311	91	9.2%
Plum City, WI	607	92	8.4%
Bay City, WI	444	89	10.6%
Lake City, MN	5,050	100	0.3%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Orford, QC	5,049	n/a
Firthcliffe, NY	5,051	126	25.9%
Kutztown, PA	5,051	101	1.0%
East Quogue, NY	5,053	165	64.6%
Clarkson, NY	5,046	97	3.1%
Lake City, MN	5,050	100	0.3%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Lake City, MN