Average Rent in Lake County, MN↓ Rents falling 35.0% YoY🔻 Cheapest in MN

Lake County, MN has rental prices ranging from $484/month to $995/month in 2021, depending on unit size. The typical 1-bedroom apartment rents for $592/month — 58% below the national average of $1,400/month. With a median household income of $75,621/year, spending $592/month on a 1-bedroom represents 9% of gross income — within the recommended 30% threshold.

How Lake County Compares

With an average 2-bedroom rent of $734/month, Lake County ranks #75 most expensive of the 75 cities tracked in Minnesota — more affordable than 99% of all US cities in our data.

The Lake County Rental Market

The Lake County, MN area has a population of about 10,911 and 16% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Lake County, MN have fallen by $396/month (35.0%) over the past year, from $1,130 to $734. This rate of decrease is significant and reflects softening demand or increased inventory in the local market.

Affordability

To afford a 1-bedroom apartment in Lake County, MN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $23,680. The local median household income of $75,621 exceeds that threshold by $51,941, making Lake County relatively accessible compared to local wages.

Economy & Jobs

Lake County, MN has an unemployment rate of 4.1%, 0.2 percentage points above the national average of 3.9%. A higher unemployment rate can moderate rental demand over time, which may help keep rent growth in check compared to tighter job markets.

Is Lake County, MN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Lake County?

Break-even analysis and mortgage estimates based on local market data.

Living in Lake County

Cost of living, job market, crime rates, and moving cost estimates.