Living in Lakeville, Minnesota
Cost of living, income, home prices, rent and demographics of Lakeville · Census data 2020–2024
Lakeville has 74,354 residents with a median age of 36.8. The median household income is $139,041 (56% higher than the Minnesota median), the median home value is $452,500, the median rent is $1,806/month.
Lakeville at a glance
- Population
- 74,354
- Median age
- 36.8State: 38.8
- Median household income
- $139,041State: $89,062
- Median home value
- $452,500State: $329,300
- Median rent
- $1,806/moState: $1,280
- Homeowners
- 87.8%
- Bachelor's degree or higher
- 50.6%
- Average commute
- 24 min
Is Lakeville a good place to live?
Pros: Median household income 56% higher than the Minnesota median; unemployment of 2%; a poverty rate of 2.9%.
Cons: Home values 37% higher than the state median; an average commute of 24 minutes.
The weather is best in June to September.
Cost of living in Lakeville
Housing is the biggest part of the cost of living. In Lakeville the median home value is $452,500, 36% higher than the U.S. median. Renters pay a median of $1,806 per month, which is 32.9% of household income. Homeowners with a mortgage pay $2,437 a month in housing costs.
Lakeville median household income
The median household income in Lakeville is $139,041 and the income per person is $57,291. 2.9% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Lakeville: homes for sale and rent
- Housing units
- 26,315
- Owner-occupied
- 87.8%
- Renter-occupied
- 12.2%
- Vacant
- 2.4%Includes seasonal homes
- Median year built
- 1999
- Average household size
- 2.89
Lakeville demographics
- Population
- 74,354
- Median age
- 36.8
- Under 18
- 27.8%
- 65 and older
- 10.9%
- Households
- 25,685
- Foreign-born
- 9.9%
- Veterans
- 5.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Lakeville ›
Education in Lakeville
50.6% of adults 25 and older in Lakeville have a bachelor's degree or higher (Minnesota: 39.4%), and 16.6% have a graduate or professional degree.
Jobs and commute in Lakeville
- Unemployment rate
- 2%State: 4.1%
- Average commute
- 24 minState: 23 min
- Work from home
- 23.4%
- Drive alone
- 66.1%
- Public transit
- 1%
- Walk to work
- 0.8%
- Homes with broadband
- 96.2%
Lakeville vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lakeville | 74,354 | $139,041 | $452,500 | $1,806 |
| Farmington | 23,902 | $123,673 | $366,200 | $1,241 |
| Apple Valley | 55,679 | $97,673 | $370,400 | $1,738 |
| Credit River | 5,551 | $143,125 | $595,000 | — |
| Burnsville | 64,463 | $87,024 | $355,200 | $1,513 |
| Empire | 3,092 | $147,700 | $469,500 | $2,052 |
| Savage | 32,889 | $125,513 | $432,300 | $1,766 |
| Elko New Market | 5,002 | $152,150 | $433,100 | $2,200 |
| Prior Lake | 28,016 | $134,255 | $450,700 | $1,654 |
More for people moving to Lakeville
Lakeville ZIP code ›Weather and climate ›Living in Lakeville: FAQ
What is the median household income in Lakeville, MN?
The median household income in Lakeville is $139,041, 56% higher than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Lakeville?
The median home value in Lakeville is $452,500, compared with $329,300 in Minnesota.
How much is rent in Lakeville?
The median gross rent in Lakeville is $1,806 per month, about 32.9% of household income.
Is Lakeville, MN a good place to live?
Pluses: median household income 56% higher than the Minnesota median; unemployment of 2%; a poverty rate of 2.9%. Minuses: home values 37% higher than the state median; an average commute of 24 minutes.
What is the median age in Lakeville?
The median age in Lakeville is 36.8 years (Minnesota: 38.8).
How long is the commute in Lakeville?
The average commute to work in Lakeville is 24 minutes; 23.4% of workers work from home.
What is the unemployment rate in Lakeville?
The unemployment rate in Lakeville is 2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lakeville?
50.6% of adults in Lakeville have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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