Living in Prior Lake, Minnesota
Cost of living, income, home prices, rent and demographics of Prior Lake · Census data 2020–2024
Prior Lake has 28,016 residents with a median age of 39.6. The median household income is $134,255 (51% higher than the Minnesota median), the median home value is $450,700, the median rent is $1,654/month.
Prior Lake at a glance
- Population
- 28,016
- Median age
- 39.6State: 38.8
- Median household income
- $134,255State: $89,062
- Median home value
- $450,700State: $329,300
- Median rent
- $1,654/moState: $1,280
- Homeowners
- 86.2%
- Bachelor's degree or higher
- 52.4%
- Average commute
- 25 min
Is Prior Lake a good place to live?
Pros: Median household income 51% higher than the Minnesota median; unemployment of 1.5%; a poverty rate of 3.1%.
Cons: Home values 37% higher than the state median; an average commute of 25 minutes.
The weather is best in June to September.
Cost of living in Prior Lake
Housing is the biggest part of the cost of living. In Prior Lake the median home value is $450,700, 35% higher than the U.S. median. Renters pay a median of $1,654 per month, which is 34.7% of household income. Homeowners with a mortgage pay $2,478 a month in housing costs.
Prior Lake median household income
The median household income in Prior Lake is $134,255 and the income per person is $62,573. 3.1% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Prior Lake: homes for sale and rent
- Housing units
- 10,357
- Owner-occupied
- 86.2%
- Renter-occupied
- 13.8%
- Vacant
- 3.7%Includes seasonal homes
- Median year built
- 1998
- Average household size
- 2.79
Prior Lake demographics
- Population
- 28,016
- Median age
- 39.6
- Under 18
- 25.3%
- 65 and older
- 15.7%
- Households
- 9,976
- Foreign-born
- 7.7%
- Veterans
- 6.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Prior Lake ›
Education in Prior Lake
52.4% of adults 25 and older in Prior Lake have a bachelor's degree or higher (Minnesota: 39.4%), and 15.1% have a graduate or professional degree.
Jobs and commute in Prior Lake
- Unemployment rate
- 1.5%State: 4.1%
- Average commute
- 25 minState: 23 min
- Work from home
- 24.6%
- Drive alone
- 63.9%
- Public transit
- 0.8%
- Walk to work
- 1.2%
- Homes with broadband
- 96%
Prior Lake vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Prior Lake | 28,016 | $134,255 | $450,700 | $1,654 |
| Shakopee | 46,012 | $107,223 | $374,800 | $1,531 |
| Savage | 32,889 | $125,513 | $432,300 | $1,766 |
| Credit River | 5,551 | $143,125 | $595,000 | — |
| Burnsville | 64,463 | $87,024 | $355,200 | $1,513 |
| Eden Prairie | 63,051 | $130,489 | $473,900 | $1,833 |
| Bloomington | 88,665 | $93,211 | $361,700 | $1,561 |
| Carver | 6,239 | $147,697 | $445,800 | $1,379 |
| Lakeville | 74,354 | $139,041 | $452,500 | $1,806 |
More for people moving to Prior Lake
Prior Lake ZIP code ›Weather and climate ›Living in Prior Lake: FAQ
What is the median household income in Prior Lake, MN?
The median household income in Prior Lake is $134,255, 51% 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 Prior Lake?
The median home value in Prior Lake is $450,700, compared with $329,300 in Minnesota.
How much is rent in Prior Lake?
The median gross rent in Prior Lake is $1,654 per month, about 34.7% of household income.
Is Prior Lake, MN a good place to live?
Pluses: median household income 51% higher than the Minnesota median; unemployment of 1.5%; a poverty rate of 3.1%. Minuses: home values 37% higher than the state median; an average commute of 25 minutes.
What is the median age in Prior Lake?
The median age in Prior Lake is 39.6 years (Minnesota: 38.8).
How long is the commute in Prior Lake?
The average commute to work in Prior Lake is 25 minutes; 24.6% of workers work from home.
What is the unemployment rate in Prior Lake?
The unemployment rate in Prior Lake is 1.5% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Prior Lake?
52.4% of adults in Prior Lake 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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