Cost of Living in Lakeville
Lakeville's cost of living centers on a genuinely above-average south-metro housing and rent market, offset by a property tax rate that runs genuinely below Minnesota's own statewide median.
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Learn moreA real, disclosed housing and rent premium
Lakeville home values carried a real, disclosed spread this pass ($450,000-$527,912), and average rent ran $1,547-$1,975/month depending on source -- genuinely above neighboring Burnsville's figures.
A property tax rate below Minnesota's own statewide median
Lakeville's own effective property tax rate ran 1.09% (Ownwell) -- genuinely below the Minnesota state median of 1.13% cited in that same source, despite Lakeville's own above-average home values.
Minnesota's 4-bracket income tax, no local layer
Minnesota's real, genuine 4-bracket state income tax runs 5.35% to 9.85% (on income over ~$193,240 for single filers, 2026), applying statewide including in Lakeville, with no additional local city income tax.
Key takeaways
- Lakeville housing ($450,000-$527,912) and rent ($1,547-$1,975) run genuinely above neighboring Burnsville's.
- Lakeville's own property tax rate (1.09%) runs genuinely below Minnesota's statewide median (1.13%).
- Minnesota's flat-bracket state income tax (5.35%-9.85%) applies with no local Lakeville income tax add-on.
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