Quick facts: Lakeville, MN

Quick Facts

102.8
Cost of Living
above US average
74,553
Population
7.61
Crime Rate per 1000
below US average
$129,069
Median Income
above US average
$549,950
Median House Price
above US average
$2675.06
Average Rent
above US average
4%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $129,069.

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Income Needed to Buy

βœ— Stretch
$173k/year
Based on $549,950 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $173k vs median $129,069
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Income Needed to Rent

βœ“ Affordable
$115k/year
Based on $2675.06/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($129,069) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lakeville, MN

Lakeville is a vibrant city located in Dakota County, Minnesota, approximately 22 miles south of downtown Minneapolis. Known for its scenic lakes and parks, Lakeville offers a mix of suburban charm and outdoor recreational opportunities. The city is home to Lakeville North and Lakeville South High Schools, which are part of a well-regarded school district, making it a desirable place for families. Lakeville features a rich community life, with various shops, restaurants, and local businesses contributing to its economy. The city's parks, such as the popular Lakeville Heritage Center and Antlers Park, provide ample space for outdoor activities like hiking, picnicking, and sports. Residents enjoy a suburban lifestyle with easy access to the Twin Cities via Interstate 35. Lakeville also hosts a number of annual events, including the Pan-O-Prog celebration, bringing the community together to celebrate its local culture. Overall, Lakeville offers a blend of community spirit, recreational opportunities, and convenient access to urban amenities.

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