Quick facts: Side lake, MN

Quick Facts

102.8
Cost of Living
above US average
210
Population
9.52
Crime Rate per 1000
below US average
$55,000
Median Income
below US average
$70,000
Median House Price
above US average
$1560
Average Rent
above US average
10%
Poverty Rate
below US average
5.0%
Unemployment Rate
above 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 $55,000.

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Income Needed to Buy

βœ“ Affordable
$22k/year
Based on $70,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($55,000) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$67k/year
Based on $1560/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $67k vs median $55,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Side lake, MN

Side Lake is a small unincorporated community located in Itasca County, Minnesota. Nestled in the picturesque Northern Minnesota woods, it offers a serene environment characterized by beautiful lakes, lush forests, and abundant wildlife. The area is known for its outdoor recreational opportunities, including fishing, hiking, and boating, making it a popular destination for nature enthusiasts and those looking to escape the hustle and bustle of city life. The nearby Side Lake, from which the community derives its name, provides a tranquil setting for both residents and visitors, with options for swimming, kayaking, and picnicking by the waterfront. The community is also in proximity to larger towns, such as Grand Rapids, which offers additional amenities, shopping, and dining experiences. With a strong sense of community, Side Lake embodies the charm of rural Minnesota living, featuring friendly residents and a laid-back atmosphere. It is an ideal location for those seeking a peaceful retreat in nature or a place to build a home surrounded by the beauty of the North Woods.

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