Balaton, MN vs Red Lake, MN

There is a significant gap in the cost of living between these two cities. Red Lake is 27.2% cheaper than Balaton. With a cost index of 58 vs 73, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Red Lake to Balaton should plan for substantially higher expenses across most categories.

On the housing front, median rent in Balaton is $1,081/month compared to $426/month in Red Lake — a 154% difference. Interestingly, home values tell a different story: while Red Lake has cheaper rent, Balaton actually has lower median home values ($85,000 vs $136,000).

Median household income in Balaton is $54,091 compared to $55,092 in Red Lake (-1.8%). Red Lake offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Balaton spend roughly 24% of their income on rent, more than the 9.3% in Red Lake.