Callaway, MN vs Lake Park, MN

Callaway, MN and Lake Park, MN have a very similar cost of living, with only a 2.5% difference in their overall index. Callaway scores 64 while Lake Park scores 66 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Callaway is $792/month compared to $717/month in Lake Park — a 11% difference. Interestingly, home values tell a different story: while Lake Park has cheaper rent, Callaway actually has lower median home values ($83,300 vs $160,900).

Median household income in Callaway is $55,000 compared to $63,250 in Lake Park (-13%). While Lake Park is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Callaway spend roughly 17.3% of their income on rent, more than the 13.6% in Lake Park.