Elk River, MN vs Lakeville, MN

There is a significant gap in the cost of living between these two cities. Elk River is 17% cheaper than Lakeville. With a cost index of 103 vs 124, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Elk River to Lakeville should plan for substantially higher expenses across most categories.

On the housing front, median rent in Elk River is $1,269/month compared to $1,727/month in Lakeville — a 27% difference. Home values follow the same pattern: Elk River is more affordable at $338,300 median vs $425,200.

Median household income in Elk River is $99,457 compared to $138,119 in Lakeville (-28%). While Lakeville is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elk River spend roughly 15.3% of their income on rent, more than the 15% in Lakeville.