Ely, MN vs Lake Shore, MN

The cost of living difference between Ely, MN and Lake Shore, MN is dramatic. Ely is 42.2% cheaper than Lake Shore, a gap that translates to thousands of dollars per year in household expenses. Ely has a cost index of 62 while Lake Shore sits at 107, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Ely is $627/month compared to $982/month in Lake Shore — a 36% difference. Home values follow the same pattern: Ely is more affordable at $150,800 median vs $532,500.

Median household income in Ely is $46,042 compared to $96,923 in Lake Shore (-52.5%). While Lake Shore is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Ely spend roughly 16.3% of their income on rent, more than the 12.2% in Lake Shore.