Eveleth, MN vs Madison Lake, MN

There is a significant gap in the cost of living between these two cities. Eveleth is 19.5% cheaper than Madison Lake. With a cost index of 63 vs 79, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Eveleth to Madison Lake should plan for substantially higher expenses across most categories.

On the housing front, median rent in Eveleth is $839/month compared to $829/month in Madison Lake — a 1% difference. Interestingly, home values tell a different story: while Madison Lake has cheaper rent, Eveleth actually has lower median home values ($91,800 vs $281,300).

Median household income in Eveleth is $47,721 compared to $84,833 in Madison Lake (-43.7%). While Madison Lake is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Eveleth spend roughly 21.1% of their income on rent, more than the 11.7% in Madison Lake.