Lakeville, MN vs Minnetonka, MN

Lakeville, MN and Minnetonka, MN have a very similar cost of living, with only a 2.7% difference in their overall index. Lakeville scores 124 while Minnetonka scores 127 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 Lakeville is $1,727/month compared to $1,758/month in Minnetonka — a 2% difference. Home values follow the same pattern: Lakeville is more affordable at $425,200 median vs $456,200.

Median household income in Lakeville is $138,119 compared to $120,496 in Minnetonka (+14.6%). Lakeville offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Lakeville spend roughly 15% of their income on rent, less than the 17.5% in Minnetonka.

Climate-wise, both cities share similar average temperatures (46.9°F vs 46.7°F). Lakeville receives more rainfall at 31.6" per year compared to 30.6" in Minnetonka.