Cost of Living in Ham Lake, MN

With a cost of living index of 112, Ham Lake, MN is somewhat more expensive than average. Living here is 12% more expensive than the national average and 30% above the Minnesota state average of 82. Ham Lake is a smaller community of 16,575 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Ham Lake's cost of living. The median monthly rent is $1,319 (0% below the US median of $1,319), and the median home value sits at $430,100 (41% above the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Ham Lake is $116,845, which is 55% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Ham Lake. The area sees an average annual temperature of 45.8°F, with summers averaging 71°F and winters around 19°F. Annual rainfall totals 30.7 inches spread over roughly 0 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.