Cost of Living in Lake Shore, MN

With a cost of living index of 107, Lake Shore, MN is somewhat more expensive than average. Living here is 7% more expensive than the national average and 25% above the Minnesota state average of 82. Lake Shore is a small community of 1,117 residents.

Housing costs are the biggest factor in Lake Shore's cost of living. The median monthly rent is $982 (26% below the US median of $1,319), and the median home value sits at $532,500 (75% above the national median of $304,900). At current prices, the median home costs roughly 5.5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Lake Shore is $96,923, which is 29% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Lake Shore. The area sees an average annual temperature of 42.2°F, with summers averaging 67°F and winters around 14°F. Annual rainfall totals 24.5 inches spread over roughly 100 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.