Cost of Living in Pequot Lakes, MN

With a cost of living index of 78, Pequot Lakes, MN is a very affordable place to live. Living here is 22% cheaper than the national average and 4% below the Minnesota state average of 82. Pequot Lakes is a small community of 2,236 residents.

Housing costs are the biggest factor in Pequot Lakes's cost of living. The median monthly rent is $792 (40% below the US median of $1,319), and the median home value sits at $246,400 (19% below 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 Pequot Lakes is $66,974, which is 11% lower 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. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Pequot Lakes. 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.