Cost of Living in Rice Lake, MN

With a cost of living index of 94, Rice Lake, MN is slightly more affordable than average. Living here is 6% cheaper than the national average and 12% above the Minnesota state average of 82. Rice Lake is a small community of 4,120 residents.

Housing costs are the biggest factor in Rice Lake's cost of living. The median monthly rent is $1,328 (1% above the US median of $1,319), and the median home value sits at $283,700 (7% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Rice Lake is $95,347, which is 27% higher than the national median of $75,149. Residents spend roughly 17% 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 Rice Lake. The area sees an average annual temperature of 40.6°F, with summers averaging 65°F and winters around 15°F. Annual rainfall totals 31.2 inches spread over roughly 133 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Duluth, MN-WI (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.