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City Report · MN

Forest Lake

Pop. 20,729·41st most expensive in Minnesota·Rental market data updated monthly for Forest Lake, MN
Median rent (all units)
$1,625/mo
Year-over-Year
+1.3%
Month-over-Month
-0.8%
vs US Median
-$340
Falling (Monthly)
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Most AffordableMost Expensive
Forest Lake · $1,625
More affordable than 68% of US cities · National median $1,965/mo
Affordability
21% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,625/mo, rent takes about 21% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$65,000/yr
Local median income
$92,944/yr
Based on the 30%-of-income rule using Forest Lake's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,190
1 BR
$1,350
2 BR
$1,650
3 BR
$2,200
4 BR+
$2,460
Research median
$1,650/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,500/yr
At $1,625/mo median
Rent Market Meter
Balanced Market
Renter's MarketBalancedLandlord's Market
Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.
Based on rent-price momentum (+1.3% YoY, -0.8% MoM), not inventory.
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Demographics

Who lives here

Forest Lake, MN is majority owner-occupied, has a median income above the national average, 35.4% of residents hold a bachelor's degree or higher.

Population
20,729
Median income
$92,944
Median age
39.6
Renters
27.1%
Age distribution
23.2%
20.8%
27.3%
16.9%
Under 1823.2%
18–3420.8%
35–5427.3%
55–6411.8%
65+16.9%
Gender
49%
51%
Male49%
Female51%
Race & ethnicity
86.4%
White86.4%
Black3%
Hispanic3.8%
Asian3.6%
Other3.3%
Education (25+)
25.6%
33.5%
35.4%
No HS diploma5.4%
HS diploma25.6%
Some college33.5%
Bachelor's+35.4%
Housing tenure
72.9%
27.1%
Owner72.9%
Renter27.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Forest Lake, MN has changed in 5 years

Income
$87,753 → $92,944
up 5.9%
Population
20,366 → 20,729
up 1.8%
Renter share
26% → 27.1%
+1.1 pts
Bachelor's+
36.1% → 35.4%
-0.7 pts
Median age
38.6 → 39.6
+1.0 yrs

Census figures show median household income at $92,944 today, compared with $87,753 five years earlier. The population has grown by 1.8% since 2021, moving from about 20,366 residents to roughly 20,729.

Community

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View Forest Lake rent history (2015–2026) →
Salary vs rent

Can you afford rent in Forest Lake on your salary?

At $1,625/mo, how Forest Lake rent compares to typical pay (30% rule).

By apartment size

Forest Lake rent by bedroom count

Median rent for each apartment size in Forest Lake. Click any size for full breakdown.

Local insights

Tips for renters in Forest Lake

About renting in Forest Lake, MN

Last updated: July 20, 2026

The median rent in Forest Lake is $1,625/mo as of July 2026. A studio apartment averages $1,190/mo while a 2-bedroom runs $1,650/mo. One-bedroom apartments average $1,350/mo and 3-bedroom units go for $2,200/mo.

At 21% of local median household income ($92,944/yr), Forest Lake ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.3% over the past year.

FAQ

Frequently asked questions

Is Forest Lake an affordable city for renters?

Forest Lake is considered very affordable for renters. At $1,625/mo, rent takes approximately 21% of the local median household income ($92,944/yr). The standard benchmark is 30%. Forest Lake falls comfortably within that range.

How much income do you need to rent in Forest Lake?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (~$31/hour full-time) to afford the median rent of $1,625/mo in Forest Lake. The local median household income is $92,944/yr, meaning the typical Forest Lake household meets that threshold.

Is rent going up or down in Forest Lake?

Rent in Forest Lake has increased 1.3% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Forest Lake rent compare to other cities in Minnesota?

Forest Lake is middle-of-the-pack for Minnesota for rent, ranking #41 out of 67 tracked cities at $1,625/mo.

Which nearby cities are cheaper to rent in than Forest Lake?

Little Canada is nearby and more affordable at $1,400/mo, which is $225 less than Forest Lake.

What percentage of Forest Lake residents rent vs. own?

According to Census data, approximately 27.1% of Forest Lake households are renters, while 72.9% are owner-occupied. Forest Lake leans toward homeownership, which can mean a smaller rental inventory.

How does Forest Lake rent compare to the national average?

Forest Lake's median rent of $1,625/mo is $340 (17%) below the US national median of $1,965/mo. Within Minnesota, it ranks #41 out of 67 tracked cities.
Income Affordability
21%
VERY AFFORDABLE

At $1,625/mo, rent takes ~21% of Forest Lake's median household income ($92,944/yr). The standard benchmark is 30%.

Forest Lake 21%Benchmark 30%
State income tax5.35–9.85%
Run the Forest Lake affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Forest Lake, MN

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