How much rent can you afford in Lakeville, MN?
Run your salary against Lakeville's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Lakeville
At a median rent of $2,029/mo, Lakeville is very affordable when measured against Lakeville median household income of $139,041/yr. Rent would consume roughly 18% of pre-tax income, and a salary of about $81,160 keeps rent at the recommended 30% threshold.
How Lakeville compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Lakeville?
On a $139,041 salary (the Lakeville median household income), the recommended ceiling is 30% of pre-tax income, or about $3,476/mo. Lakeville's median rent is $2,029/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Lakeville?
To keep Lakeville's $2,029/mo median rent under 30% of income, you'd need about $81,160/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Lakeville affordable on the median Minnesota income?
Lakeville is very affordable on a $139,041 income. Rent would take 18% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".