Cost of Living in Prior Lake, MN
Population: 27,832 • 2026 Data
$130,278
Median Household Income
+68% vs national
$1,548
Median Monthly Rent
+15% vs national
$429,900
Median Home Value
+27% vs national
1.2%
Unemployment Rate
Housing in Prior Lake
The median home value in Prior Lake, MN is $429,900. Monthly rent for a typical unit averages $1,548, while total monthly housing costs (including utilities and insurance) average $1,839.
Rent-to-income ratio: 14.3%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Prior Lake, MN is $130,278. The unemployment rate stands at 1.2%, with a labor force of 15,702 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.