What it's like to live in Lakeville
Lakeville is a smaller city in Minnesota with unemployment below the national average, household incomes running above the national average, crime rates well below the national average, and a highly educated workforce. Those factors carry real weight for anyone weighing where to move next.
The tradeoffs are worth naming plainly. Lakeville deals with rent well above the national average, home prices well above the national average, a rent burden that leaves many renters stretched thin, and cold, harsh winters.
The good
- Low unemployment
- Higher-than-average incomes
- Low crime rates
- Highly educated workforce
- Fast-growing population
- Average class sizes
The not so good
- Rent well above the national average
- High home prices
- High rent burden for renters
- Cold, harsh winters
- Snowy winters — 41" per year
How Lakeville compares
Median household income
Median rent (per month)
Median home value
What it takes to move to Lakeville
Based on Lakeville's median rent, home value and household income
To rent
$3,612
up front: first month plus a typical one-month deposit
- Income to keep rent under 30%: $72,240 a year
- 53% of Lakeville renters spend 30% or more of their income on rent
To buy
$90,500
a 20% down payment on the median home
- With 10% down: $45,250
- Homes cost 3.3× the typical local household income (US: 4.1×)
Moving costs, closing costs and taxes not included.
The details
Cost of living▲ 28% above US
$1,806/mo median rent
Rent runs on the higher side, at $1,806 a month median. Whether that premium makes sense usually comes down to the local job market and what it pays. Home prices run above average, with a median around $452,500. Buyers should expect to stretch their budget here.
Median home value $452,500 · 53% of renters cost-burdened
Job market▼ 28% below US
3.1% unemployment
Unemployment here is 3.1%, a little below the national average of 4.3%.
City-level (BLS)
Safety▼ 72% below US
92 violent crimes per 100k
Safety is genuinely one of the selling points here. Both violent and property crime run well below the national average, the kind of numbers that fade into the background after a week of living somewhere.
Property crime 524/100k · Lakeville Police Department · 2025 data
Getting aroundNear US average
24 min average commute
Commutes are reasonable, averaging 23.6 minutes. Nothing heroic, and there's still time left over for a life after work. 7 in 10 workers drive to work; 23% work from home.
How workers get to work
Climate
Summers are comfortable, with highs around 80°F, and winters are cold and harsh, with lows dropping to 11°F.
Average month
30-year averages, 1991–2020
Education & workforce▲ 41% above US
51% bachelor's degree or higher
This is a highly educated city, with over half the adult population holding a college degree. That tends to shape the job market and the broader culture, and it's a solid indicator of a strong professional scene.
Schools
23 public schools inside the boundary
There are 23 public schools inside the boundary and 3 private schools. The student-to-teacher ratio is 16:1, close to the national average of 16:1.
Parks & recreation
The nearest national park or historic site is Mississippi National River & Recreation Area (20 miles away). There are 2 national parks and sites within a day's drive.
Bottom line
Lakeville's strongest points are unemployment below the national average and household incomes running above the national average; the main tradeoffs are rent well above the national average and home prices well above the national average. A year of median rent ($1,806/mo) equals 16% of the median household income here, less than the 21% typical nationwide. It tends to suit job seekers, anyone prioritizing low crime, and remote workers (23% of workers here already work from home). It may be a harder fit for renters on a tight budget and anyone who dislikes long, cold winters.
Other places near Lakeville
All Minnesota guides →Moving to Farmington →
4 mi away · pop. 23,902
Rent $1,241/mo · Income $123,673
Compare with Lakeville →Moving to Apple Valley →
5 mi away · pop. 55,679
Rent $1,738/mo · Income $97,673
Compare with Lakeville →Moving to Burnsville →
6 mi away · pop. 64,463
Rent $1,513/mo · Income $87,024
Compare with Lakeville →Not sure Lakeville is the one?
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