Measured against area pay, Lakefield costs less to live in than 91% of U.S. towns
Down 1.2% in a year, 40% below the Minnesota typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of Jackson County, MN ($76K). How TownRatings grades cost of living
The grade compares costs with what households across Jackson County earn ($76K, Census 2020–24). The typical home costs 1.8 years of area income, and 36% of renters pay 30% or more of income for housing.
In dollars
- $209Ktypical home, 40% below the Minnesota typical homeZillow, September 2026
- $1,050a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 1.8 yrsof area income buys the typical home; the typical U.S. town: 3.3$76K, Jackson County income
- 12%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 26%of owners do; the typical U.S. town: 20%Census 2020–24
Housing in Lakefield, in brief
Values rose faster than Minnesota’s over five years
The typical Lakefield home is up 38% in five years, against 14% across Minnesota. Since October 2016 it has about doubled, from $107K to $209K. Price trend ↓
Nearly every household owns
90% of Lakefield households own their home, against 72% across Minnesota. There are only 62 renter households, so rentals are scarce. Property taxes ↓
An older housing stock
Half of Lakefield’s homes were built before 1959, against 1979 for Minnesota as a whole. Older homes can mean character, and also bigger heating and repair bills, so an inspection matters. Property taxes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Lakefield’s grade
Measured against what households in the area earn, Lakefield is more affordable than 91% of U.S. towns. The share of households paying 30%+ for housing pulls the grade down most; rent holds it up.
Values have outpaced Minnesota: the typical Lakefield home is up 38.1% in five years, against 14.1% statewide (Zillow).
Up 38.1% in five years
Faster than Minnesota (14.1%).
Show as a table
| January | Lakefield | Minnesota |
|---|---|---|
| 2017 | $111,000 | $216,000 |
| 2018 | $112,000 | $231,000 |
| 2019 | $119,000 | $245,000 |
| 2020 | $128,000 | $257,000 |
| 2021 | $140,000 | $280,000 |
| 2022 | $156,000 | $311,000 |
| 2023 | $172,000 | $322,000 |
| 2024 | $180,000 | $329,000 |
| 2025 | $193,000 | $338,000 |
| 2026 | $214,000 | $346,000 |
| September 2026 | $209,000 | $349,000 |
A typical Lakefield home worth $107K in October 2016 is worth about $209K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A typical home costs 1.8 years of area income
The calculator starts from the area income the grade uses. Switch to Lakefield’s own median, or type yours.
That covers a typical Lakefield home, with $81K to spare.
A two-bedroom rents for about $1,050 a month here, $230 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Lakefield’s typical property tax (1.04% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,050
Renters already here pay a median of $770, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Jackson County, MN): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
2 new homes permitted in 2025
Builders were permitted 2 new homes in Lakefield in 2025, all single-family houses, worth about $1.3 million to build. That's 1.3 per 1,000 residents, slower than across Minnesota (3.8). Over the past 10 years, Lakefield has permitted 19 homes in all.
Between the 2010 and 2020 censuses, Lakefield gained 41 residents while 16 new homes were permitted: about 2.6 new residents per new home, about the same as across Minnesota (2.2).
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $650,000 |
| 2025 | 2 | 2 | 0 | $1.3 million |
| 2024 | 4 | 2 | 2 | $1.5 million |
| 2023 | 1 | 1 | 0 | $400,000 |
| 2022 | 2 | 2 | 0 | $575,000 |
| 2021 | 4 | 4 | 0 | $865,000 |
| 2020 | 1 | 1 | 0 | $150,000 |
| 2019 | 2 | 2 | 0 | $300,000 |
| 2018 | 1 | 1 | 0 | $350,000 |
| 2017 | 2 | 2 | 0 | $300,000 |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 7 | 7 | 0 | $1.5 million |
| 2014 | 0 | 0 | 0 | — |
| 2013 | 1 | 1 | 0 | $250,000 |
| 2012 | 1 | 1 | 0 | $150,000 |
| 2011 | 1 | 1 | 0 | $150,000 |
| 2010 | 1 | 1 | 0 | $75,000 |
| 2009 | 2 | 2 | 0 | $393,000 |
| 2008 | 2 | 2 | 0 | $317,000 |
| 2007 | 0 | 0 | 0 | — |
| 2006 | 1 | 1 | 0 | $125,000 |
| 2005 | 0 | 0 | 0 | — |
| 2004 | 5 | 5 | 0 | $750,000 |
| 2003 | 2 | 2 | 0 | $255,000 |
| 2002 | 4 | 4 | 0 | $540,000 |
| 2001 | 5 | 5 | 0 | $854,000 |
| 2000 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Low tax bills, but a high tax rate
The median bill is $1,396, under the Minnesota median of $3,357, because homes cost less. As a share of value it’s 1.04% a year, against 1.02% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Lakefield and its neighbors
One source per column.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Lakefield | A | $209K | $134K | 1.04% | $1,050 |
Questions about the cost of living in Lakefield
Is Lakefield expensive to live in?
Measured against what households in the area earn, Lakefield costs less than 91% of U.S. towns: an A for cost of living. The typical home costs 1.8 years of the median household income of Jackson County, MN ($76K).
How much does a house cost in Lakefield?
About $209K, Zillow’s typical value for September 2026, down 1.2% in a year. The Minnesota typical home is $349K.
What salary do you need to live in Lakefield?
To buy the typical home with 20% down at 6.3%, about $55,000 a year, keeping the payment (about $1,280 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $42,000.
How much is rent in Lakefield?
HUD puts a two-bedroom at about $1,050 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $770 (Census 2020–24).
What are property taxes in Lakefield?
The median bill is $1,396 a year, 1.04% of the median home value (Minnesota: $3,357, 1.02%), from the Census 2020–24.
Are home prices in Lakefield going up?
No: down 1.2% in the past year and 38.1% in five years, against 14.1% across Minnesota (Zillow).
Neighbors talk housing
What Lakefield buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.