Key Economic Benchmarks
Median Household Income
$77,546$6,462 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Lake of the Woods County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Lake of the Woods County, MN
Official FY2026 HUD Fair Market Rents for Lake of the Woods County, MN. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $699 | $8,388 | $27,960 | 10.8% |
| 1-Bedroom Apartment | $773 | $9,276 | $30,920 | 12% |
| 2-Bedroom ApartmentBenchmark | $1,014 | $12,168 | $40,560 | 15.7% |
| 3-Bedroom Home | $1,216 | $14,592 | $48,640 | 18.8% |
| 4-Bedroom Home | $1,474 | $17,688 | $58,960 | 22.8% |
See dedicated rental breakdown for Lake of the Woods County, MN →
50/30/20 Living Budget in Lake of the Woods County, MN
Based on the local median household income of $77,546/year ($6,462/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Minnesota
Explore net income after federal income tax, FICA, and Minnesota state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Minnesota with official federal datasets:
Frequently Asked Questions About Living in Lake of the Woods County, MN
What is the median household income in Lake of the Woods County, MN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Lake of the Woods County, MN is $77,546 per year (approximately $6,462 per month).
What is the average rent in Lake of the Woods County, MN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Lake of the Woods County, MN are $699 for a studio, $773 for 1 bedroom, $1,014 for 2 bedrooms, $1,216 for 3 bedrooms, and $1,474 for 4 bedrooms.
How does the cost of living in Lake of the Woods County, MN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Lake of the Woods County, MN is 98.6 (1.4% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Lake of the Woods County, MN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,014/month) in Lake of the Woods County, MN requires a minimum gross household income of $40,560 per year ($3,380 per month).
What is a balanced 50/30/20 monthly budget in Lake of the Woods County, MN?
For a typical household earning the median income of $77,546/year ($6,462/month) in Lake of the Woods County, MN, a balanced 50/30/20 budget allocates $3,231/month to essential needs (rent, utilities, groceries), $1,939/month to discretionary spending, and $1,292/month to savings and debt repayment.
What are typical electricity and utility costs in Lake of the Woods County, MN?
Residential electricity rates in Minnesota average 17.5¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $158 per month.