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City · 28,016 residents · Scott County, Minnesota

Prior Lake , Minnesota

In Prior Lake, a typical home is worth $450,700 and typical rent is $1,654 a month. Compared with all of Scott County, typical household income is 13% higher and the typical home value is 7% higher.

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  • Typical home value

    $450,700

    7% above the county

    37% above Minnesota

    • Prior Lake
    • Scott
    • Minnesota

  • Typical rent

    $1,654a month

    5% above the county

    29% above Minnesota

    • Prior Lake
    • Scott
    • Minnesota

  • Typical household income

    $134,255a year

    13% above the county

    51% above Minnesota

    • Prior Lake
    • Scott
    • Minnesota

  • Households that own their home

    86%

    2 points above the county

    14 points above Minnesota

    • Prior Lake
    • Scott
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$528,456
1.8% more than 12 months ago
Typical rent
$2,065 a month
2.5% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Prior Lake is in Scott County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Scott County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Prior Lake apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Burnsville, the typical home value is $355,200: 21% less than in Prior Lake ($450,700).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Prior Lake

What homes there are in Prior Lake, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Prior Lake, 7 in 10 homes are single-family detached houses, about the same as in Scott County.

Year built

In Prior Lake, half of the homes were built before 1998; in Scott County, before 1997.

By size, homes in Prior Lake look like those in Scott County: 77% have 3 bedrooms or more.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA limit for Scott County is $552,000: about 66% of owner-occupied homes in Prior Lake are worth less, and the rest more.

Monthly rent with utilities

With a mortgage

$2,478 a month

Scott County: $2,329 a month

Without a mortgage

$837 a month

Scott County: $773 a month

Owners with a mortgage

76%

Scott County: 72%

Owning costs more in Prior Lake: with a mortgage, the typical cost is $2,478 a month; in Scott County, $2,329. Without one, $837.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, home values in Prior Lake rose at about the same pace as in Scott County: 40% against 40%.

The typical rent in Prior Lake rose 45% over the same time; in Scott County, it rose 34%.

Housing prices ran ahead of income in Prior Lake: typical income rose 23%, against +40% for home values and +45% for rent.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasurePrior LakeScott CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimate1.7%2.3%3.4%
People per household 2.792.782.432.53
Drive alone 64%71%69%69%
Carpool 8%7%8%9%
Public transit Unreliable estimate0%2%3%
Walk or bike Unreliable estimate1%3%3%
Work from home 25%20%18%15%
Other means Unreliable estimate2%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

By size, households in Prior Lake look like those in Scott County: 2.79 people on average.

Working from home is more common in Prior Lake: 25%, against 20% in Scott County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Prior Lake?

A typical home is tight for the typical income

We start with a typical home in Prior Lake, worth $450,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 34% of the typical household income in Prior Lake, which is $134,255 a year. For that payment to be 28% of income, a household would need to earn about $161,008 a year.

The calculator's FHA and conventional loan limits are those of all of Scott County.

Your numbers

Local data
$

Starts at the typical home value in Prior Lake. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $15,775 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,757

at 7.18% · 30 years

Loan amount
$442,536
Total interest
$636,706
Paid off in
November 2056

Includes $7,611 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,133 a month

  • Tight

    $3,133 to $4,028 a month

    Your payment · 34%

  • Hard

    more than $4,028 a month

Compared with the typical household income in Prior Lake ($134,255 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,757
Principal & interest$2,998
Property tax$372
Home insurance$188
FHA mortgage insurance (MIP)$199

You need at least $15,775 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Prior Lake and Scott County

Prior Lake is in Scott County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Prior Lake's own numbers

Typical home value
$450,700
Typical monthly rent
$1,654
Typical yearly household income
$134,255
Households that own their home
86%
Effective property tax rate
0.99%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Scott County

FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,734
Price change over 5 years (FHFA)
+35%
Homes in a high flood-risk zone
0.7%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Scott County.

Everything about Scott County

Buying

Buying a home in Prior Lake

A typical home in Prior Lake is worth $450,700: 7% above the county and 37% above Minnesota. With the typical household income in Prior Lake ($134,255 a year), a typical home costs 3.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Prior Lake 3.4 years
  • Scott 3.5 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Scott County

According to FHFA’s house price index, home prices in Scott County rose 66% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Scott County.

Period County Minnesota U.S.
Last year (2025) +2.4% +2.8% +2.9%
5 years (2020–2025) +35% +37% +47%
10 years (2015–2025) +66% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Prior Lake next to Scott County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Prior Lake $450,700
  • Scott $419,400
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Prior Lake $1,654
  • Scott $1,568
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Prior Lake $134,255
  • Scott $119,314
  • Minnesota $89,062
  • United States $80,734
See the full table
Prior Lake next to Scott County and Minnesota
Measure Prior Lake Scott County Minnesota U.S.
Typical home value $450,700 $419,400 $329,300 $332,700
Typical monthly rent $1,654 $1,568 $1,280 $1,413
Typical yearly household income $134,255 $119,314 $89,062 $80,734
Households that own their home 86% 84% 72% 65%
Typical yearly property tax $4,467 $4,230 $3,357 $3,119
Effective property tax rate 0.99% 1.01% 1.02% 0.94%
Renters with high rent for their income 61% 52% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Scott County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Prior Lake

For a typical $450,700 home in Prior Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Prior Lake's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,757a month

    Least cash to close
    Down payment
    $15,775
    Cash to close
    $29,296
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $199

  • Conventional, 5% down $3,674a month

    Down payment
    $22,535
    Cash to close
    $36,056
    Rate
    7.18%
    Mortgage insurance
    PMI · $214

  • Conventional, 20% down, no PMI $3,002a month

    Down payment
    $90,140
    Cash to close
    $103,661
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,419a month

    Down payment
    $67,605
    Cash to close
    $81,126
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Prior Lake and for Scott County.

Property tax

Effective rate in Prior Lake

0.99%of the home’s value each year

$4,467 a year for the typical owner in Prior Lake.

  • Prior Lake 0.99%
  • Scott 1.01%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Scott County

FEMA does not publish these numbers by city: they are for all of Scott County.

Homes in the high-risk zone
0.7%
343
Of those, with NFIP insurance
19%
County Minnesota U.S.
Homes in the high-risk zone 0.7% 0.7% 3.5%
Of those, with NFIP insurance 19% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Prior Lake

Typical rent in Prior Lake is $1,654 a month: 5% above the county. In Prior Lake, 61% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Scott County, by unit size. To pay the 2-bedroom one ($1,734 a month) without spending more than 30% of your income, you would need to earn $33.35 an hour working full time.

HUD fair market rent for all of Scott County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,265 $24.33 $50,600
1 bedroom $1,427 $27.44 $57,080
2 bedrooms $1,734 $33.35 $69,360
3 bedrooms $2,264 $43.54 $90,560
4 bedrooms $2,538 $48.81 $101,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Prior Lake

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Prior Lake has 2 ZIP codes with their own.

For 2 bedrooms it runs from $1,750 in 55372 to $1,890 in 55379.

2 of the 2 are above the fair market rent for Scott County ($1,734).

  • 55372 $1,750$2,290
  • 55379 $1,890$2,470

2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Prior Lake when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Prior Lake

HUD lists 5 buildings with rents for lower incomes in Prior Lake. These are the largest.

  • The Grainwood 5119 Gateway St SE, Prior Lake 55372 168 low-income homes · 1 bd: 112 · 2 bd: 21 · 3 bd: 35 · In service since 2018 · For older adults
  • Pike Lake Marsh 4489 Marsh Dr NE, Prior Lake 55372 68 low-income homes · 1 bd: 15 · 2 bd: 33 · 3 bd: 20 · In service since 2018 · For families
  • Kestrel Village Apartments Multiple Building Addresses, Prior Lake 55372 48 homes, 47 low-income · In service since 1996
  • Highwood Homes 4700 Tower St SE, Prior Lake 55372 36 low-income homes · For families (952) 447-6961
  • Bluff Heights Apartments 16638 Franklin Trl SE, Prior Lake 55372 39 homes, 34 low-income · 1 bd: 5 · 2 bd: 24 · 3 bd: 10 · In service since 2003

See all 29 buildings in Scott County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Prior Lake

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Scott County; 1 says it serves in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Prior Lake

No down payment, repair or rent-help program on our list is for Prior Lake or Scott County. The ones below are statewide in Minnesota: they work in Prior Lake the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Prior Lake

The HUD-approved agencies closest to the center of Prior Lake, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Scott County Community Development Agency

    100 5th Ave E, Shakopee · 6 miles away · Spanish

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 1 more
    (952) 402-9022

  • Dakota County Community Development Agency

    1228 Town Centre Dr, Eagan · 16 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (651) 675-4400

  • Prg, Inc.

    2017 E 38th St, Minneapolis · 17 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (612) 721-7556

Every agency in Scott County All counseling agencies in Minnesota

Help in Spanish near Prior Lake

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Prior Lake

HUD’s record names them for Prior Lake or Scott County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Scott County Community Development Agency Public housing and Section 8 vouchers (952) 402-9022

All housing agencies in Minnesota Source: HUD

Cities

Other cities in Scott County

These cities are also in Scott County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Scott County Housing in Minnesota

Nearby cities

The cities closest to Prior Lake, with the typical home value.

Neighboring counties

If Scott County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Prior Lake.

All guides
A mother holding her baby watches her daughter blow bubbles outdoors.

Questions

Housing questions about Prior Lake

Short answers with the numbers for Prior Lake and all of Scott County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Prior Lake?

The typical home value in Prior Lake is $450,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Scott County it is $419,400.

How much does it cost to rent in Prior Lake?

Typical rent in Prior Lake is $1,654 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Scott County is $1,734.

What is the FHA loan limit in Prior Lake?

Prior Lake uses the FHA limit for all of Scott County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.

How much property tax do owners pay in Prior Lake?

The typical homeowner in Prior Lake pays $4,467 a year, according to the U.S. Census Bureau. That is 0.99% of the home’s value; in Scott County, the rate is 1.01%.

Where can I find free help to buy or rent in Prior Lake?

There is 1 HUD-approved counseling agency with an office in Scott County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).