Pequot Lakes, MN Profile: Facts & Data

The City of Pequot Lakes had a population of 2,612 as of July 1, 2023. Pequot Lakes ranks in the lower quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Minnesota. See peer rankings below.

The primary coordinate point for Pequot Lakes is located at latitude 46.603 and longitude -94.3094 in Crow Wing County. The formal boundaries for the City of Pequot Lakes encompass a land area of 16.33 sq. miles and a water area of 1.8 sq. miles. Crow Wing County is in the Central time zone (GMT -6).

The City of Pequot Lakes has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Pequot Lakes, MN Data & Demographics (As of July 1, 2023)

POPULATION
Total Population	2,612 (100%)
Population in Households	2,567 (98.3%)
Population in Families	1,945 (74.5%)
Population in Group Quarters¹	45 ( 1.7%)
Population Density	160
Diversity Index²	13


INCOME
Median Household Income	$70,707
Average Household Income	$87,008
% of Income for Mortgage⁴	27%
Per Capita Income	$38,001
Wealth Index⁵	63
Socioeconomic Status Index⁶	Moderate (63.6)

HOUSING
Total HU (Housing Units)	1,580 (100%)
Owner Occupied HU	812 (51.4%)
Renter Occupied HU	328 (20.8%)
Vacant Housing Units	440 (27.8%)
Median Home Value	$313,445
Average Home Value	$370,228
Housing Affordability Index³	92

HOUSEHOLDS
Total Households	1,140
Average Household Size	2.25
Family Households	658
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Pequot Lakes, MN - Peer Comparisons by Rank and Percentile

The table below compares Pequot Lakes to the other 914 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2023	2023-2028
Population	2.70%	1.51%
Households	2.90%	1.75%
Families		1.79%
Median Household Income		0.89%
Per Capita Income		1.56%
Owner Occupied HU		2.17%

Variable Description	Rank	Percentile
Total Population	# 230	75th
Population Density	# 732	20th
Median Household Income	# 448	51st
Housing Affordability Index	# 283	31st
Per Capita Income	# 502	45th
Diversity Index	# 736	20th

Pequot Lakes, MN Profile: Facts & Data

Pequot Lakes, Minnesota - Basic Facts

Pequot Lakes, MN Data & Demographics (As of July 1, 2023)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Pequot Lakes, MN - Peer Comparisons by Rank and Percentile

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