Minnesota Lake, MN Profile: Facts & Data

Minnesota Lake, Minnesota - Basic Facts

The City of Minnesota Lake had a population of 681 as of July 1, 2024.

The primary coordinate point for Minnesota Lake is located at latitude 43.8419 and longitude -93.8319 in Faribault County. The formal boundaries for the City of Minnesota Lake encompass a land area of 1.66 sq. miles and a water area of 0.51 sq. miles. Faribault County is in the Central time zone (GMT -6).

The City of Minnesota Lake 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.

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Minnesota Lake, MN Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	681 (100%)
Population in Households	681 (100.0%)
Population in Families	518 (76.1%)
Population in Group Quarters¹	0
Population Density	420
Diversity Index²	19


INCOME
Median Household Income	$62,774
Average Household Income	$83,879
% of Income for Mortgage⁴	14%
Per Capita Income	$36,581
Wealth Index⁵	82
Socioeconomic Status Index⁶	Moderate (53.9)

HOUSING
Total HU (Housing Units)	323 (100%)
Owner Occupied HU	232 (71.8%)
Renter Occupied HU	65 (20.1%)
Vacant Housing Units	26 ( 8.0%)
Median Home Value	$140,000
Average Home Value	$209,591
Housing Affordability Index³	174

HOUSEHOLDS
Total Households	297
Average Household Size	2.29
Family Households	176
Average Family Size	3.00

HOUSING

Total HU (Housing Units)

323 (100%)

Owner Occupied HU

232 (71.8%)

Renter Occupied HU

65 (20.1%)

Vacant Housing Units

26 ( 8.0%)

Median Home Value

$140,000

Average Home Value

$209,591

Housing Affordability Index³

174

HOUSEHOLDS

Total Households

297

Average Household Size

2.29

Family Households

176

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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.70%	0.15%
Households	-0.47%	-0.27%
Families		-0.93%
Median Household Income		3.68%
Per Capita Income		2.35%
Owner Occupied HU		-0.52%

GROWTH RATE / YEAR

2020-2024

2024-2029

Population

0.70%

0.15%

Households

-0.47%

-0.27%

Families

-0.93%

Median Household Income

3.68%

Per Capita Income

2.35%

Owner Occupied HU

-0.52%

Minnesota Lake, MN - Peer Comparisons by Rank and Percentile

The table below compares Minnesota Lake to the other 914 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2024 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.

Variable Description	Rank	Percentile
Total Population	# 435	53rd
Population Density	# 550	40th
Median Household Income	# 707	23rd
Housing Affordability Index	# 859	94th
Per Capita Income	# 642	30th
Diversity Index	# 528	42nd

Variable Description

Rank

Percentile

Total Population

# 435

53rd

Population Density

# 550

40th

Median Household Income

# 707

23rd

Housing Affordability Index

# 859

94th

Per Capita Income

# 642

30th

Diversity Index

# 528

42nd

Minnesota Census Data Comparison Tool

Minnesota Lake, MN Profile: Facts & Data

Minnesota Lake, Minnesota - Basic Facts

Minnesota Lake, MN Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Minnesota Lake, MN - Peer Comparisons by Rank and Percentile

Minnesota Lake, MN - Most Popular Things to Do

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Faribault County