Hoyt Lakes, MN Profile: Facts & Data

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Hoyt Lakes, Minnesota - Basic Facts

The City of Hoyt Lakes had a population of 2,056 as of July 1, 2019. Hoyt 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 Hoyt Lakes is located at latitude 47.5196 and longitude -92.1385 in St. Louis County. The formal boundaries for the City of Hoyt Lakes encompass a land area of 56.44 sq. miles and a water area of 1.65 sq. miles. St. Louis County is in the Central time zone (GMT -6). The elevation is 1,473 feet.

The City of Hoyt Lakes (GNIS ID: 2394434) 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.

Alternate Unofficial Names for Hoyt Lakes: City of Hoyt Lakes.

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  1. Hoyt Lakes 2019 Demographic Data
  2. Growth Rates for Hoyt Lakes (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Minnesota Research Tools (Easy Tools & Current Data)
  3. Minnesota Data Comparison Tool - 2019 Demographics

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Hoyt Lakes, MN Data & Demographics (As of July 1, 2019)

HOUSING AFFORDABILITY INDEX

Hoyt Lakes, MN Housing Affordability Index is 346
State of Minnesota Housing Affordability Index is 135
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.

WEALTH INDEX

Hoyt Lakes, MN Wealth Index is 70
State of Minnesota Wealth Index is 112
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.

These new demographic attributes are availiable for Neighborhoods, Cities, Counties, and ZIP Codes.

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  4. See the References & Data Sources page for more information about methodology and sources of data.
  5. See the Minnesota COVID-19 Data and US COVID-19 Data for more information on the spread of the novel coronavirus.

POPULATION

Total Population 2,056 (100%)
Population in Households 2,051 (99.8%)
Population in Families 1,648 (80.2%)
Population in Group Quarters1 5 ( 0.2%)
Population Density 37
Diversity Index2 5
 

INCOME

Median Household Income $55,064
Average Household Income $65,410
Per Capita Income $28,444
Wealth Index4 70

HOUSING

Total Housing Units 1,028 (100%)
Owner Occupied HU 800 (77.8%)
Renter Occupied HU 94 ( 9.1%)
Vacant Housing Units 134 (13.0%)
Median Home Value $80,597
Housing Affordability Index3 346
 

HOUSEHOLDS

Total Households 894
Average Household Size 2.29
Family Households 602
Average Family Size 3
NOTES
  1. 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.
  2. 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 race 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.
  3. 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.
  4. 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.

GROWTH RATE / YEAR

2010-2019 2019-2024
Population 0.21% 0.27%
Households 0.11% 0.2%
Families 0.0% 0.13%
Median Household Income   2.07%
Per Capita Income   2.73%

Hoyt Lakes, MN - Peer Comparisons by Rank and Percentile

The table below compares Hoyt Lakes to the other 903 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2019 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 # 260 71st
Population Density # 875 3rd
Diversity Index # 868 4th
Median Household Income # 555 39th
Per Capita Income # 598 34th

Additional comparisons and rankings can be made with a VERY EASY TO USE Minnesota Census Data Comparison Tool.

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