Living in Hoyt Lakes, Minnesota
Cost of living, income, home prices, rent and demographics of Hoyt Lakes · Census data 2020–2024
Hoyt Lakes has 2,064 residents with a median age of 42.8. The median household income is $65,764 (26% lower than the Minnesota median), the median home value is $93,300, the median rent is $1,550/month.
Hoyt Lakes at a glance
- Population
- 2,064
- Median age
- 42.8State: 38.8
- Median household income
- $65,764State: $89,062
- Median home value
- $93,300State: $329,300
- Median rent
- $1,550/moState: $1,280
- Homeowners
- 95.7%
- Bachelor's degree or higher
- 17.1%
- Average commute
- 29 min
Is Hoyt Lakes a good place to live?
Pros: Home values 72% lower than the state median; a poverty rate of 7.3%.
Cons: Median household income 26% lower than the Minnesota median; an average commute of 29 minutes; unemployment of 13.9%.
The weather is best in June to September.
Cost of living in Hoyt Lakes
Housing is the biggest part of the cost of living. In Hoyt Lakes the median home value is $93,300, 72% lower than the U.S. median. Renters pay a median of $1,550 per month, which is 22.3% of household income. Homeowners with a mortgage pay $1,008 a month in housing costs.
Hoyt Lakes median household income
The median household income in Hoyt Lakes is $65,764 and the income per person is $31,446. 7.3% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Hoyt Lakes: homes for sale and rent
- Housing units
- 955
- Owner-occupied
- 95.7%
- Renter-occupied
- 4.3%
- Vacant
- 12.1%Includes seasonal homes
- Median year built
- 1956
- Average household size
- 2.46
Hoyt Lakes demographics
- Population
- 2,064
- Median age
- 42.8
- Under 18
- 20%
- 65 and older
- 22.9%
- Households
- 839
- Foreign-born
- 0%
- Veterans
- 14.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Hoyt Lakes ›
Education in Hoyt Lakes
17.1% of adults 25 and older in Hoyt Lakes have a bachelor's degree or higher (Minnesota: 39.4%), and 5.5% have a graduate or professional degree.
Jobs and commute in Hoyt Lakes
- Unemployment rate
- 13.9%State: 4.1%
- Average commute
- 29 minState: 23 min
- Work from home
- 17%
- Drive alone
- 72.8%
- Public transit
- 0.1%
- Walk to work
- 0%
- Homes with broadband
- 90%
Hoyt Lakes vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Hoyt Lakes | 2,064 | $65,764 | $93,300 | $1,550 |
| Aurora | 1,792 | $42,083 | $97,600 | $509 |
| Babbitt | 1,393 | $55,875 | $102,300 | $737 |
| Biwabik | 966 | $67,917 | $111,200 | $749 |
| Gilbert | 1,697 | $64,625 | $126,000 | $698 |
| Soudan | 415 | $56,307 | $110,100 | $588 |
| Tower | 367 | $65,893 | $109,600 | $586 |
| Virginia | 8,332 | $51,720 | $120,600 | $792 |
| Eveleth | 3,448 | $50,725 | $97,600 | $904 |
More for people moving to Hoyt Lakes
Hoyt Lakes ZIP code ›Weather and climate ›Living in Hoyt Lakes: FAQ
What is the median household income in Hoyt Lakes, MN?
The median household income in Hoyt Lakes is $65,764, 26% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Hoyt Lakes?
The median home value in Hoyt Lakes is $93,300, compared with $329,300 in Minnesota.
How much is rent in Hoyt Lakes?
The median gross rent in Hoyt Lakes is $1,550 per month, about 22.3% of household income.
Is Hoyt Lakes, MN a good place to live?
Pluses: home values 72% lower than the state median; a poverty rate of 7.3%. Minuses: median household income 26% lower than the Minnesota median; an average commute of 29 minutes; unemployment of 13.9%.
What is the median age in Hoyt Lakes?
The median age in Hoyt Lakes is 42.8 years (Minnesota: 38.8).
How long is the commute in Hoyt Lakes?
The average commute to work in Hoyt Lakes is 29 minutes; 17% of workers work from home.
What is the unemployment rate in Hoyt Lakes?
The unemployment rate in Hoyt Lakes is 13.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Hoyt Lakes?
17.1% of adults in Hoyt Lakes have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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