Living in Lake City, Minnesota
Cost of living, income, home prices, rent and demographics of Lake City · Census data 2020–2024
Lake City has 5,034 residents with a median age of 49.1. The median household income is $72,244 (19% lower than the Minnesota median), the median home value is $238,700, the median rent is $871/month.
Lake City at a glance
- Population
- 5,034
- Median age
- 49.1State: 38.8
- Median household income
- $72,244State: $89,062
- Median home value
- $238,700State: $329,300
- Median rent
- $871/moState: $1,280
- Homeowners
- 79.2%
- Bachelor's degree or higher
- 28.4%
- Average commute
- 20 min
Is Lake City a good place to live?
Pros: Home values 28% lower than the state median; an average commute of 20 minutes; unemployment of 0.6%; a poverty rate of 5.9%.
Cons: Median household income 19% lower than the Minnesota median.
The weather is best in June to September.
Cost of living in Lake City
Housing is the biggest part of the cost of living. In Lake City the median home value is $238,700, 28% lower than the U.S. median. Renters pay a median of $871 per month, which is 28.6% of household income. Homeowners with a mortgage pay $1,578 a month in housing costs.
Lake City median household income
The median household income in Lake City is $72,244 and the income per person is $41,087. 5.9% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Lake City: homes for sale and rent
- Housing units
- 2,664
- Owner-occupied
- 79.2%
- Renter-occupied
- 20.8%
- Vacant
- 14.3%Includes seasonal homes
- Median year built
- 1973
- Average household size
- 2.13
Lake City demographics
- Population
- 5,034
- Median age
- 49.1
- Under 18
- 19.7%
- 65 and older
- 29.4%
- Households
- 2,284
- Foreign-born
- 3%
- Veterans
- 7.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Lake City ›
Education in Lake City
28.4% of adults 25 and older in Lake City have a bachelor's degree or higher (Minnesota: 39.4%), and 13.6% have a graduate or professional degree.
Jobs and commute in Lake City
- Unemployment rate
- 0.6%State: 4.1%
- Average commute
- 20 minState: 23 min
- Work from home
- 10.5%
- Drive alone
- 74%
- Public transit
- 0%
- Walk to work
- 3%
- Homes with broadband
- 87.4%
Lake City vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lake City | 5,034 | $72,244 | $238,700 | $871 |
| Frontenac | 188 | $88,542 | $266,700 | — |
| Pepin | 736 | $54,821 | $209,400 | $844 |
| Bellechester | 227 | $64,167 | $196,300 | $940 |
| Wabasha | 2,587 | $64,514 | $262,300 | $757 |
| Bay City | 327 | $57,857 | $116,400 | $1,109 |
| Zumbro Falls | 157 | $93,542 | $263,300 | — |
| Plum City | 541 | $66,071 | $168,400 | $820 |
| Millville | 247 | $94,063 | $159,400 | $775 |
More for people moving to Lake City
Lake City ZIP code ›Weather and climate ›Living in Lake City: FAQ
What is the median household income in Lake City, MN?
The median household income in Lake City is $72,244, 19% 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 Lake City?
The median home value in Lake City is $238,700, compared with $329,300 in Minnesota.
How much is rent in Lake City?
The median gross rent in Lake City is $871 per month, about 28.6% of household income.
Is Lake City, MN a good place to live?
Pluses: home values 28% lower than the state median; an average commute of 20 minutes; unemployment of 0.6%; a poverty rate of 5.9%. Minuses: median household income 19% lower than the Minnesota median.
What is the median age in Lake City?
The median age in Lake City is 49.1 years (Minnesota: 38.8).
How long is the commute in Lake City?
The average commute to work in Lake City is 20 minutes; 10.5% of workers work from home.
What is the unemployment rate in Lake City?
The unemployment rate in Lake City is 0.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lake City?
28.4% of adults in Lake City 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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