Living in Lakefield, Minnesota
Cost of living, income, home prices, rent and demographics of Lakefield · Census data 2020–2024
Lakefield has 1,507 residents with a median age of 43.3. The median household income is $71,648 (20% lower than the Minnesota median), the median home value is $133,800, the median rent is $770/month.
Lakefield at a glance
- Population
- 1,507
- Median age
- 43.3State: 38.8
- Median household income
- $71,648State: $89,062
- Median home value
- $133,800State: $329,300
- Median rent
- $770/moState: $1,280
- Homeowners
- 89.6%
- Bachelor's degree or higher
- 18.7%
- Average commute
- 18 min
Is Lakefield a good place to live?
Pros: Home values 59% lower than the state median; an average commute of 18 minutes; unemployment of 0.5%.
Cons: Median household income 20% lower than the Minnesota median; a poverty rate of 10.5%.
The weather is best in June to September.
Cost of living in Lakefield
Housing is the biggest part of the cost of living. In Lakefield the median home value is $133,800, 60% lower than the U.S. median. Renters pay a median of $770 per month, which is 17.2% of household income. Homeowners with a mortgage pay $1,133 a month in housing costs.
Lakefield median household income
The median household income in Lakefield is $71,648 and the income per person is $34,891. 10.5% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Lakefield: homes for sale and rent
- Housing units
- 770
- Owner-occupied
- 89.6%
- Renter-occupied
- 10.4%
- Vacant
- 12.3%Includes seasonal homes
- Median year built
- 1959
- Average household size
- 2.17
Lakefield demographics
- Population
- 1,507
- Median age
- 43.3
- Under 18
- 20.7%
- 65 and older
- 29.2%
- Households
- 675
- Foreign-born
- 1.2%
- Veterans
- 9.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Lakefield ›
Education in Lakefield
18.7% of adults 25 and older in Lakefield have a bachelor's degree or higher (Minnesota: 39.4%), and 4% have a graduate or professional degree.
Jobs and commute in Lakefield
- Unemployment rate
- 0.5%State: 4.1%
- Average commute
- 18 minState: 23 min
- Work from home
- 10.9%
- Drive alone
- 74.1%
- Public transit
- 2.1%
- Walk to work
- 1.6%
- Homes with broadband
- 87.7%
Lakefield vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lakefield | 1,507 | $71,648 | $133,800 | $770 |
| Okabena | 210 | $86,719 | $108,300 | — |
| Jackson | 3,287 | $70,223 | $128,500 | $752 |
| Heron Lake | 593 | $68,000 | $88,600 | $833 |
| Windom | 4,799 | $74,899 | $169,700 | $806 |
| Brewster | 687 | $82,583 | $152,200 | $725 |
| Alpha | 114 | $145,362 | $67,100 | — |
| Orleans | 527 | $74,750 | $573,200 | — |
| Lake Park | 1,184 | $74,500 | $168,800 | $872 |
More for people moving to Lakefield
Lakefield ZIP code ›Weather and climate ›Living in Lakefield: FAQ
What is the median household income in Lakefield, MN?
The median household income in Lakefield is $71,648, 20% 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 Lakefield?
The median home value in Lakefield is $133,800, compared with $329,300 in Minnesota.
How much is rent in Lakefield?
The median gross rent in Lakefield is $770 per month, about 17.2% of household income.
Is Lakefield, MN a good place to live?
Pluses: home values 59% lower than the state median; an average commute of 18 minutes; unemployment of 0.5%. Minuses: median household income 20% lower than the Minnesota median; a poverty rate of 10.5%.
What is the median age in Lakefield?
The median age in Lakefield is 43.3 years (Minnesota: 38.8).
How long is the commute in Lakefield?
The average commute to work in Lakefield is 18 minutes; 10.9% of workers work from home.
What is the unemployment rate in Lakefield?
The unemployment rate in Lakefield is 0.5% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lakefield?
18.7% of adults in Lakefield 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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