Balaton, MN
Population 544 · Minnesota
About Balaton, MN
Balaton is a small community located in Minnesota with a population of 544 residents according to the latest US Census Bureau American Community Survey data. The median household income is $54,091 per year, which is 28% below the national median of $75,149. The median age of 46.7 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Balaton features a median home value of $85,000, which is 65% below the national median of $244,900. This makes Balaton one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $1,081, 7% below the national average of $1,163/month. Of the 279 total housing units, 76% are owner-occupied (192 units) and 24% are renter-occupied (60 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Balaton shows an unemployment rate of 6.9%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 13.3%, above the national average of 12.4%. Workers in Balaton have an average one-way commute time of 24.7 minutes.
Education & Demographics
18.1% of Balaton residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 5.5% Hispanic or Latino, 0.0% Black or African American, and 0.6% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Balaton, MN
Compared to national averages, Balaton has a median household income of $54,091 (28% below the national median of $75,149). Home values average $85,000, which is 65% below the national median. Monthly rent at $1,081 is 7% below the US average of $1,163. Within Minnesota, Balaton's income is 27% below the state average of $74,221, and home values are 58% below the state median of $204,472.
Why Live in Balaton, MN?
Balaton offers affordable housing with a median home value of $85,000, below the US average of $244,900, and rent that’s lower than the national average at $1,081/month, and short commute times averaging just 24.7 minutes.
Potential considerations include median household income ($54,091) that falls below the national average. However, Balaton’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Balaton has a population of 544 with a median age of 46.7 years. Compare Balaton with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Balaton
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hamburg | 544 | $78,125 | $229,200 | Compare |
| Kiester | 544 | $49,167 | $52,600 | Compare |
| Hill City | 543 | $39,583 | $102,900 | Compare |
| White Earth | 543 | $18,929 | $73,300 | Compare |
| Medicine Lake | 541 | $161,250 | $1,014,500 | Compare |
| Ranier | 541 | $81,389 | $140,400 | Compare |
| Taconite | 541 | $100,089 | $217,900 | Compare |
| Amboy | 553 | $78,214 | $125,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Balaton With Other Cities
Frequently Asked Questions about Balaton
What is the population of Balaton, MN?
The population of Balaton, MN is 544 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Minnesota.
What is the median household income in Balaton?
The median household income in Balaton, MN is $54,091 per year, which is 28% below the national median of $75,149.
What is the median home value in Balaton?
The median home value in Balaton, MN is $85,000, which is 65% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Balaton?
The median monthly rent in Balaton, MN is $1,081, which is 7% below the national average of $1,163/month.
What is the unemployment rate in Balaton?
The unemployment rate in Balaton, MN is 6.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Balaton, MN a good place to live?
Balaton offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 544 and a median age of 46.7, the city appeals to established professionals and retirees.
How educated is Balaton, MN?
18.1% of residents in Balaton aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Balaton?
Key cost-of-living indicators for Balaton, MN: median home value is $85,000 (65% below national), median rent is $1,081/month, and median household income is $54,091. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Balaton?
The poverty rate in Balaton, MN is 13.3%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Balaton, MN?
Balaton's population is 0.0% White, 5.5% Hispanic or Latino, 0.0% Black or African American, 0.6% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.