Forest Lake, MN
Population 20,678 · Minnesota
About Forest Lake, MN
Forest Lake is a mid-sized city located in Minnesota with a population of 20,678 residents according to the latest US Census Bureau American Community Survey data. The median household income is $89,879 per year, which is 20% above the national median of $75,149. The median age of 38.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Forest Lake features a median home value of $375,900, which is 53% above the national median of $244,900. This places Forest Lake in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,379, 19% above the national average of $1,163/month. Of the 8,589 total housing units, 72% are owner-occupied (5,856 units) and 28% are renter-occupied (2,295 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Forest Lake shows an unemployment rate of 4.6%, which is near the national rate of 3.7%. The poverty rate stands at 6.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Forest Lake have an average one-way commute time of 25.4 minutes.
Education & Demographics
35.7% of Forest Lake residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.7% White, 1.4% Hispanic or Latino, 0.2% Black or African American, and 0.6% Asian residents, with 6.1% of the population being foreign-born.
Cost of Living in Forest Lake, MN
Compared to national averages, Forest Lake has a median household income of $89,879 (20% above the national median of $75,149). Home values average $375,900, which is 53% above the national median. Monthly rent at $1,379 is 19% above the US average of $1,163. Within Minnesota, Forest Lake's income is 21% above the state average of $74,221, and home values are 84% above the state median of $204,472.
Why Live in Forest Lake, MN?
Forest Lake offers a strong local economy with a median household income of $89,879, well above the national average, and a well-educated community where 35.7% of residents hold a bachelor’s degree or higher, and a low poverty rate of 6.7%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $375,900. However, Forest Lake’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Forest Lake has a population of 20,678 with a median age of 38.8 years. Compare Forest Lake with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Forest Lake
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Northfield | 20,678 | $92,000 | $305,300 | Compare |
| South St. Paul | 20,633 | $84,472 | $266,800 | Compare |
| West St. Paul | 21,076 | $70,738 | $281,800 | Compare |
| Willmar | 21,136 | $63,368 | $186,000 | Compare |
| Otsego | 21,358 | $127,219 | $367,200 | Compare |
| New Hope | 21,402 | $73,698 | $314,600 | Compare |
| Sartell | 19,620 | $77,465 | $278,000 | Compare |
| Lino Lakes | 21,847 | $121,800 | $385,000 | 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 Forest Lake With Other Cities
Frequently Asked Questions about Forest Lake
What is the population of Forest Lake, MN?
The population of Forest Lake, MN is 20,678 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Forest Lake?
The median household income in Forest Lake, MN is $89,879 per year, which is 20% above the national median of $75,149.
What is the median home value in Forest Lake?
The median home value in Forest Lake, MN is $375,900, which is 53% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Forest Lake?
The median monthly rent in Forest Lake, MN is $1,379, which is 19% above the national average of $1,163/month.
What is the unemployment rate in Forest Lake?
The unemployment rate in Forest Lake, MN is 4.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Forest Lake, MN a good place to live?
Forest Lake offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 20,678 and a median age of 38.8, the city appeals to a broad range of residents.
How educated is Forest Lake, MN?
35.7% of residents in Forest Lake aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Forest Lake?
Key cost-of-living indicators for Forest Lake, MN: median home value is $375,900 (53% above national), median rent is $1,379/month, and median household income is $89,879. The home-value-to-income ratio is 4.2x, a moderate figure by national standards.
What is the poverty rate in Forest Lake?
The poverty rate in Forest Lake, MN is 6.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Forest Lake, MN?
Forest Lake's population is 3.7% White, 1.4% Hispanic or Latino, 0.2% Black or African American, 0.6% Asian, and 3.6% two or more races. 6.1% of residents are foreign-born.