Granite Falls, MN
Population 2,612 · Minnesota
About Granite Falls, MN
Granite Falls is a small town located in Minnesota with a population of 2,612 residents according to the latest US Census Bureau American Community Survey data. The median household income is $59,402 per year, which is 21% below the national median of $75,149. The median age of 41.4 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Granite Falls features a median home value of $139,700, which is 43% below the national median of $244,900. This makes Granite Falls one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $818, 30% below the national average of $1,163/month. Of the 1,258 total housing units, 78% are owner-occupied (935 units) and 22% are renter-occupied (267 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Granite Falls shows an unemployment rate of 5.0%, which is near the national rate of 3.7%. The poverty rate stands at 9.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Granite Falls have an average one-way commute time of 15.6 minutes, one of the shorter commutes in the region.
Education & Demographics
23.4% of Granite Falls 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 4.0% White, 11.9% Hispanic or Latino, 0.8% Black or African American, and 5.5% Asian residents, with 4.1% of the population being foreign-born.
Cost of Living in Granite Falls, MN
Compared to national averages, Granite Falls has a median household income of $59,402 (21% below the national median of $75,149). Home values average $139,700, which is 43% below the national median. Monthly rent at $818 is 30% below the US average of $1,163. Within Minnesota, Granite Falls's income is 20% below the state average of $74,221, and home values are 32% below the state median of $204,472.
Why Live in Granite Falls, MN?
Granite Falls offers affordable housing with a median home value of $139,700, below the US average of $244,900, and rent that’s lower than the national average at $818/month, and a low poverty rate of 9.3%, better than the national average. Additionally, the city features short commute times averaging just 15.6 minutes.
Potential considerations include median household income ($59,402) that falls below the national average. However, Granite Falls’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Granite Falls has a population of 2,612 with a median age of 41.4 years. Compare Granite Falls with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Granite Falls
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Lexington | 2,616 | $72,955 | $282,000 | Compare |
| Osseo | 2,601 | $66,875 | $275,000 | Compare |
| Pelican Rapids | 2,589 | $65,482 | $177,700 | Compare |
| Breezy Point | 2,647 | $85,913 | $301,000 | Compare |
| Crosslake | 2,648 | $85,000 | $540,200 | Compare |
| Glenwood | 2,648 | $45,735 | $181,000 | Compare |
| Wabasha | 2,569 | $62,016 | $212,800 | Compare |
| Foley | 2,685 | $58,092 | $192,600 | 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 Granite Falls With Other Cities
Frequently Asked Questions about Granite Falls
What is the population of Granite Falls, MN?
The population of Granite Falls, MN is 2,612 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Granite Falls?
The median household income in Granite Falls, MN is $59,402 per year, which is 21% below the national median of $75,149.
What is the median home value in Granite Falls?
The median home value in Granite Falls, MN is $139,700, which is 43% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Granite Falls?
The median monthly rent in Granite Falls, MN is $818, which is 30% below the national average of $1,163/month.
What is the unemployment rate in Granite Falls?
The unemployment rate in Granite Falls, MN is 5.0%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Granite Falls, MN a good place to live?
Granite Falls offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 2,612 and a median age of 41.4, the city appeals to a broad range of residents.
How educated is Granite Falls, MN?
23.4% of residents in Granite Falls 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 Granite Falls?
Key cost-of-living indicators for Granite Falls, MN: median home value is $139,700 (43% below national), median rent is $818/month, and median household income is $59,402. The home-value-to-income ratio is 2.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Granite Falls?
The poverty rate in Granite Falls, MN is 9.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Granite Falls, MN?
Granite Falls's population is 4.0% White, 11.9% Hispanic or Latino, 0.8% Black or African American, 5.5% Asian, and 1.9% two or more races. 4.1% of residents are foreign-born.