Greenwood, MN
Population 720 · Minnesota
About Greenwood, MN
Greenwood is a small community located in Minnesota with a population of 720 residents according to the latest US Census Bureau American Community Survey data. The median household income is $199,063 per year, which is 165% above the national median of $75,149. The median age of 48.8 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 Greenwood features a median home value of $1,041,700, which is 325% above the national median of $244,900. This places Greenwood in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,917, 65% above the national average of $1,163/month. Of the 340 total housing units, 90% are owner-occupied (253 units) and 10% are renter-occupied (28 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Greenwood shows an unemployment rate of 2.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Greenwood have an average one-way commute time of 24.7 minutes.
Education & Demographics
79.5% of Greenwood residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 2.4% of the population being foreign-born.
How Greenwood Ranks in Minnesota
Cost of Living in Greenwood, MN
Compared to national averages, Greenwood has a median household income of $199,063 (165% above the national median of $75,149). Home values average $1,041,700, which is 325% above the national median. Monthly rent at $1,917 is 65% above the US average of $1,163. Within Minnesota, Greenwood's income is 168% above the state average of $74,221, and home values are 409% above the state median of $204,472.
Why Live in Greenwood, MN?
Greenwood offers a strong local economy with a median household income of $199,063, well above the national average, and a strong job market with an unemployment rate of just 2.8%, and a well-educated community where 79.5% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 7.5%, better than the national average, and short commute times averaging just 24.7 minutes.
Potential considerations include a competitive housing market where the typical home costs $1,041,700. However, Greenwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Greenwood has a population of 720 with a median age of 48.8 years. Compare Greenwood with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Greenwood
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Walnut Grove | 719 | $59,583 | $81,000 | Compare |
| Sebeka | 716 | $40,179 | $82,900 | Compare |
| Blackduck | 715 | $35,417 | $138,800 | Compare |
| Twin Valley | 725 | $59,250 | $85,000 | Compare |
| Rushford Village | 726 | $92,500 | $286,800 | Compare |
| Marine on St. Croix | 712 | $123,750 | $464,100 | Compare |
| Onamia | 731 | $26,827 | $126,200 | Compare |
| Vineland | 709 | $55,781 | $135,000 | 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 Greenwood With Other Cities
Frequently Asked Questions about Greenwood
What is the population of Greenwood, MN?
The population of Greenwood, MN is 720 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 Greenwood?
The median household income in Greenwood, MN is $199,063 per year, which is 165% above the national median of $75,149.
What is the median home value in Greenwood?
The median home value in Greenwood, MN is $1,041,700, which is 325% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Greenwood?
The median monthly rent in Greenwood, MN is $1,917, which is 65% above the national average of $1,163/month.
What is the unemployment rate in Greenwood?
The unemployment rate in Greenwood, MN is 2.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Greenwood, MN a good place to live?
Greenwood offers above-average incomes, a competitive housing market, and a strong job market. With a population of 720 and a median age of 48.8, the city appeals to established professionals and retirees.
How educated is Greenwood, MN?
79.5% of residents in Greenwood 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 Greenwood?
Key cost-of-living indicators for Greenwood, MN: median home value is $1,041,700 (325% above national), median rent is $1,917/month, and median household income is $199,063. The home-value-to-income ratio is 5.2x, a moderate figure by national standards.
What is the poverty rate in Greenwood?
The poverty rate in Greenwood, MN is 7.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Greenwood, MN?
Greenwood's population is 0.3% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.4% two or more races. 2.4% of residents are foreign-born.