Hoyt Lakes, MN
Population 2,074 · Minnesota
About Hoyt Lakes, MN
Hoyt Lakes is a small town located in Minnesota with a population of 2,074 residents according to the latest US Census Bureau American Community Survey data. The median household income is $64,514 per year, which is 14% below the national median of $75,149. The median age of 42.2 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 Hoyt Lakes features a median home value of $90,700, which is 63% below the national median of $244,900. This makes Hoyt Lakes one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 941 total housing units, 94% are owner-occupied (777 units) and 6% are renter-occupied (46 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Hoyt Lakes shows an unemployment rate of 15.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 10.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Hoyt Lakes have an average one-way commute time of 32.4 minutes.
Education & Demographics
18.4% of Hoyt Lakes 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 5.1% White, 5.0% Hispanic or Latino, 1.4% Black or African American, and 0.1% Asian residents, with 0.4% of the population being foreign-born.
Cost of Living in Hoyt Lakes, MN
Compared to national averages, Hoyt Lakes has a median household income of $64,514 (14% below the national median of $75,149). Home values average $90,700, which is 63% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Minnesota, Hoyt Lakes's income is 13% below the state average of $74,221, and home values are 56% below the state median of $204,472.
Why Live in Hoyt Lakes, MN?
Hoyt Lakes offers affordable housing with a median home value of $90,700, below the US average of $244,900, and rent that’s lower than the national average at $0/month, and a low poverty rate of 10.1%, better than the national average.
Potential considerations include median household income ($64,514) that falls below the national average. However, Hoyt Lakes’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Hoyt Lakes has a population of 2,074 with a median age of 42.2 years. Compare Hoyt Lakes with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Hoyt Lakes
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Gaylord | 2,074 | $60,500 | $163,300 | Compare |
| Warroad | 2,067 | $50,685 | $195,000 | Compare |
| Esko | 2,063 | $116,406 | $278,800 | Compare |
| Hawley | 2,086 | $92,017 | $265,500 | Compare |
| Slayton | 2,089 | $65,724 | $160,400 | Compare |
| Eyota | 2,090 | $83,684 | $266,800 | Compare |
| Maple Lake | 2,104 | $75,469 | $221,800 | Compare |
| Winsted | 2,023 | $70,208 | $210,200 | 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 Hoyt Lakes With Other Cities
Frequently Asked Questions about Hoyt Lakes
What is the population of Hoyt Lakes, MN?
The population of Hoyt Lakes, MN is 2,074 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 Hoyt Lakes?
The median household income in Hoyt Lakes, MN is $64,514 per year, which is 14% below the national median of $75,149.
What is the median home value in Hoyt Lakes?
The median home value in Hoyt Lakes, MN is $90,700, which is 63% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Hoyt Lakes?
The median monthly rent in Hoyt Lakes, MN is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Hoyt Lakes?
The unemployment rate in Hoyt Lakes, MN is 15.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Hoyt Lakes, MN a good place to live?
Hoyt Lakes offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 2,074 and a median age of 42.2, the city appeals to a broad range of residents.
How educated is Hoyt Lakes, MN?
18.4% of residents in Hoyt Lakes 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 Hoyt Lakes?
Key cost-of-living indicators for Hoyt Lakes, MN: median home value is $90,700 (63% below national), median rent is $0/month, and median household income is $64,514. The home-value-to-income ratio is 1.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hoyt Lakes?
The poverty rate in Hoyt Lakes, MN is 10.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Hoyt Lakes, MN?
Hoyt Lakes's population is 5.1% White, 5.0% Hispanic or Latino, 1.4% Black or African American, 0.1% Asian, and 0.0% two or more races. 0.4% of residents are foreign-born.