Lake Benton, MN
Population 698 · Minnesota
About Lake Benton, MN
Lake Benton is a small community located in Minnesota with a population of 698 residents according to the latest US Census Bureau American Community Survey data. The median household income is $52,000 per year, which is 31% below the national median of $75,149. The median age of 45.1 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 Lake Benton features a median home value of $91,900, which is 62% below the national median of $244,900. This makes Lake Benton one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $550, 53% below the national average of $1,163/month. Of the 401 total housing units, 77% are owner-occupied (260 units) and 23% are renter-occupied (76 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Benton shows an unemployment rate of 3.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 13.3%, above the national average of 12.4%. Workers in Lake Benton have an average one-way commute time of 26.3 minutes.
Education & Demographics
21.7% of Lake Benton 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 0.7% White, 1.4% Hispanic or Latino, 0.0% Black or African American, and 4.7% Asian residents, with 0.7% of the population being foreign-born.
How Lake Benton Ranks in Minnesota
Cost of Living in Lake Benton, MN
Compared to national averages, Lake Benton has a median household income of $52,000 (31% below the national median of $75,149). Home values average $91,900, which is 62% below the national median. Monthly rent at $550 is 53% below the US average of $1,163. Within Minnesota, Lake Benton's income is 30% below the state average of $74,221, and home values are 55% below the state median of $204,472.
Why Live in Lake Benton, MN?
Lake Benton offers affordable housing with a median home value of $91,900, below the US average of $244,900, and rent that’s lower than the national average at $550/month, and a strong job market with an unemployment rate of just 3.3%.
Potential considerations include median household income ($52,000) that falls below the national average. However, Lake Benton’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Benton has a population of 698 with a median age of 45.1 years. Compare Lake Benton with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lake Benton
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Clarissa | 700 | $45,500 | $104,000 | Compare |
| Bovey | 690 | $67,500 | $103,400 | Compare |
| Warsaw | 690 | $115,313 | $255,000 | Compare |
| Hoffman | 708 | $47,000 | $127,700 | Compare |
| Vineland | 709 | $55,781 | $135,000 | Compare |
| Greenbush | 685 | $58,438 | $131,700 | Compare |
| Marine on St. Croix | 712 | $123,750 | $464,100 | Compare |
| Stockton | 684 | $83,438 | $229,000 | 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 Lake Benton With Other Cities
Frequently Asked Questions about Lake Benton
What is the population of Lake Benton, MN?
The population of Lake Benton, MN is 698 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 Lake Benton?
The median household income in Lake Benton, MN is $52,000 per year, which is 31% below the national median of $75,149.
What is the median home value in Lake Benton?
The median home value in Lake Benton, MN is $91,900, which is 62% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Benton?
The median monthly rent in Lake Benton, MN is $550, which is 53% below the national average of $1,163/month.
What is the unemployment rate in Lake Benton?
The unemployment rate in Lake Benton, MN is 3.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Benton, MN a good place to live?
Lake Benton offers a moderate cost of living, affordable housing, and a strong job market. With a population of 698 and a median age of 45.1, the city appeals to established professionals and retirees.
How educated is Lake Benton, MN?
21.7% of residents in Lake Benton 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 Lake Benton?
Key cost-of-living indicators for Lake Benton, MN: median home value is $91,900 (62% below national), median rent is $550/month, and median household income is $52,000. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Benton?
The poverty rate in Lake Benton, 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 Lake Benton, MN?
Lake Benton's population is 0.7% White, 1.4% Hispanic or Latino, 0.0% Black or African American, 4.7% Asian, and 0.0% two or more races. 0.7% of residents are foreign-born.