Lake City, MN
Population 5,021 · Minnesota
About Lake City, MN
Lake City is a small community in Minnesota with a population of 5,021 residents. The median household income is $76,125 per year, which is above the national average. The median age in Lake City is 48.4 years.
Housing in Lake City has a median home value of $234,100 and median monthly rent of $1,022. Of the 2,682 total housing units, the majority are owner-occupied, with 1,774 owner-occupied and 478 renter-occupied units.
The unemployment rate in Lake City is 0.4% and the poverty rate is 6.5%. 32.0% of residents hold a bachelor's degree or higher. The average commute time is 21.7 minutes.
How Lake City Ranks in Minnesota
Cost of Living in Lake City, MN
Compared to national averages, Lake City has a median household income of $76,125 (1% above the national median of $75,149). Home values average $234,100, which is 4% below the national median. Monthly rent at $1,022 is 12% below the US average of $1,163. Within Minnesota, Lake City's income is 3% above the state average of $74,221, and home values are 14% above the state median of $204,472.
Why Live in Lake City, MN?
Lake City offers a strong local economy with a median household income of $76,125, well above the national average, and affordable housing with a median home value of $234,100, below the US average of $244,900, and rent that’s lower than the national average at $1,022/month. Additionally, the city features a strong job market with an unemployment rate of just 0.4%, and a low poverty rate of 6.5%, better than the national average, and short commute times averaging just 21.7 minutes.
Lake City has a population of 5,021 with a median age of 48.4 years. Compare Lake City with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lake City
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Princeton | 4,988 | $52,450 | $212,200 | Compare |
| Circle Pines | 4,980 | $96,477 | $277,300 | Compare |
| Redwood Falls | 5,075 | $61,947 | $162,000 | Compare |
| Becker | 4,958 | $90,188 | $257,600 | Compare |
| Morris | 5,092 | $63,807 | $185,200 | Compare |
| Lindstrom | 4,933 | $99,844 | $336,800 | Compare |
| Elko New Market | 4,915 | $147,381 | $407,400 | Compare |
| Luverne | 4,907 | $66,145 | $181,100 | 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.
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Frequently Asked Questions about Lake City
What is the population of Lake City, MN?
The population of Lake City, MN is 5,021 according to the latest Census data.
What is the median household income in Lake City?
The median household income in Lake City, MN is $76,125 per year.
What is the median home value in Lake City?
The median home value in Lake City, MN is $234,100.
What is the average rent in Lake City?
The median monthly rent in Lake City, MN is $1,022.
What is the unemployment rate in Lake City?
The unemployment rate in Lake City, MN is 0.4%.