Lake George, MN
Population 245 · Minnesota
About Lake George, MN
Lake George is a small community located in Minnesota with a population of 245 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,500 per year, which is 9% below the national median of $75,149. The median age of 51.8 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 Lake George features a median home value of $222,500, which is 9% below the national median of $244,900. This positions Lake George in a moderately priced market relative to the rest of the country. Median monthly rent is $1,025, 12% below the national average of $1,163/month. Of the 180 total housing units, 90% are owner-occupied (79 units) and 10% are renter-occupied (9 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake George shows an unemployment rate of 15.5%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 7.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake George have an average one-way commute time of 26.8 minutes.
Education & Demographics
25.4% of Lake George residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.3% White, 2.4% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Lake George, MN
Compared to national averages, Lake George has a median household income of $68,500 (9% below the national median of $75,149). Home values average $222,500, which is 9% below the national median. Monthly rent at $1,025 is 12% below the US average of $1,163. Within Minnesota, Lake George's income is 8% below the state average of $74,221, and home values are 9% above the state median of $204,472.
Why Live in Lake George, MN?
Lake George offers affordable housing with a median home value of $222,500, below the US average of $244,900, and rent that’s lower than the national average at $1,025/month, and a low poverty rate of 7.8%, better than the national average.
Potential considerations include median household income ($68,500) that falls below the national average. However, Lake George’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake George has a population of 245 with a median age of 51.8 years. Compare Lake George with other cities to see how it stacks up, or explore all cities in Minnesota.
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Demographics
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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 George
What is the population of Lake George, MN?
The population of Lake George, MN is 245 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 George?
The median household income in Lake George, MN is $68,500 per year, which is 9% below the national median of $75,149.
What is the median home value in Lake George?
The median home value in Lake George, MN is $222,500, which is 9% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake George?
The median monthly rent in Lake George, MN is $1,025, which is 12% below the national average of $1,163/month.
What is the unemployment rate in Lake George?
The unemployment rate in Lake George, MN is 15.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake George, MN a good place to live?
Lake George offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 245 and a median age of 51.8, the city appeals to established professionals and retirees.
How educated is Lake George, MN?
25.4% of residents in Lake George 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 George?
Key cost-of-living indicators for Lake George, MN: median home value is $222,500 (9% below national), median rent is $1,025/month, and median household income is $68,500. The home-value-to-income ratio is 3.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake George?
The poverty rate in Lake George, MN is 7.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lake George, MN?
Lake George's population is 3.3% White, 2.4% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 1.2% of residents are foreign-born.