Lake Park, MN
Population 573 · Minnesota
About Lake Park, MN
Lake Park is a small community located in Minnesota with a population of 573 residents according to the latest US Census Bureau American Community Survey data. The median household income is $63,250 per year, which is 16% below the national median of $75,149. The median age of 36.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake Park features a median home value of $160,900, which is 34% below the national median of $244,900. This positions Lake Park in a moderately priced market relative to the rest of the country. Median monthly rent is $717, 38% below the national average of $1,163/month. Of the 251 total housing units, 84% are owner-occupied (194 units) and 16% are renter-occupied (37 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Park shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Park have an average one-way commute time of 25.2 minutes.
Education & Demographics
25.8% of Lake Park 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 0.0% White, 3.3% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 4.0% of the population being foreign-born.
Cost of Living in Lake Park, MN
Compared to national averages, Lake Park has a median household income of $63,250 (16% below the national median of $75,149). Home values average $160,900, which is 34% below the national median. Monthly rent at $717 is 38% below the US average of $1,163. Within Minnesota, Lake Park's income is 15% below the state average of $74,221, and home values are 21% below the state median of $204,472.
Why Live in Lake Park, MN?
Lake Park offers affordable housing with a median home value of $160,900, below the US average of $244,900, and rent that’s lower than the national average at $717/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a low poverty rate of 8.0%, better than the national average.
Potential considerations include median household income ($63,250) that falls below the national average. However, Lake Park’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Park has a population of 573 with a median age of 36.8 years. Compare Lake Park with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lake Park
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hendricks | 572 | $45,125 | $78,100 | Compare |
| Lynd | 570 | $79,375 | $170,000 | Compare |
| Stewart | 570 | $62,692 | $115,900 | Compare |
| Littlefork | 577 | $61,685 | $114,500 | Compare |
| New Germany | 581 | $88,438 | $252,600 | Compare |
| Brooten | 582 | $47,500 | $128,900 | Compare |
| Graceville | 586 | $51,667 | $101,700 | Compare |
| Bethel | 559 | $102,500 | $260,200 | 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 Lake Park With Other Cities
Frequently Asked Questions about Lake Park
What is the population of Lake Park, MN?
The population of Lake Park, MN is 573 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 Park?
The median household income in Lake Park, MN is $63,250 per year, which is 16% below the national median of $75,149.
What is the median home value in Lake Park?
The median home value in Lake Park, MN is $160,900, which is 34% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Park?
The median monthly rent in Lake Park, MN is $717, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Lake Park?
The unemployment rate in Lake Park, MN is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Park, MN a good place to live?
Lake Park offers a moderate cost of living, affordable housing, and a strong job market. With a population of 573 and a median age of 36.8, the city appeals to a broad range of residents.
How educated is Lake Park, MN?
25.8% of residents in Lake Park 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 Park?
Key cost-of-living indicators for Lake Park, MN: median home value is $160,900 (34% below national), median rent is $717/month, and median household income is $63,250. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Park?
The poverty rate in Lake Park, MN is 8.0%, 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 Park, MN?
Lake Park's population is 0.0% White, 3.3% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 4.0% of residents are foreign-born.