Lakefield, MN
Population 1,652 · Minnesota
About Lakefield, MN
Lakefield is a small community in Minnesota with a population of 1,652 residents. The median household income is $62,656 per year, which is near the national average. The median age in Lakefield is 43.9 years.
Housing in Lakefield has a median home value of $115,900 and median monthly rent of $867. Of the 822 total housing units, the majority are owner-occupied, with 656 owner-occupied and 90 renter-occupied units.
The unemployment rate in Lakefield is 0.5% and the poverty rate is 9.8%. 17.1% of residents hold a bachelor's degree or higher. The average commute time is 16.9 minutes.
How Lakefield Ranks in Minnesota
Cost of Living in Lakefield, MN
Compared to national averages, Lakefield has a median household income of $62,656 (17% below the national median of $75,149). Home values average $115,900, which is 53% below the national median. Monthly rent at $867 is 25% below the US average of $1,163. Within Minnesota, Lakefield's income is 16% below the state average of $74,221, and home values are 43% below the state median of $204,472.
Why Live in Lakefield, MN?
Lakefield offers affordable housing with a median home value of $115,900, below the US average of $244,900, and rent that’s lower than the national average at $867/month, and a strong job market with an unemployment rate of just 0.5%. Additionally, the city features a low poverty rate of 9.8%, better than the national average, and short commute times averaging just 16.9 minutes.
Potential considerations include median household income ($62,656) that falls below the national average. However, Lakefield’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lakefield has a population of 1,652 with a median age of 43.9 years. Compare Lakefield with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lakefield
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hinckley | 1,665 | $41,979 | $165,200 | Compare |
| Oronoco | 1,665 | $146,875 | $468,700 | Compare |
| Osakis | 1,667 | $53,684 | $169,200 | Compare |
| Warren | 1,637 | $57,656 | $134,300 | Compare |
| Braham | 1,674 | $55,417 | $191,600 | Compare |
| Lewiston | 1,680 | $96,912 | $211,200 | Compare |
| St. John's University | 1,615 | $0 | $0 | Compare |
| Gilbert | 1,693 | $62,625 | $116,200 | 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.
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Frequently Asked Questions about Lakefield
What is the population of Lakefield, MN?
The population of Lakefield, MN is 1,652 according to the latest Census data.
What is the median household income in Lakefield?
The median household income in Lakefield, MN is $62,656 per year.
What is the median home value in Lakefield?
The median home value in Lakefield, MN is $115,900.
What is the average rent in Lakefield?
The median monthly rent in Lakefield, MN is $867.
What is the unemployment rate in Lakefield?
The unemployment rate in Lakefield, MN is 0.5%.