Lakefield, MN
Population 1,652 · Minnesota
About Lakefield, MN
Lakefield is a small town located in Minnesota with a population of 1,652 residents according to the latest US Census Bureau American Community Survey data. The median household income is $62,656 per year, which is 17% below the national median of $75,149. The median age of 43.9 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 Lakefield features a median home value of $115,900, which is 53% below the national median of $244,900. This makes Lakefield one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $867, 25% below the national average of $1,163/month. Of the 822 total housing units, 88% are owner-occupied (656 units) and 12% are renter-occupied (90 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lakefield shows an unemployment rate of 0.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 9.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lakefield have an average one-way commute time of 16.9 minutes, one of the shorter commutes in the region.
Education & Demographics
17.1% of Lakefield 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 3.5% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 1.7% of the population being foreign-born.
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.
Compare Lakefield With Other Cities
Frequently Asked Questions about Lakefield
What is the population of Lakefield, MN?
The population of Lakefield, MN is 1,652 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Lakefield?
The median household income in Lakefield, MN is $62,656 per year, which is 17% below the national median of $75,149.
What is the median home value in Lakefield?
The median home value in Lakefield, MN is $115,900, which is 53% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lakefield?
The median monthly rent in Lakefield, MN is $867, which is 25% below the national average of $1,163/month.
What is the unemployment rate in Lakefield?
The unemployment rate in Lakefield, MN is 0.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lakefield, MN a good place to live?
Lakefield offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,652 and a median age of 43.9, the city appeals to a broad range of residents.
How educated is Lakefield, MN?
17.1% of residents in Lakefield 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 Lakefield?
Key cost-of-living indicators for Lakefield, MN: median home value is $115,900 (53% below national), median rent is $867/month, and median household income is $62,656. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lakefield?
The poverty rate in Lakefield, MN is 9.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lakefield, MN?
Lakefield's population is 3.5% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 0.5% two or more races. 1.7% of residents are foreign-born.