Lakeville, MN
Population 72,480 · Minnesota
About Lakeville, MN
Lakeville is a mid-sized city located in Minnesota with a population of 72,480 residents according to the latest US Census Bureau American Community Survey data. The median household income is $138,119 per year, which is 84% above the national median of $75,149. The median age of 36.9 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lakeville features a median home value of $425,200, which is 74% above the national median of $244,900. This places Lakeville in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,727, 48% above the national average of $1,163/month. Of the 25,576 total housing units, 88% are owner-occupied (21,921 units) and 12% are renter-occupied (3,038 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lakeville shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 3.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lakeville have an average one-way commute time of 24.6 minutes.
Education & Demographics
50.9% of Lakeville residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 4.1% White, 1.2% Hispanic or Latino, 0.6% Black or African American, and 1.4% Asian residents, with 8.6% of the population being foreign-born.
How Lakeville Ranks in Minnesota
Cost of Living in Lakeville, MN
Compared to national averages, Lakeville has a median household income of $138,119 (84% above the national median of $75,149). Home values average $425,200, which is 74% above the national median. Monthly rent at $1,727 is 48% above the US average of $1,163. Within Minnesota, Lakeville's income is 86% above the state average of $74,221, and home values are 108% above the state median of $204,472.
Why Live in Lakeville, MN?
Lakeville offers a strong local economy with a median household income of $138,119, well above the national average, and a strong job market with an unemployment rate of just 2.3%, and a well-educated community where 50.9% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 3.3%, better than the national average, and short commute times averaging just 24.6 minutes.
Potential considerations include a competitive housing market where the typical home costs $425,200. However, as a mid-sized city, Lakeville provides access to a wide range of amenities and services.
Lakeville has a population of 72,480 with a median age of 36.9 years. Compare Lakeville with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lakeville
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Blaine | 71,261 | $103,382 | $327,500 | Compare |
| Maple Grove | 70,539 | $129,481 | $397,400 | Compare |
| St. Cloud | 69,926 | $61,112 | $212,800 | Compare |
| Eagan | 68,158 | $107,486 | $380,800 | Compare |
| Woodbury | 76,945 | $126,222 | $434,900 | Compare |
| Plymouth | 79,526 | $133,865 | $474,700 | Compare |
| Burnsville | 64,295 | $83,953 | $335,100 | Compare |
| Coon Rapids | 63,348 | $86,618 | $287,200 | 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 Lakeville With Other Cities
Frequently Asked Questions about Lakeville
What is the population of Lakeville, MN?
The population of Lakeville, MN is 72,480 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Lakeville?
The median household income in Lakeville, MN is $138,119 per year, which is 84% above the national median of $75,149.
What is the median home value in Lakeville?
The median home value in Lakeville, MN is $425,200, which is 74% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lakeville?
The median monthly rent in Lakeville, MN is $1,727, which is 48% above the national average of $1,163/month.
What is the unemployment rate in Lakeville?
The unemployment rate in Lakeville, MN is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lakeville, MN a good place to live?
Lakeville offers above-average incomes, a competitive housing market, and a strong job market. With a population of 72,480 and a median age of 36.9, the city appeals to a broad range of residents.
How educated is Lakeville, MN?
50.9% of residents in Lakeville aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lakeville?
Key cost-of-living indicators for Lakeville, MN: median home value is $425,200 (74% above national), median rent is $1,727/month, and median household income is $138,119. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lakeville?
The poverty rate in Lakeville, MN is 3.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lakeville, MN?
Lakeville's population is 4.1% White, 1.2% Hispanic or Latino, 0.6% Black or African American, 1.4% Asian, and 4.2% two or more races. 8.6% of residents are foreign-born.