Madison Lake, MN
Population 1,178 · Minnesota
About Madison Lake, MN
Madison Lake is a small town located in Minnesota with a population of 1,178 residents according to the latest US Census Bureau American Community Survey data. The median household income is $84,833 per year, which is 13% above the national median of $75,149. The median age of 39.2 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Madison Lake features a median home value of $281,300, which is 15% above the national median of $244,900. This positions Madison Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $829, 29% below the national average of $1,163/month. Of the 669 total housing units, 69% are owner-occupied (332 units) and 31% are renter-occupied (150 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Madison Lake shows an unemployment rate of 3.9%, which is near the national rate of 3.7%. The poverty rate stands at 6.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Madison Lake have an average one-way commute time of 22.2 minutes.
Education & Demographics
36.9% of Madison Lake 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, 1.9% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 0.3% of the population being foreign-born.
Cost of Living in Madison Lake, MN
Compared to national averages, Madison Lake has a median household income of $84,833 (13% above the national median of $75,149). Home values average $281,300, which is 15% above the national median. Monthly rent at $829 is 29% below the US average of $1,163. Within Minnesota, Madison Lake's income is 14% above the state average of $74,221, and home values are 38% above the state median of $204,472.
Why Live in Madison Lake, MN?
Madison Lake offers a strong local economy with a median household income of $84,833, well above the national average, and rent that’s lower than the national average at $829/month, and a well-educated community where 36.9% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 6.7%, better than the national average, and short commute times averaging just 22.2 minutes.
Madison Lake has a population of 1,178 with a median age of 39.2 years. Compare Madison Lake with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Madison Lake
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Redby | 1,175 | $53,846 | $109,500 | Compare |
| East Gull Lake | 1,173 | $128,548 | $522,000 | Compare |
| Wanamingo | 1,185 | $85,000 | $247,400 | Compare |
| Medford | 1,194 | $98,375 | $234,300 | Compare |
| Elbow Lake | 1,158 | $56,786 | $118,900 | Compare |
| New London | 1,156 | $66,830 | $209,300 | Compare |
| Martin Lake | 1,203 | $120,705 | $426,100 | Compare |
| Shafer | 1,151 | $96,042 | $225,700 | 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 Madison Lake With Other Cities
Frequently Asked Questions about Madison Lake
What is the population of Madison Lake, MN?
The population of Madison Lake, MN is 1,178 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 Madison Lake?
The median household income in Madison Lake, MN is $84,833 per year, which is 13% above the national median of $75,149.
What is the median home value in Madison Lake?
The median home value in Madison Lake, MN is $281,300, which is 15% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Madison Lake?
The median monthly rent in Madison Lake, MN is $829, which is 29% below the national average of $1,163/month.
What is the unemployment rate in Madison Lake?
The unemployment rate in Madison Lake, MN is 3.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Madison Lake, MN a good place to live?
Madison Lake offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 1,178 and a median age of 39.2, the city appeals to a broad range of residents.
How educated is Madison Lake, MN?
36.9% of residents in Madison Lake 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 Madison Lake?
Key cost-of-living indicators for Madison Lake, MN: median home value is $281,300 (15% above national), median rent is $829/month, and median household income is $84,833. The home-value-to-income ratio is 3.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Madison Lake?
The poverty rate in Madison Lake, MN is 6.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Madison Lake, MN?
Madison Lake's population is 0.0% White, 1.9% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 1.4% two or more races. 0.3% of residents are foreign-born.