Peterson, MN
Population 256 · Minnesota
About Peterson, MN
Peterson is a small community located in Minnesota with a population of 256 residents according to the latest US Census Bureau American Community Survey data. The median household income is $66,250 per year, which is 12% below the national median of $75,149. The median age of 31.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Peterson features a median home value of $112,500, which is 54% below the national median of $244,900. This makes Peterson one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $538, 54% below the national average of $1,163/month. Of the 102 total housing units, 92% are owner-occupied (90 units) and 8% are renter-occupied (8 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Peterson shows an unemployment rate of 0.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 16.8%, above the national average of 12.4%. Workers in Peterson have an average one-way commute time of 29.9 minutes.
Education & Demographics
12.9% of Peterson 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 2.7% White, 3.9% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.8% of the population being foreign-born.
How Peterson Ranks in Minnesota
Cost of Living in Peterson, MN
Compared to national averages, Peterson has a median household income of $66,250 (12% below the national median of $75,149). Home values average $112,500, which is 54% below the national median. Monthly rent at $538 is 54% below the US average of $1,163. Within Minnesota, Peterson's income is 11% below the state average of $74,221, and home values are 45% below the state median of $204,472.
Why Live in Peterson, MN?
Peterson offers affordable housing with a median home value of $112,500, below the US average of $244,900, and rent that’s lower than the national average at $538/month, and a strong job market with an unemployment rate of just 0.8%.
Potential considerations include median household income ($66,250) that falls below the national average. However, Peterson’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Peterson has a population of 256 with a median age of 31.5 years. Compare Peterson with other cities to see how it stacks up, or explore all cities in Minnesota.
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Demographics
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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 Peterson
What is the population of Peterson, MN?
The population of Peterson, MN is 256 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 Peterson?
The median household income in Peterson, MN is $66,250 per year, which is 12% below the national median of $75,149.
What is the median home value in Peterson?
The median home value in Peterson, MN is $112,500, which is 54% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Peterson?
The median monthly rent in Peterson, MN is $538, which is 54% below the national average of $1,163/month.
What is the unemployment rate in Peterson?
The unemployment rate in Peterson, MN is 0.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Peterson, MN a good place to live?
Peterson offers a moderate cost of living, affordable housing, and a strong job market. With a population of 256 and a median age of 31.5, the city appeals to young professionals and families.
How educated is Peterson, MN?
12.9% of residents in Peterson 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 Peterson?
Key cost-of-living indicators for Peterson, MN: median home value is $112,500 (54% below national), median rent is $538/month, and median household income is $66,250. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Peterson?
The poverty rate in Peterson, MN is 16.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Peterson, MN?
Peterson's population is 2.7% White, 3.9% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.8% of residents are foreign-born.