Preston, MN
Population 1,315 · Minnesota
About Preston, MN
Preston is a small town located in Minnesota with a population of 1,315 residents according to the latest US Census Bureau American Community Survey data. The median household income is $60,438 per year, which is 20% below the national median of $75,149. The median age of 41.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Preston features a median home value of $169,600, which is 31% below the national median of $244,900. This positions Preston in a moderately priced market relative to the rest of the country. Median monthly rent is $649, 44% below the national average of $1,163/month. Of the 622 total housing units, 73% are owner-occupied (416 units) and 27% are renter-occupied (155 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Preston shows an unemployment rate of 3.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 13.5%, above the national average of 12.4%. Workers in Preston have an average one-way commute time of 21.7 minutes.
Education & Demographics
27.6% of Preston 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 0.1% White, 0.8% Hispanic or Latino, 0.0% Black or African American, and 1.4% Asian residents, with 0.5% of the population being foreign-born.
Cost of Living in Preston, MN
Compared to national averages, Preston has a median household income of $60,438 (20% below the national median of $75,149). Home values average $169,600, which is 31% below the national median. Monthly rent at $649 is 44% below the US average of $1,163. Within Minnesota, Preston's income is 19% below the state average of $74,221, and home values are 17% below the state median of $204,472.
Why Live in Preston, MN?
Preston offers affordable housing with a median home value of $169,600, below the US average of $244,900, and rent that’s lower than the national average at $649/month, and a strong job market with an unemployment rate of just 3.5%. Additionally, the city features short commute times averaging just 21.7 minutes.
Potential considerations include median household income ($60,438) that falls below the national average. However, Preston’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Preston has a population of 1,315 with a median age of 41.3 years. Compare Preston with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Preston
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| New York Mills | 1,319 | $51,696 | $144,900 | Compare |
| Starbuck | 1,307 | $60,217 | $168,100 | Compare |
| Dassel | 1,332 | $59,750 | $218,900 | Compare |
| Wheaton | 1,334 | $52,260 | $82,200 | Compare |
| Richmond | 1,336 | $67,381 | $225,500 | Compare |
| Menahga | 1,292 | $56,000 | $145,800 | Compare |
| Adrian | 1,288 | $74,100 | $172,000 | Compare |
| Glyndon | 1,286 | $93,571 | $257,400 | 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 Preston With Other Cities
Frequently Asked Questions about Preston
What is the population of Preston, MN?
The population of Preston, MN is 1,315 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 Preston?
The median household income in Preston, MN is $60,438 per year, which is 20% below the national median of $75,149.
What is the median home value in Preston?
The median home value in Preston, MN is $169,600, which is 31% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Preston?
The median monthly rent in Preston, MN is $649, which is 44% below the national average of $1,163/month.
What is the unemployment rate in Preston?
The unemployment rate in Preston, MN is 3.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Preston, MN a good place to live?
Preston offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,315 and a median age of 41.3, the city appeals to a broad range of residents.
How educated is Preston, MN?
27.6% of residents in Preston 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 Preston?
Key cost-of-living indicators for Preston, MN: median home value is $169,600 (31% below national), median rent is $649/month, and median household income is $60,438. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Preston?
The poverty rate in Preston, MN is 13.5%, 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 Preston, MN?
Preston's population is 0.1% White, 0.8% Hispanic or Latino, 0.0% Black or African American, 1.4% Asian, and 0.7% two or more races. 0.5% of residents are foreign-born.