Prior Lake, MN
Population 27,832 · Minnesota
About Prior Lake, MN
Prior Lake is a mid-sized city in Minnesota with a population of 27,832 residents. The median household income is $130,278 per year, which is above the national average. The median age in Prior Lake is 39.7 years.
Housing in Prior Lake has a median home value of $429,900 and median monthly rent of $1,548. Of the 10,423 total housing units, the majority are owner-occupied, with 8,666 owner-occupied and 1,452 renter-occupied units.
The unemployment rate in Prior Lake is 1.2% and the poverty rate is 2.9%. 51.5% of residents hold a bachelor's degree or higher. The average commute time is 24.7 minutes.
How Prior Lake Ranks in Minnesota
Cost of Living in Prior Lake, MN
Compared to national averages, Prior Lake has a median household income of $130,278 (73% above the national median of $75,149). Home values average $429,900, which is 76% above the national median. Monthly rent at $1,548 is 33% above the US average of $1,163. Within Minnesota, Prior Lake's income is 76% above the state average of $74,221, and home values are 110% above the state median of $204,472.
Why Live in Prior Lake, MN?
Prior Lake offers a strong local economy with a median household income of $130,278, well above the national average, and a strong job market with an unemployment rate of just 1.2%, and a well-educated community where 51.5% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 2.9%, better than the national average, and short commute times averaging just 24.7 minutes.
Potential considerations include a competitive housing market where the typical home costs $429,900. However, Prior Lake’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Prior Lake has a population of 27,832 with a median age of 39.7 years. Compare Prior Lake with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Prior Lake
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Ramsey | 28,070 | $112,060 | $345,000 | Compare |
| Oakdale | 28,109 | $90,379 | $305,900 | Compare |
| Chaska | 28,146 | $110,000 | $379,400 | Compare |
| Shoreview | 26,724 | $109,399 | $365,100 | Compare |
| Rosemount | 26,509 | $127,247 | $406,100 | Compare |
| Owatonna | 26,462 | $81,276 | $234,600 | Compare |
| Elk River | 26,367 | $99,457 | $338,300 | Compare |
| Austin | 26,167 | $66,488 | $155,100 | 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.
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Frequently Asked Questions about Prior Lake
What is the population of Prior Lake, MN?
The population of Prior Lake, MN is 27,832 according to the latest Census data.
What is the median household income in Prior Lake?
The median household income in Prior Lake, MN is $130,278 per year.
What is the median home value in Prior Lake?
The median home value in Prior Lake, MN is $429,900.
What is the average rent in Prior Lake?
The median monthly rent in Prior Lake, MN is $1,548.
What is the unemployment rate in Prior Lake?
The unemployment rate in Prior Lake, MN is 1.2%.