Wells, MN
Population 2,317 · Minnesota
About Wells, MN
Wells is a small town located in Minnesota with a population of 2,317 residents according to the latest US Census Bureau American Community Survey data. The median household income is $58,663 per year, which is 22% below the national median of $75,149. The median age of 41.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Wells features a median home value of $93,200, which is 62% below the national median of $244,900. This makes Wells one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $699, 40% below the national average of $1,163/month. Of the 1,198 total housing units, 76% are owner-occupied (844 units) and 24% are renter-occupied (266 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wells shows an unemployment rate of 3.9%, which is near the national rate of 3.7%. The poverty rate stands at 11.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wells have an average one-way commute time of 18.8 minutes, one of the shorter commutes in the region.
Education & Demographics
19.8% of Wells 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 4.5% White, 1.7% Hispanic or Latino, 1.1% Black or African American, and 0.0% Asian residents, with 1.3% of the population being foreign-born.
Cost of Living in Wells, MN
Compared to national averages, Wells has a median household income of $58,663 (22% below the national median of $75,149). Home values average $93,200, which is 62% below the national median. Monthly rent at $699 is 40% below the US average of $1,163. Within Minnesota, Wells's income is 21% below the state average of $74,221, and home values are 54% below the state median of $204,472.
Why Live in Wells, MN?
Wells offers affordable housing with a median home value of $93,200, below the US average of $244,900, and rent that’s lower than the national average at $699/month, and a low poverty rate of 11.1%, better than the national average. Additionally, the city features short commute times averaging just 18.8 minutes.
Potential considerations include median household income ($58,663) that falls below the national average. However, Wells’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Wells has a population of 2,317 with a median age of 41.8 years. Compare Wells with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Wells
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Arlington | 2,298 | $66,458 | $181,600 | Compare |
| Spring Valley | 2,357 | $64,500 | $149,100 | Compare |
| Excelsior | 2,359 | $108,611 | $839,500 | Compare |
| Staples | 2,359 | $51,506 | $119,300 | Compare |
| Madelia | 2,380 | $77,500 | $158,300 | Compare |
| Crosby | 2,253 | $43,250 | $175,600 | Compare |
| Lauderdale | 2,386 | $76,558 | $273,600 | Compare |
| Olivia | 2,243 | $62,683 | $156,600 | 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 Wells With Other Cities
Frequently Asked Questions about Wells
What is the population of Wells, MN?
The population of Wells, MN is 2,317 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 Wells?
The median household income in Wells, MN is $58,663 per year, which is 22% below the national median of $75,149.
What is the median home value in Wells?
The median home value in Wells, MN is $93,200, which is 62% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Wells?
The median monthly rent in Wells, MN is $699, which is 40% below the national average of $1,163/month.
What is the unemployment rate in Wells?
The unemployment rate in Wells, 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 Wells, MN a good place to live?
Wells offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 2,317 and a median age of 41.8, the city appeals to a broad range of residents.
How educated is Wells, MN?
19.8% of residents in Wells 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 Wells?
Key cost-of-living indicators for Wells, MN: median home value is $93,200 (62% below national), median rent is $699/month, and median household income is $58,663. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Wells?
The poverty rate in Wells, MN is 11.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Wells, MN?
Wells's population is 4.5% White, 1.7% Hispanic or Latino, 1.1% Black or African American, 0.0% Asian, and 1.1% two or more races. 1.3% of residents are foreign-born.