Wood Lake, MN
Population 398 · Minnesota
About Wood Lake, MN
Wood Lake is a small community located in Minnesota with a population of 398 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,958 per year, which is 8% below the national median of $75,149. The median age of 46.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Wood Lake features a median home value of $85,000, which is 65% below the national median of $244,900. This makes Wood Lake one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $650, 44% below the national average of $1,163/month. Of the 185 total housing units, 87% are owner-occupied (157 units) and 13% are renter-occupied (24 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Wood Lake shows an unemployment rate of 1.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Wood Lake have an average one-way commute time of 27.6 minutes.
Education & Demographics
16.0% of Wood Lake 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 3.0% White, 4.3% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Wood Lake, MN
Compared to national averages, Wood Lake has a median household income of $68,958 (8% below the national median of $75,149). Home values average $85,000, which is 65% below the national median. Monthly rent at $650 is 44% below the US average of $1,163. Within Minnesota, Wood Lake's income is 7% below the state average of $74,221, and home values are 58% below the state median of $204,472.
Why Live in Wood Lake, MN?
Wood Lake offers affordable housing with a median home value of $85,000, below the US average of $244,900, and rent that’s lower than the national average at $650/month, and a strong job market with an unemployment rate of just 1.5%. Additionally, the city features a low poverty rate of 7.5%, better than the national average.
Potential considerations include median household income ($68,958) that falls below the national average. However, Wood Lake’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Wood Lake has a population of 398 with a median age of 46.5 years. Compare Wood Lake with other cities to see how it stacks up, or explore all cities in Minnesota.
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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 Wood Lake
What is the population of Wood Lake, MN?
The population of Wood Lake, MN is 398 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 Wood Lake?
The median household income in Wood Lake, MN is $68,958 per year, which is 8% below the national median of $75,149.
What is the median home value in Wood Lake?
The median home value in Wood Lake, MN is $85,000, which is 65% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Wood Lake?
The median monthly rent in Wood Lake, MN is $650, which is 44% below the national average of $1,163/month.
What is the unemployment rate in Wood Lake?
The unemployment rate in Wood Lake, MN is 1.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Wood Lake, MN a good place to live?
Wood Lake offers a moderate cost of living, affordable housing, and a strong job market. With a population of 398 and a median age of 46.5, the city appeals to established professionals and retirees.
How educated is Wood Lake, MN?
16.0% of residents in Wood Lake 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 Wood Lake?
Key cost-of-living indicators for Wood Lake, MN: median home value is $85,000 (65% below national), median rent is $650/month, and median household income is $68,958. The home-value-to-income ratio is 1.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Wood Lake?
The poverty rate in Wood Lake, MN is 7.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Wood Lake, MN?
Wood Lake's population is 3.0% White, 4.3% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 1.0% two or more races. 0.0% of residents are foreign-born.