Andover, Minnesota Income Statistics
Andover Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A+
Andover Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Andover | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $137,397 | $89,852 | $80,455 |
| Median Personal Income | $74,697 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.0% | 4.4% | 4.8% |
| Six-Figure Earners | 21.2% | 15.1% | 13.9% |
| $200k+ Households | 22.8% | 13.8% | 13.2% |
The median household income in Andover is about 53% higher than in Minnesota. Income has been growing slower in Andover (4.0%/yr) than in Minnesota (4.4%/yr).
About 21% of adults in Andover earn six figures ($100,000 or more) a year, higher than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Andover, Minnesota grew by 54.6% from 2009 to 2024, reaching $137,397 in 2024. That's an average of about 4.0% per year.
Income Inequality and the Gender Pay Gap in Andover
| Metric | Andover | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.490 | 0.507 | 0.552 |
| Male Median Income | $90,443 | $74,898 | $69,667 |
| Female Median Income | $70,294 | $62,922 | $56,850 |
| Gender Pay Gap | 22.3% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Andover, it is 0.490, lower than Minnesota's 0.507, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 29% more than women's income in Andover, Minnesota. Over a 35-year career, a 29% wage gap accumulates to roughly $705,215 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Andover, Minnesota has narrowed from about 27% to 22% in 2024. Over that period the gap was widest at 30% in 2010, and was narrowest at 20% in 2015. In dollar terms, the gap has widened by $3,472 since 2009.
Employment
| Metric | Andover | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.8% | 4.1% | 5.2% |
| Working from Home | 20.7% | 17.6% | 15.0% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 523 people are unemployed in Andover, Minnesota.
The average commute time in Andover is 23 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Andover, Minnesota has fallen from 6.6% to 2.8% in 2024. Over that period the rate fell as low as 1.7% in 2020.
Andover, MN Wealth Compared With Nearby Cities
How Andover, MN compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Andover, MN | 33,035 | $137,397 #1/3 | 4.0%/yr #2/3 | 2.8% #1/3 | 0.490 #3/3 |
| Coon Rapids, MN | 63,456 | $88,746 | 3.7%/yr | 4.5% | 0.462 |
| Champlin, MN | 23,225 | $115,165 | 4.1%/yr | 3.6% | 0.485 |
Conclusion
Considering all these factors, Andover, Minnesota has an overall wealth index grade of A+, making it somewhat better than Minnesota, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Andover, Minnesota.
How Wealthy Is Andover, Minnesota?
Andover has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $137,397, about 53% higher than the Minnesota average of $89,852.
Are incomes growing in Andover, Minnesota?
Between 2009 and 2024, the median household income in Andover, Minnesota rose 55%, from $88,878 to $137,397. Over the same years, income here lagged behind Minnesota as a whole: +55% against +57%.
What was the median household income in Andover in 2023?
In 2023, the median household income in Andover, Minnesota was $133,839, up 9% from $122,929 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Andover in 2020?
In 2020, the median household income in Andover, Minnesota was $114,117. By 2024 it had risen 20% to $137,397.
Is Andover, Minnesota a high-income area?
Yes. 21% of adults in Andover, Minnesota earn $100,000 or more a year (about 1 in 5), against 15% (about 1 in 7) in Minnesota. 23% of households have a combined income of $200,000 or more, compared with 14% in Minnesota.
How strong is the job market in Andover, Minnesota?
Unemployment in Andover, Minnesota is only 2.8%, well below the Minnesota rate of 4.1%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Andover, Minnesota?
The Gini coefficient in Andover is 0.490. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Andover, Minnesota?
Since 2009, the income gap between men and women in Andover, Minnesota has narrowed from about 27% to 22% in 2024. Over that period the gap was widest at 30% in 2010, and was narrowest at 20% in 2015. In dollar terms, the gap has widened by $3,472 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →