Forest Lake, Minnesota Income Statistics
Forest Lake 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.
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B
Forest Lake Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $94,349 | $89,852 | $80,455 |
| Median Personal Income | $64,925 | $67,028 | $60,758 |
| Average Yearly Income Growth | 3.2% | 4.4% | 4.8% |
| Six-Figure Earners | 16.2% | 15.1% | 13.9% |
| $200k+ Households | 14.3% | 13.8% | 13.2% |
The median household income in Forest Lake is about 5% higher than in Minnesota. Income has been growing slower in Forest Lake (3.2%/yr) than in Minnesota (4.4%/yr).
About 16% of adults in Forest Lake 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 Forest Lake, Minnesota grew by 37.8% from 2009 to 2024, reaching $94,349 in 2024. That's an average of about 3.2% per year.
Income Inequality and the Gender Pay Gap in Forest Lake
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.495 | 0.507 | 0.552 |
| Male Median Income | $76,481 | $74,898 | $69,667 |
| Female Median Income | $66,216 | $62,922 | $56,850 |
| Gender Pay Gap | 13.4% | 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 Forest Lake, it is 0.495, 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 16% more than women's income in Forest Lake, Minnesota. Over a 35-year career, a 16% wage gap accumulates to roughly $359,275 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Forest Lake, Minnesota has narrowed from about 22% to 13% in 2024. Over that period the gap was widest at 24% in 2013, and was narrowest at 6% in 2018. In dollar terms, the gap has narrowed by $1,342 since 2009.
Employment
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 4.1% | 5.2% |
| Working from Home | 17.7% | 17.6% | 15.0% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 509 people are unemployed in Forest Lake, Minnesota.
The average commute time in Forest Lake is 23 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Forest Lake, Minnesota has fallen from 6.6% to 4.3% in 2024. Over that period the rate fell as low as 2.9% in 2019.
Conclusion
Considering all these factors, Forest Lake, Minnesota has an overall wealth index grade of B, making it somewhat better than Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Forest Lake, Minnesota.
How Rich Is Forest Lake, Minnesota?
Forest Lake has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $94,349, about 5% higher than the Minnesota average of $89,852.
How has median household income changed in Forest Lake, Minnesota?
Between 2009 and 2024, the median household income in Forest Lake, Minnesota rose 38%, from $68,472 to $94,349. Over the same years, income here lagged behind Minnesota as a whole: +38% against +57%.
What was the median household income in Forest Lake in 2023?
In 2023, the median household income in Forest Lake, Minnesota was $91,499, down 2% from $93,252 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Forest Lake in 2020?
In 2020, the median household income in Forest Lake, Minnesota was $84,461. By 2024 it had risen 12% to $94,349.
What is the Gini coefficient in Forest Lake, Minnesota?
The Gini coefficient in Forest Lake is 0.495. 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 Forest Lake, Minnesota?
Since 2009, the income gap between men and women in Forest Lake, Minnesota has narrowed from about 22% to 13% in 2024. Over that period the gap was widest at 24% in 2013, and was narrowest at 6% in 2018. In dollar terms, the gap has narrowed by $1,342 since 2009.
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