Lake County, Minnesota Income Statistics
Lake County Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
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B
Lake County Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $75,533 | $89,852 | $80,455 |
| Median Personal Income | $62,424 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.7% | 4.4% | 4.8% |
| Six-Figure Earners | 9.0% | 15.1% | 13.9% |
| $200k+ Households | 4.8% | 13.8% | 13.2% |
The median household income in Lake County is about 16% lower than in Minnesota. Income has been growing faster in Lake County (4.7%/yr) than in Minnesota (4.4%/yr).
About 9% of adults in Lake County earn six figures ($100,000 or more) a year, lower than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Lake County, Minnesota grew by 69.3% from 2009 to 2024, reaching $75,533 in 2024. That's an average of about 4.7% per year.
Income Inequality and the Gender Pay Gap in Lake County
| Metric | Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.480 | 0.507 | 0.552 |
| Male Median Income | $71,003 | $74,898 | $69,667 |
| Female Median Income | $55,739 | $62,922 | $56,850 |
| Gender Pay Gap | 21.5% | 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 Lake County, it is 0.480, 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 27% more than women's income in Lake County, Minnesota. Over a 35-year career, a 27% wage gap accumulates to roughly $534,240 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lake County, Minnesota has narrowed from about 28% to 21% in 2024. Over that period the gap was widest at 41% in 2012, and was narrowest at 12% in 2017. In dollar terms, the gap has widened by $1,980 since 2009.
Employment
| Metric | Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.6% | 4.1% | 5.2% |
| Working from Home | 13.2% | 17.6% | 15.0% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 131 people are unemployed in Lake County, Minnesota.
The average commute time in Lake County is 20 minutes, about the same as in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake County, Minnesota has fallen from 6.0% to 2.6% in 2024. Over that period the rate peaked at 6.7% in 2012 and fell as low as 2.4% in 2023.
Lake County, MN Wealth Compared With Nearby Counties
Lake County, MN is the 5th largest of the 6 counties compared here, 10,879 residents against a local median of 16,575. Lake County, MN's unemployment, at 2.6%, runs 27% below the 3.6% typical of the counties around it. That is the better end of the local range on this measure.
The counties themselves spread 2.4% on unemployment, so Lake County, MN sits at one end of an already wide local range rather than apart from it. Lake County, MN has the 2nd lowest unemployment of the 6 areas compared here.
| 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. |
|---|---|---|---|---|---|
| Lake County, MN | 10,879 | $75,533 #1/6 | 4.7%/yr #4/6 | 2.6% #2/6 | 0.480 #2/6 |
| Bayfield County, WI | 16,575 | $71,393 | 5.1%/yr | 3.6% | 0.489 |
| Cook County, MN | 5,635 | $71,249 | 4.1%/yr | 2.2% | 0.460 |
| St. Louis County, MN | 200,015 | $70,519 | 4.6%/yr | 4.6% | 0.514 |
| Douglas County, WI | 44,229 | $75,125 | 5.8%/yr | 3.1% | 0.487 |
| Ashland County, WI | 16,080 | $61,326 | 5.5%/yr | 3.8% | 0.503 |
Conclusion
Considering all these factors, Lake County, Minnesota has an overall wealth index grade of B, making it about on par with Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake County, Minnesota.
How Rich Is Lake County, Minnesota?
Lake County 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 $75,533, about 16% lower than the Minnesota average of $89,852.
How has median household income changed in Lake County, Minnesota?
Between 2009 and 2024, the median household income in Lake County, Minnesota rose 69%, from $44,612 to $75,533. Over the same years, income here outpaced Minnesota as a whole: +69% against +57%.
What was the median household income in Lake County in 2023?
In 2023, the median household income in Lake County, Minnesota was $76,198, up 4% from $73,530 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Lake County in 2020?
In 2020, the median household income in Lake County, Minnesota was $65,981. By 2024 it had risen 14% to $75,533.
Is it hard to find a job in Lake County, Minnesota?
Unemployment in Lake County, Minnesota is only 2.6%, 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 Lake County, Minnesota?
The Gini coefficient in Lake County is 0.480. 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 Lake County, Minnesota?
Since 2009, the income gap between men and women in Lake County, Minnesota has narrowed from about 28% to 21% in 2024. Over that period the gap was widest at 41% in 2012, and was narrowest at 12% in 2017. In dollar terms, the gap has widened by $1,980 since 2009.
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