Lake of the Woods County, Minnesota Income Statistics
Lake of the Woods 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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C
Lake of the Woods County Below averageLess wealthy than 90% of counties in Minnesota
Source: Map AI Methodology
Income Statistics Overview
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $76,422 | $89,852 | $80,455 |
| Median Personal Income | $53,436 | $67,028 | $60,758 |
| Average Yearly Income Growth | 6.6% | 4.4% | 4.8% |
| Six-Figure Earners | 12.4% | 15.1% | 13.9% |
| $200k+ Households | 11.7% | 13.8% | 13.2% |
The median household income in Lake of the Woods County is about 15% lower than in Minnesota. Income has been growing faster in Lake of the Woods County (6.6%/yr) than in Minnesota (4.4%/yr).
About 12% of adults in Lake of the Woods 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 of the Woods County, Minnesota grew by 71.4% from 2009 to 2024, reaching $76,422 in 2024. That's an average of about 6.6% per year.
Income Inequality and the Gender Pay Gap in Lake of the Woods County
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.476 | 0.507 | 0.552 |
| Male Median Income | $66,755 | $74,898 | $69,667 |
| Female Median Income | $54,319 | $62,922 | $56,850 |
| Gender Pay Gap | 18.6% | 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 of the Woods County, it is 0.476, 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 23% more than women's income in Lake of the Woods County, Minnesota. Over a 35-year career, a 23% wage gap accumulates to roughly $435,260 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 of the Woods County, Minnesota has narrowed from about 20% to 19% in 2024. Over that period the gap was widest at 31% in 2017, and was narrowest at 5% in 2023. In dollar terms, the gap has widened by $4,922 since 2009.
Employment
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.5% | 4.1% | 5.2% |
| Working from Home | 5.4% | 17.6% | 15.0% |
| Commute time (minutes) | 12 | 20 | 22 |
Approximately 31 people are unemployed in Lake of the Woods County, Minnesota.
The average commute time in Lake of the Woods County is 12 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lake of the Woods County, Minnesota has fallen from 4.3% to 1.5% in 2024. Over that period the rate peaked at 5.2% in 2021.
Lake of the Woods County, MN Wealth Compared With Nearby Counties
Lake of the Woods County, MN is the smallest of the 6 counties compared here, 3,821 residents against a local median of 11,832. Where Lake of the Woods County, MN breaks from the counties next to it is unemployment, sitting 69% below the local median of 4.7% at 1.5%. That is the better end of the local range on this measure.
Income growth tells the same story from another angle: 6.6%/yr against a local median of 5.1%/yr, 29% above it. Every measure here with a clear better direction points the same way, so Lake of the Woods County, MN is not trading one advantage for another, it reads stronger than its neighbours across the board. The counties themselves spread 4.8% on unemployment, so Lake of the Woods County, MN sits at one end of an already wide local range rather than apart from it. Lake of the Woods County, MN has the 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 of the Woods County, MN | 3,821 | $76,422 #2/6 | 6.6%/yr #1/6 | 1.5% #1/6 | 0.476 #2/6 |
| Beltrami County, MN | 41,614 | $69,036 | 5.5%/yr | 4.7% | 0.523 |
| Roseau County, MN | 15,302 | $74,799 | 4.0%/yr | 3.7% | 0.486 |
| Koochiching County, MN | 11,832 | $66,575 | 5.1%/yr | 4.8% | 0.477 |
| Clearwater County, MN | 8,616 | $66,282 | 5.2%/yr | 7.7% | 0.521 |
| Pennington County, MN | 11,337 | $77,455 | 4.5%/yr | 2.9% | 0.458 |
Conclusion
Considering all these factors, Lake of the Woods County, Minnesota has an overall wealth index grade of C, making it somewhat worse than Minnesota, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lake of the Woods County, Minnesota.
How Rich Is Lake of the Woods County, Minnesota?
Lake of the Woods County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $76,422, about 15% lower than the Minnesota average of $89,852.
How has median household income changed in Lake of the Woods County, Minnesota?
Between 2009 and 2024, the median household income in Lake of the Woods County, Minnesota rose 71%, from $44,596 to $76,422. Over the same years, income here outpaced Minnesota as a whole: +71% against +57%.
What was the median household income in Lake of the Woods County in 2023?
In 2023, the median household income in Lake of the Woods County, Minnesota was $70,897, up 16% from $61,059 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Lake of the Woods County in 2020?
In 2020, the median household income in Lake of the Woods County, Minnesota was $51,156. By 2024 it had risen 49% to $76,422.
Is it hard to find a job in Lake of the Woods County, Minnesota?
Unemployment in Lake of the Woods County, Minnesota is only 1.5%, 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 of the Woods County, Minnesota?
The Gini coefficient in Lake of the Woods County is 0.476. 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 of the Woods County, Minnesota?
Since 2009, the income gap between men and women in Lake of the Woods County, Minnesota has narrowed from about 20% to 19% in 2024. Over that period the gap was widest at 31% in 2017, and was narrowest at 5% in 2023. In dollar terms, the gap has widened by $4,922 since 2009.
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