Lakeville, Minnesota Income Statistics
Lakeville 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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A+
Lakeville Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $138,357 | $89,852 | $80,455 |
| Median Personal Income | $84,931 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.3% | 4.4% | 4.8% |
| Six-Figure Earners | 25.5% | 15.1% | 13.9% |
| $200k+ Households | 28.6% | 13.8% | 13.2% |
The median household income in Lakeville is about 54% higher than in Minnesota. Income has been growing slower in Lakeville (4.3%/yr) than in Minnesota (4.4%/yr).
About 26% of adults in Lakeville 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 Lakeville, Minnesota grew by 52.7% from 2009 to 2024, reaching $138,357 in 2024. That's an average of about 4.3% per year.
Income Inequality and the Gender Pay Gap in Lakeville
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.489 | 0.507 | 0.552 |
| Male Median Income | $98,800 | $74,898 | $69,667 |
| Female Median Income | $77,994 | $62,922 | $56,850 |
| Gender Pay Gap | 21.1% | 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 Lakeville, it is 0.489, 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 Lakeville, Minnesota. Over a 35-year career, a 27% wage gap accumulates to roughly $728,210 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lakeville, Minnesota has narrowed from about 28% to 21% in 2024. Over that period the gap was widest at 33% in 2020. In dollar terms, the gap has widened by $2,315 since 2009.
Employment
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.0% | 4.1% | 5.2% |
| Working from Home | 23.4% | 17.6% | 15.0% |
| Commute time (minutes) | 22 | 20 | 22 |
Approximately 833 people are unemployed in Lakeville, Minnesota.
The average commute time in Lakeville is 22 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lakeville, Minnesota has fallen from 4.9% to 2.0% in 2024. Over that period the rate peaked at 5.3% in 2013.
Lakeville, MN Wealth Compared With Nearby Cities
Lakeville, MN is the largest of the 4 cities compared here, 74,391 residents against a local median of 55,585. The measure that sets Lakeville, MN apart most is unemployment: 2.0%, 60% below the local median of 5.0%. That is the better end of the local range on this measure.
Median household income tells the same story from another angle: $138,357 against a local median of $98,234, 41% above it. Every measure here with a clear better direction points the same way, so Lakeville, MN is not trading one advantage for another, it reads stronger than its neighbours across the board. The cities themselves spread 2.2% on unemployment, so Lakeville, MN sits at one end of an already wide local range rather than apart from it. Lakeville, MN has the lowest unemployment of the 4 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. |
|---|---|---|---|---|---|
| Lakeville, MN | 74,391 | $138,357 #1/4 | 4.3%/yr #1/4 | 2.0% #1/4 | 0.489 #2/4 |
| Apple Valley, MN | 55,585 | $98,234 | 2.2%/yr | 3.1% | 0.492 |
| Burnsville, MN | 64,463 | $86,818 | 3.5%/yr | 5.0% | 0.499 |
| Savage, MN | 32,874 | $126,034 | 3.1%/yr | 5.3% | 0.482 |
Conclusion
Considering all these factors, Lakeville, Minnesota has an overall wealth index grade of A+, making it notably better than Minnesota, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lakeville, Minnesota.
How Rich Is Lakeville, Minnesota?
Lakeville 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 $138,357, about 54% higher than the Minnesota average of $89,852.
Are incomes growing in Lakeville, Minnesota?
Between 2009 and 2024, the median household income in Lakeville, Minnesota rose 53%, from $90,624 to $138,357. Over the same years, income here lagged behind Minnesota as a whole: +53% against +57%.
What was the median household income in Lakeville in 2023?
In 2023, the median household income in Lakeville, Minnesota was $137,656, up 8% from $127,521 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Lakeville in 2020?
In 2020, the median household income in Lakeville, Minnesota was $112,086. By 2024 it had risen 23% to $138,357.
Do many residents of Lakeville, Minnesota earn over $100,000?
Yes. 26% of adults in Lakeville, Minnesota earn $100,000 or more a year (about 1 in 4), against 15% (about 1 in 7) in Minnesota. 29% of households have a combined income of $200,000 or more, compared with 14% in Minnesota.
How strong is the job market in Lakeville, Minnesota?
Unemployment in Lakeville, Minnesota is only 2.0%, 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 Lakeville, Minnesota?
The Gini coefficient in Lakeville is 0.489. 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 Lakeville, Minnesota?
Since 2009, the income gap between men and women in Lakeville, Minnesota has narrowed from about 28% to 21% in 2024. Over that period the gap was widest at 33% in 2020. In dollar terms, the gap has widened by $2,315 since 2009.
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