Mankato, Minnesota Income Statistics
Mankato 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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D
Mankato Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,230 | $89,852 | $80,455 |
| Median Personal Income | $50,884 | $67,028 | $60,758 |
| Average Yearly Income Growth | 5.7% | 4.4% | 4.8% |
| Six-Figure Earners | 6.1% | 15.1% | 13.9% |
| $200k+ Households | 5.0% | 13.8% | 13.2% |
The median household income in Mankato is about 27% lower than in Minnesota. Income has been growing faster in Mankato (5.7%/yr) than in Minnesota (4.4%/yr).
About 6% of adults in Mankato 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 Mankato, Minnesota grew by 75.5% from 2009 to 2024, reaching $65,230 in 2024. That's an average of about 5.7% per year.
Income Inequality and the Gender Pay Gap in Mankato
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.549 | 0.507 | 0.552 |
| Male Median Income | $54,705 | $74,898 | $69,667 |
| Female Median Income | $47,975 | $62,922 | $56,850 |
| Gender Pay Gap | 12.3% | 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 Mankato, it is 0.549, higher than Minnesota's 0.507, so income is less evenly distributed here than there, and about the same as the US's 0.552, so income here is about as evenly distributed as there.
Men's income is about 14% more than women's income in Mankato, Minnesota. Over a 35-year career, a 14% wage gap accumulates to roughly $235,550 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Mankato, Minnesota has narrowed from about 26% to 12% in 2024. Over that period the gap was narrowest at 11% in 2014. In dollar terms, the gap has narrowed by $3,292 since 2009.
Employment
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.0% | 4.1% | 5.2% |
| Working from Home | 7.6% | 17.6% | 15.0% |
| Commute time (minutes) | 12 | 20 | 22 |
Approximately 1,287 people are unemployed in Mankato, Minnesota.
The average commute time in Mankato is 12 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Mankato, Minnesota has fallen from 7.5% to 6.0% in 2024. Over that period the rate peaked at 7.5% in 2013 and fell as low as 3.5% in 2021.
Conclusion
Considering all these factors, Mankato, Minnesota has an overall wealth index grade of D, making it somewhat worse than Minnesota, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Mankato, Minnesota.
How Rich Is Mankato, Minnesota?
Mankato has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $65,230, about 27% lower than the Minnesota average of $89,852.
Are incomes growing in Mankato, Minnesota?
Between 2009 and 2024, the median household income in Mankato, Minnesota rose 76%, from $37,160 to $65,230. Over the same years, income here outpaced Minnesota as a whole: +76% against +57%.
What was the median household income in Mankato in 2023?
In 2023, the median household income in Mankato, Minnesota was $62,216, up 5% from $59,161 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Mankato in 2020?
In 2020, the median household income in Mankato, Minnesota was $50,757. By 2024 it had risen 29% to $65,230.
Is it hard to find a job in Mankato, Minnesota?
Unemployment in Mankato, Minnesota is 6.0%, well above the Minnesota rate of 4.1%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Mankato, Minnesota?
The Gini coefficient in Mankato is 0.549. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.552, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Mankato, Minnesota?
Since 2009, the income gap between men and women in Mankato, Minnesota has narrowed from about 26% to 12% in 2024. Over that period the gap was narrowest at 11% in 2014. In dollar terms, the gap has narrowed by $3,292 since 2009.
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