Minnetonka, Minnesota Income Statistics
Minnetonka 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+
Minnetonka Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $119,974 | $89,852 | $80,455 |
| Median Personal Income | $94,053 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.6% | 4.4% | 4.8% |
| Six-Figure Earners | 29.4% | 15.1% | 13.9% |
| $200k+ Households | 25.5% | 13.8% | 13.2% |
The median household income in Minnetonka is about 34% higher than in Minnesota. Income has been growing faster in Minnetonka (4.6%/yr) than in Minnesota (4.4%/yr).
About 29% of adults in Minnetonka 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 Minnetonka, Minnesota grew by 48.1% from 2009 to 2024, reaching $119,974 in 2024. That's an average of about 4.6% per year.
Income Inequality and the Gender Pay Gap in Minnetonka
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.476 | 0.507 | 0.552 |
| Male Median Income | $112,111 | $74,898 | $69,667 |
| Female Median Income | $82,438 | $62,922 | $56,850 |
| Gender Pay Gap | 26.5% | 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 Minnetonka, 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 36% more than women's income in Minnetonka, Minnesota. Over a 35-year career, a 36% wage gap accumulates to roughly $1,038,555 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Minnetonka, Minnesota has narrowed from about 34% to 26% in 2024. Over that period the gap was narrowest at 20% in 2019. In dollar terms, the gap has widened by $3,482 since 2009.
Employment
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.0% | 4.1% | 5.2% |
| Working from Home | 27.6% | 17.6% | 15.0% |
| Commute time (minutes) | 18 | 20 | 22 |
Approximately 876 people are unemployed in Minnetonka, Minnesota.
The average commute time in Minnetonka is 18 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Minnetonka, Minnesota has fallen from 5.6% to 3.0% in 2024. Over that period the rate peaked at 6.2% in 2013 and fell as low as 2.2% in 2023.
Conclusion
Considering all these factors, Minnetonka, Minnesota has an overall wealth index grade of A+, making it somewhat better than Minnesota, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Minnetonka, Minnesota.
How Rich Is Minnetonka, Minnesota?
Minnetonka 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 $119,974, about 34% higher than the Minnesota average of $89,852.
How has median household income changed in Minnetonka, Minnesota?
Between 2009 and 2024, the median household income in Minnetonka, Minnesota rose 48%, from $81,023 to $119,974. Over the same years, income here lagged behind Minnesota as a whole: +48% against +57%.
What was the median household income in Minnetonka in 2023?
In 2023, the median household income in Minnetonka, Minnesota was $120,806, up 4% from $116,272 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Minnetonka in 2020?
In 2020, the median household income in Minnetonka, Minnesota was $100,573. By 2024 it had risen 19% to $119,974.
Is Minnetonka, Minnesota a high-income area?
Yes. 29% of adults in Minnetonka, Minnesota earn $100,000 or more a year (about 1 in 3), against 15% (about 1 in 7) in Minnesota. 26% of households have a combined income of $200,000 or more, compared with 14% in Minnesota.
Is it hard to find a job in Minnetonka, Minnesota?
Unemployment in Minnetonka, Minnesota is only 3.0%, 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 Minnetonka, Minnesota?
The Gini coefficient in Minnetonka 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 Minnetonka, Minnesota?
Since 2009, the income gap between men and women in Minnetonka, Minnesota has narrowed from about 34% to 26% in 2024. Over that period the gap was narrowest at 20% in 2019. In dollar terms, the gap has widened by $3,482 since 2009.
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