Prior Lake, Minnesota Income Statistics
Prior Lake 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+
Prior Lake Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $129,729 | $89,852 | $80,455 |
| Median Personal Income | $79,422 | $67,028 | $60,758 |
| Average Yearly Income Growth | 3.8% | 4.4% | 4.8% |
| Six-Figure Earners | 24.5% | 15.1% | 13.9% |
| $200k+ Households | 28.8% | 13.8% | 13.2% |
The median household income in Prior Lake is about 44% higher than in Minnesota. Income has been growing slower in Prior Lake (3.8%/yr) than in Minnesota (4.4%/yr).
About 24% of adults in Prior Lake 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 Prior Lake, Minnesota grew by 45.9% from 2009 to 2024, reaching $129,729 in 2024. That's an average of about 3.8% per year.
Income Inequality and the Gender Pay Gap in Prior Lake
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.497 | 0.507 | 0.552 |
| Male Median Income | $92,577 | $74,898 | $69,667 |
| Female Median Income | $70,083 | $62,922 | $56,850 |
| Gender Pay Gap | 24.3% | 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 Prior Lake, it is 0.497, 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 32% more than women's income in Prior Lake, Minnesota. Over a 35-year career, a 32% wage gap accumulates to roughly $787,290 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Prior Lake, Minnesota has narrowed from about 29% to 24% in 2024. Over that period the gap was widest at 29% in 2020, and was narrowest at 15% in 2015. In dollar terms, the gap has widened by $3,029 since 2009.
Employment
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.7% | 4.1% | 5.2% |
| Working from Home | 24.2% | 17.6% | 15.0% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 238 people are unemployed in Prior Lake, Minnesota.
The average commute time in Prior Lake is 23 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Prior Lake, Minnesota has fallen from 5.9% to 1.7% in 2024. Over that period the rate fell as low as 1.5% in 2023.
Prior Lake, MN Wealth Compared With Nearby Cities
Prior Lake, MN is the smallest of the 5 cities compared here, 23,998 residents against a local median of 53,350. Prior Lake, MN's unemployment, at 1.7%, runs 59% below the 4.3% typical of the cities around it. That is the better end of the local range on this measure.
The cities themselves sit within 1.7% of each other on unemployment, a tighter band than the gap between any of them and Prior Lake, MN, which makes it a genuine outlier here rather than one end of a wide local spread. Prior Lake, MN has the lowest unemployment of the 5 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. |
|---|---|---|---|---|---|
| Prior Lake, MN | 23,998 | $129,729 #2/5 | 3.8%/yr #3/5 | 1.7% #1/5 | 0.497 #3/5 |
| Shakopee, MN | 44,264 | $107,440 | 4.3%/yr | 3.8% | 0.516 |
| Savage, MN | 32,874 | $126,034 | 3.1%/yr | 5.3% | 0.482 |
| Eden Prairie, MN | 62,436 | $129,891 | 3.2%/yr | 3.6% | 0.487 |
| Bloomington, MN | 88,700 | $93,168 | 4.1%/yr | 4.8% | 0.503 |
Conclusion
Considering all these factors, Prior Lake, 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 Prior Lake, Minnesota.
How Rich Is Prior Lake, Minnesota?
Prior Lake 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 $129,729, about 44% higher than the Minnesota average of $89,852.
Are incomes growing in Prior Lake, Minnesota?
Between 2009 and 2024, the median household income in Prior Lake, Minnesota rose 46%, from $88,899 to $129,729. Over the same years, income here lagged behind Minnesota as a whole: +46% against +57%.
What was the median household income in Prior Lake in 2023?
In 2023, the median household income in Prior Lake, Minnesota was $127,674, up 2% from $125,435 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Prior Lake in 2020?
In 2020, the median household income in Prior Lake, Minnesota was $103,831. By 2024 it had risen 25% to $129,729.
How many people earn six figures in Prior Lake, Minnesota?
Yes. 24% of adults in Prior Lake, 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.
Is it hard to find a job in Prior Lake, Minnesota?
Unemployment in Prior Lake, Minnesota is only 1.7%, 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 Prior Lake, Minnesota?
The Gini coefficient in Prior Lake is 0.497. 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 Prior Lake, Minnesota?
Since 2009, the income gap between men and women in Prior Lake, Minnesota has narrowed from about 29% to 24% in 2024. Over that period the gap was widest at 29% in 2020, and was narrowest at 15% in 2015. In dollar terms, the gap has widened by $3,029 since 2009.
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