Shakopee, Minnesota Income Statistics
Shakopee 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
Shakopee Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $107,440 | $89,852 | $80,455 |
| Median Personal Income | $70,911 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.3% | 4.4% | 4.8% |
| Six-Figure Earners | 17.0% | 15.1% | 13.9% |
| $200k+ Households | 20.0% | 13.8% | 13.2% |
The median household income in Shakopee is about 20% higher than in Minnesota. Income has been growing slower in Shakopee (4.3%/yr) than in Minnesota (4.4%/yr).
About 17% of adults in Shakopee 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 Shakopee, Minnesota grew by 43.4% from 2009 to 2024, reaching $107,440 in 2024. That's an average of about 4.3% per year.
Income Inequality and the Gender Pay Gap in Shakopee
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.516 | 0.507 | 0.552 |
| Male Median Income | $79,849 | $74,898 | $69,667 |
| Female Median Income | $63,040 | $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 Shakopee, it is 0.516, higher than Minnesota's 0.507, so income is less 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 Shakopee, Minnesota. Over a 35-year career, a 27% wage gap accumulates to roughly $588,315 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Shakopee, Minnesota has narrowed from about 23% to 21% in 2024. Over that period the gap was widest at 27% in 2020, and was narrowest at 8% in 2014. In dollar terms, the gap has widened by $3,896 since 2009.
Employment
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 4.1% | 5.2% |
| Working from Home | 18.0% | 17.6% | 15.0% |
| Commute time (minutes) | 21 | 20 | 22 |
Approximately 991 people are unemployed in Shakopee, Minnesota.
The average commute time in Shakopee is 21 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Shakopee, Minnesota has fallen from 5.8% to 3.8% in 2024. Over that period the rate peaked at 6.7% in 2013 and fell as low as 3.0% in 2018.
Shakopee, MN Wealth Compared With Nearby Cities
Shakopee, MN is the 2nd largest of the 6 cities compared here, 44,264 residents against a local median of 28,048. The measure that sets Shakopee, MN apart most is income growth: 4.3%/yr, 35% above the local median of 3.2%/yr. That is the better end of the local range on this measure.
Median household income tells the same story from another angle: $107,440 against a local median of $129,729, 17% below it. The picture is mixed rather than uniform: income growth runs ahead of the neighbourhood while median household income runs behind it, so Shakopee, MN is trading one against the other rather than simply out-performing what surrounds it. The cities themselves spread 1.5%/yr on income growth, so Shakopee, MN sits at one end of an already wide local range rather than apart from it. Shakopee, MN has the 2nd highest income growth 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. |
|---|---|---|---|---|---|
| Shakopee, MN | 44,264 | $107,440 #6/6 | 4.3%/yr #2/6 | 3.8% #5/6 | 0.516 #6/6 |
| Prior Lake, MN | 23,998 | $129,729 | 3.8%/yr | 1.7% | 0.497 |
| Eden Prairie, MN | 62,436 | $129,891 | 3.2%/yr | 3.6% | 0.487 |
| Chanhassen, MN | 26,585 | $144,790 | 3.0%/yr | 3.3% | 0.500 |
| Savage, MN | 32,874 | $126,034 | 3.1%/yr | 5.3% | 0.482 |
| Chaska, MN | 28,048 | $108,985 | 4.5%/yr | 3.2% | 0.487 |
Conclusion
Considering all these factors, Shakopee, Minnesota has an overall wealth index grade of A, making it somewhat better than Minnesota, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Shakopee, Minnesota.
How Rich Is Shakopee, Minnesota?
Shakopee 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 residents are much better off than the U.S. average. The median household income is $107,440, about 20% higher than the Minnesota average of $89,852.
Are incomes growing in Shakopee, Minnesota?
Between 2009 and 2024, the median household income in Shakopee, Minnesota rose 43%, from $74,913 to $107,440. Over the same years, income here lagged behind Minnesota as a whole: +43% against +57%.
What was the median household income in Shakopee in 2023?
In 2023, the median household income in Shakopee, Minnesota was $112,662, up 9% from $103,217 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Shakopee in 2020?
In 2020, the median household income in Shakopee, Minnesota was $87,841. By 2024 it had risen 22% to $107,440.
What is the Gini coefficient in Shakopee, Minnesota?
The Gini coefficient in Shakopee is 0.516. 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 Shakopee, Minnesota?
Since 2009, the income gap between men and women in Shakopee, Minnesota has narrowed from about 23% to 21% in 2024. Over that period the gap was widest at 27% in 2020, and was narrowest at 8% in 2014. In dollar terms, the gap has widened by $3,896 since 2009.
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