1st Advantage MortgageThe median Lake County household earns $75,541, and 9% of residents live below the poverty line. Whatever your own numbers, compare written offers on APR, fees and total cost, and verify the lender is licensed in Minnesota before sharing details.
On this page
- Lake County, MN: the basics
- Renting and owning in Lake County
- Paychecks and income spread in Lake County
- Work, industries and travel time in Lake County
- How Lake County compares with nearby counties
- Places inside Lake County
- Budget math at the Lake County median
- People and households in Lake County
- What the numbers mean for Lake County borrowers
- A Lake County borrower's checklist
- Checking a lender's license in Minnesota
- More guides for Lake County
- Frequently asked questions
Lake County, MN: the basics
With an estimated 10,879 residents (ACS 2020 to 2024), Lake County ranks 66th of 87 in Minnesota for population. Spread over 2,109 square miles, that works out to roughly 5.2 residents per square mile. Under the July 2023 OMB definitions, Lake County is not part of any metropolitan area. The Census Bureau counts 5 places in the county (3 incorporated, 2 census-designated); the largest is Two Harbors, with about 3,567 residents, or 33% of the county.
Renting and owning in Lake County
Renters in Lake County pay a median of $1,093 a month, 15% below the Minnesota figure of $1,280. By the Census definition, 45% of Lake County renters are cost-burdened. With a median value of $241,300, a typical Lake County house costs 3.2 times what the median household earns in a year. Owners occupy 83% of homes. Median construction year: 1969.
| Lake County | Minnesota | U.S. county median | |
|---|---|---|---|
| Median gross rent | $1,093/mo | $1,280/mo | $877/mo |
| Median home value | $241,300 | $329,300 | $185,300 |
| Owners | 83% | 72% | 75% |
| Rent-burdened renters | 45% | 48% | 45% |
| Burdened owners | 28% | 23% | n/a |
| Mobile homes | 2.7% | 2.9% | n/a |
| Vacant units | 34% | 9% | n/a |
In an owner-heavy county like Lake County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it.
Paychecks and income spread in Lake County
Lake County households have a median income of $75,541 (ACS 2020 to 2024), which ranks 37th of 87 in Minnesota.
| Household income | Lake County | vs Minnesota |
|---|---|---|
| Under $35,000 | 22.4% | +5.1 pts |
| $35,000 to $99,999 | 42.4% | +4.3 pts |
| $100,000 to $199,999 | 30.3% | -0.5 pts |
| $200,000 or more | 4.8% | -9.0 pts |
The spread is wide: 35% of Lake County households make $100,000 or more, and 22% make less than $35,000. The poverty rate is 8.6%, 1 point lower than the state's 9.3%. Income inequality, measured by the Gini index, comes to 0.402 here. For a borrower in Lake County, the county median is only context: a lender looks at the income you can document, so pay stubs, benefit letters or tax returns matter more than any average.
Work, industries and travel time in Lake County
By the Census industry count, 21% of employed Lake County residents work in education and health care and 15% in arts, lodging and food service. Arts, lodging and food service stands out: 15% of workers here, versus 7% statewide. ACS puts five-year average unemployment at 2.6% in Lake County. 17% of commuters travel 45 minutes or more each way, and 13% work from home.
| Industry (employed residents 16+) | Lake County | Gap to Minnesota |
|---|---|---|
| Education and health care | 20.6% | -5.2 pts |
| Arts, lodging and food service | 15.1% | +7.9 pts |
| Retail trade | 10.4% | -0.3 pts |
| Construction | 9.4% | +3.0 pts |
| Manufacturing | 8.6% | -4.7 pts |
| Professional and administrative services | 7.7% | -2.9 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
How Lake County compares with nearby counties
St. Louis County is closest, 52 miles from center to center; the sixth, Carlton County, is 87 miles off. Carlton County leads the group on income ($80,573), Ashland County trails ($62,462), and Lake County out-earns 5 of the six. The list crosses into Wisconsin, where different lending rules and regulators apply.
| Adjacent area | How far | HH income (median) | Rent (median) | Owner share |
|---|---|---|---|---|
| Lake County | - | $75,541 | $1,093/mo | 83% |
| St. Louis County, MN | 52 mi | $70,069 | $1,013/mo | 71% |
| Cook County, MN | 52 mi | $72,638 | $886/mo | 78% |
| Bayfield County, WI | 62 mi | $71,151 | $812/mo | 84% |
| Ashland County, WI | 76 mi | $62,462 | $721/mo | 73% |
| Douglas County, WI | 76 mi | $75,099 | $909/mo | 72% |
| Carlton County, MN | 87 mi | $80,573 | $1,009/mo | 80% |
Places inside Lake County
Here are the 5 most populous of the county's 5 Census places, with income and rent from the same 2020 to 2024 survey. About 53% of Lake County residents live in one of the 5. Live in one of these Lake County communities, or between them? This is your local guide.
| Place in county | Status | Population (ACS) | Median HH income | Monthly rent | Distance from center |
|---|---|---|---|---|---|
| Two Harbors | city | 3,567 | $65,625 | $1,079 | 36 mi |
| Silver Bay | city | 1,769 | $69,489 | $1,140 | 17 mi |
| Finland | CDP | 257 | $53,500 | $679 | 9 mi |
| Knife River | CDP | 131 | $78,208 | n/a | 43 mi |
| Beaver Bay | city | 82 | $36,875 | n/a | 19 mi |
Budget math at the Lake County median
Here is the Lake County median household run through a simple DTI check. Your numbers will differ.
- Monthly gross at the median, Lake County: $6,295
- Rent at the median, $1,093, takes 17% of that
- With a 36% ceiling, about $1,173 remains for car, card, student and any new loan payments
- At 43%, room after rent is $1,614 a month
Subtract what you already pay on other debts. A new payment should fit in what remains, with some to spare.
People and households in Lake County
27% of Lake County adults 25 and older hold a bachelor's degree or more. About 5% go without health insurance.
| Indicator | Lake County | All of Minnesota | U.S. county median |
|---|---|---|---|
| Median age | 49.4 | 38.8 | 41.5 |
| Bachelor's or higher | 26.8% | 39.4% | 22.2% |
| No high school diploma | 5.2% | 6.1% | n/a |
| No health insurance | 4.9% | 4.7% | 7.8% |
| No vehicle | 3.5% | 6.7% | 5.4% |
| Work from home | 13.2% | 17.6% | 8.7% |
| Poverty rate | 8.6% | 9.3% | 13.2% |
| Unemployment (ACS) | 2.6% | 4.1% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 39.1% |
| 15 to 29 min | 21.4% |
| 30 to 44 min | 22.1% |
| 45 to 59 min | 8.3% |
| 60+ min | 9.1% |
What the numbers mean for Lake County borrowers
The county's numbers point to a few situations that come up often for Lake County borrowers.
- Older households. A 49.4 median age means fixed-income borrowing is common; a fixed payment and short term limit risk.
- Renters under pressure. When 45% pay 30% or more for rent, the smallest loan that solves the problem is the right size.
- Requirements. Lenders weigh credit history, documented income and existing debt (what to gather).
A Lake County borrower's checklist
Steps that save money for Lake County residents:
- Write down what the expense costs; a smaller loan costs less.
- Ask each lender for the APR and all fees in writing.
- Look the lender up with the state regulator first.
- Confirm the first due date before setting up autopay.
Checking a lender's license in Minnesota
Before sharing details with a lender, a Lake County resident can confirm its license with the Minnesota Department of Commerce. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. The Minnesota guide covers state rules in more detail.
More guides for Lake County
For statewide rules and data, see the Minnesota guide.
Frequently asked questions
Is Lake County a high-income county?
Its $75,541 median ranks 37th of 87 Minnesota counties and compares with $65,681 for the median U.S. county.
How does Lake County rent compare with Minnesota?
$1,093 locally versus $1,280 for the state, 15% below.
What are the biggest places in Lake County?
By population: Two Harbors, Silver Bay, Finland, Knife River, Beaver Bay. The county has 5 Census places in all.
Does my county matter to the questionnaire?
Only your state does. Whether you live in Lake County or elsewhere in Minnesota, the same rules apply.
Who regulates personal lenders for Lake County residents?
The Minnesota Department of Commerce licenses consumer lenders in Minnesota; the CFPB takes complaints about any lender, and the FTC wants to hear about fee-first offers.