Comparing personal loans in Lincoln County, MN

5,603 residents: Lincoln County basics

Lincoln County is home to about 5,603 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 81st most populous of 87 county-level areas in Minnesota. It covers 537 square miles of land, or about 10 people per square mile. No metropolitan area includes Lincoln County in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. Largest place: Tyler, about 1,090 residents (19% of Lincoln County); 5 Census places in all. With so few households sampled, Lincoln County estimates can move a lot between releases.

Income in Lincoln County compared with Minnesota

At $69,694, the typical Lincoln County household income is 6% above the median U.S. county ($65,681).

Six-figure households (32%) outnumber those under $35,000 (26%) in Lincoln County. Lincoln County counts about 669 residents below the poverty line, 11.9% of the population. Lincoln County scores 0.461 on the Gini index, where higher means more unequal incomes. Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.

Rent, home values and ownership in Lincoln County

$674 a month is the median gross rent in Lincoln County, 47% below the state. By the Census definition, 43% of Lincoln County renters are cost-burdened. With a median value of $164,400, a typical Lincoln County house costs 2.4 times what the median household earns in a year. In Lincoln County, 81% of occupied homes are owned by the people living in them. Nationally, Lincoln County's $674 rent is 23% below the middle county.

In an owner-heavy county like Lincoln 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.

Lincoln County's most unusual numbers

Ranked against the other 86 county-level areas in Minnesota, these are the Lincoln County figures furthest from the middle.

• Lincoln County ranks 5th lowest of 87 Minnesota counties for median gross rent: $674/mo, against $1,280/mo statewide. Lower rent can leave more room for a payment.
• On households without a vehicle, Lincoln County sits near the bottom of Minnesota at 3.3%, 7th lowest of 87. Car ownership is close to universal, and so are repair bills.
• Few Minnesota counties match Lincoln County on population: 5,603 here, 5,739,445 for the state, ranking 7th lowest of 87. In a small county, the nearest lender may not be the best; compare online offers too.

The Lincoln County job picture

Education and health care employs 25% of working residents, the largest share; agriculture, forestry and mining is next with 14%. Lincoln County over-indexes on agriculture, forestry and mining: 14% versus 2% in Minnesota. Averaged over the five survey years, 2.7% of the labor force was out of work and looking. Long commutes are the exception here: 8% of workers spend 45 minutes or longer getting to work.

Industry shapes paperwork. Salaried and public jobs are easy to verify, while hourly, tipped, commission or contract earners in Lincoln County should have bank statements and tax returns ready.

Regional comparison for Lincoln County

Six nearby counties, 21 to 34 miles away by the straight-line distance between their centers. Income ranges from $69,628 in Pipestone County to $83,112 in Deuel County; 5 of these neighbors top Lincoln County's median. Some neighbors are in South Dakota. Lender licensing is state by state, so a loan for a Lincoln County resident follows Minnesota rules.

Tyler and the rest of Lincoln County

The table lists the 5 largest of 5 Census places in Lincoln County, by population. Together all 5 hold about 3,076 people, so roughly 45% of residents live outside any named place. Gap between richest and poorest larger place: $14,250, Tyler over Hendricks. Median rent ranges from $513 in Lake Benton to $775 in Hendricks. Live in one of these Lincoln County communities, or between them? This is your local guide.

A Lincoln County household budget, worked through

How much room does a median Lincoln County budget have? Take median income, subtract median rent, and check what is left under a few common debt-to-income limits.

• Start: $5,808 gross per month ($69,694 / 12)
• Housing at the median rent of $674 uses 12%
• With a 36% ceiling, about $1,417 remains for car, card, student and any new loan payments
• With a 43% ceiling, about $1,823 remains for car, card, student and any new loan payments

A household below the $69,694 median has less room than this, often none.

Local borrowing considerations for Lincoln County

Based on the Lincoln County data above, these borrowing questions are most likely to matter locally.

• Age 45.6 at the median. Many Lincoln County applicants document income with award letters; ask about early payoff.
• Scams. A fee demanded before funding is a red flag; report it at ReportFraud.ftc.gov (spotting scams).
• Paperwork. ID, proof of income and a bank account are the basics (requirements).

More Lincoln County figures

In Lincoln County, 26% of adults have at least a four-year degree (39% in Minnesota). 5.5% of residents have no health coverage.

A Lincoln County borrower's checklist

Four checks before you sign anything:

• Write down what the expense costs; a smaller loan costs less.
• Prequalify with soft pulls where offered, then compare in writing.
• Look the lender up with the state regulator first.
• Lock paid-off cards after consolidating so balances stay at zero.

Lender oversight for Lincoln County

Lincoln County borrowers fall under statewide rules, enforced by the Minnesota Department of Commerce. Nationally, Lincoln County residents can file with the CFPB. More on Minnesota: Minnesota personal loans.

Other Minnesota guides

Next step up from Lincoln County:

• Minnesota state guide