Lake City, Minnesota Demographics & Population 2026
During the 2020–2024 ACS period, Lake City, Minnesota had a total population of 5,034, the 150th largest city in Minnesota, with a median household income of $72,244, which is 19% lower than the state average. The poverty rate is 5.9%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Near full employment with an unemployment rate of just 0.6%.
Lake City Quick Facts
How Lake City Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 5,021 | 5,034 | +0.3% |
| Median household income | $76,125 | $72,244 | -5.1% |
| Median home value | $234,100 | $238,700 | +2.0% |
How Lake City Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 41 | National average: 61
Education
Educational Attainment (Adults 25+)
Lake City Rankings in Minnesota
Explore Minnesota Rankings
Other Cities in Goodhue County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Red Wing | 16,758 | $67,192 | 13.8% | $237,300 |
| Cannon Falls | 4,227 | $84,097 | 9.2% | $263,300 |
| Zumbrota | 3,914 | $78,156 | 7.2% | $249,300 |
| Kenyon | 1,824 | $82,500 | 13.6% | $216,800 |
| Wanamingo | 1,389 | $71,731 | 13.4% | $269,200 |
| Goodhue | 1,074 | $89,398 | 17.0% | $243,500 |
| Bellechester | 227 | $64,167 | 8.4% | $196,300 |
| Frontenac | 188 | $88,542 | 3.2% | $266,700 |
Cities Similar to Lake City
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Morris | 5,128 | $67,727 | $209,600 | 37.3% | 15.9% |
| Newport | 4,754 | $71,979 | $378,100 | 27.4% | 9.4% |
| Windom | 4,799 | $74,899 | $169,700 | 26.1% | 14.3% |
| Luverne | 4,925 | $64,366 | $208,000 | 29.2% | 12.2% |
| Montevideo | 5,315 | $68,596 | $141,000 | 19.0% | 19.6% |
Population Overview
Lake City is a small city located in Minnesota, within Goodhue County. The total population is 5,034. It ranks as the 150th most populous out of 914 Census-designated places in Minnesota.
Age Demographics
The median age in Lake City is 49.1 years. This is 27% higher than the state median of 38.8 years. 13.5% of residents are 75 or older, suggesting a significant retirement-age population with implications for healthcare services and senior housing.
Economy, Income & Housing
The median household income in Lake City is $72,244. This is 19% lower than the state median of $89,062. It is also 11% lower than the national median of $80,734. The poverty rate stands at 5.9%. This is 36% lower than the state poverty rate of 9.3%. The unemployment rate is 0.6%. This is 85% lower than the state rate of 4.1%. The median home value is $238,700. Housing costs are 28% lower than the state median of $329,300. The home-value-to-income ratio is 3.3x. 79.2% of occupied housing units are owner-occupied. This homeownership rate is 10% higher than the state average of 72.2%.
Race & Ethnicity
Lake City has a predominantly White (non-Hispanic) population, comprising 92.5% of all residents. Hispanic or Latino residents account for 3.0%. The Black or African American population (0.7%) is well below the state average of 7.0%. The Hispanic or Latino population (3.0%) is well below the state average of 6.4%. The Asian population (1.3%) is well below the state average of 5.1%.
Education
28.4% of residents aged 25 and older hold a bachelor's degree or higher. This is 28% lower than the state rate of 39.4%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 95.9%.
Data Sources & Methodology
All demographic data for Lake City, Minnesota is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Minnesota state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 914 Census-designated places in Minnesota. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Lake City, Minnesota?
Lake City, Minnesota has a population of 5,034 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Lake City, MN?
The median household income in Lake City is $72,244, which is 11% lower than the national median of $80,734.
What is the poverty rate in Lake City, MN?
The poverty rate in Lake City is 5.9%. This means approximately 291 residents live below the federal poverty line.
What is the racial makeup of Lake City, Minnesota?
Lake City's population is 92.5% White, 0.7% Black, 3.0% Hispanic/Latino, and 1.3% Asian.
What is the median home value in Lake City, MN?
The median home value in Lake City is $238,700. The home-value-to-income ratio is 3.3x.
How educated is Lake City, Minnesota?
28.4% of adults (25+) in Lake City hold a bachelor's degree or higher, and 13.6% hold a graduate or professional degree.