Lakeville, Minnesota Demographics & Population 2026
During the 2020–2024 ACS period, Lakeville, Minnesota had a total population of 74,354, the 9th largest city in Minnesota, with a median household income of $139,041, which is 56% higher than the state average. The poverty rate is 2.9%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 56% above the state average — one of the wealthiest communities in Minnesota.
- An exceptionally low poverty rate of 2.9% — among the lowest in Minnesota.
- 50.6% of adults hold a bachelor's degree or higher — top 10% in Minnesota.
- Near full employment with an unemployment rate of just 2.0%.
Lakeville Quick Facts
How Lakeville 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 | 72,480 | 74,354 | +2.6% |
| Median household income | $138,119 | $139,041 | +0.7% |
| Median home value | $425,200 | $452,500 | +6.4% |
How Lakeville 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
Moderate diversity with one or two groups making up the majority.
State average: 41 | National average: 61
Education
Educational Attainment (Adults 25+)
Lakeville Rankings in Minnesota
Explore Minnesota Rankings
Other Cities in Dakota County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Eagan | 68,000 | $108,690 | 5.9% | $397,100 |
| Burnsville | 64,463 | $87,024 | 10.8% | $355,200 |
| Apple Valley | 55,679 | $97,673 | 6.0% | $370,400 |
| Inver Grove Heights | 35,906 | $101,316 | 4.9% | $363,400 |
| Rosemount | 27,562 | $129,625 | 3.0% | $424,100 |
| Farmington | 23,902 | $123,673 | 5.1% | $366,200 |
| Hastings | 22,117 | $93,998 | 5.4% | $322,400 |
| West St. Paul | 21,382 | $68,464 | 8.8% | $301,300 |
| Northfield | 20,742 | $84,895 | 8.8% | $329,400 |
| South St. Paul | 20,611 | $87,994 | 8.3% | $281,600 |
Cities Similar to Lakeville
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Maple Grove | 71,173 | $132,731 | $418,300 | 57.1% | 4.0% |
| Plymouth | 79,220 | $136,534 | $491,200 | 65.9% | 4.3% |
| Woodbury | 78,305 | $125,310 | $450,200 | 61.3% | 5.3% |
| Blaine | 72,488 | $106,801 | $352,400 | 36.9% | 7.2% |
| Eden Prairie | 63,051 | $130,489 | $473,900 | 64.9% | 4.6% |
Population Overview
Lakeville is a mid-sized community located in Minnesota, within Dakota County. The total population is 74,354. It ranks as the 9th most populous out of 914 Census-designated places in Minnesota.
Age Demographics
The median age in Lakeville is 36.8 years. This is 5% lower than the state median of 38.8 years.
Economy, Income & Housing
The median household income in Lakeville is $139,041. This is 56% higher than the state median of $89,062. It is also 72% higher than the national median of $80,734. The poverty rate stands at 2.9%. This is 69% lower than the state poverty rate of 9.3%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 2.0%. This is 50% lower than the state rate of 4.1%. The median home value is $452,500. Housing costs are 37% higher than the state median of $329,300. The home-value-to-income ratio is 3.3x. 87.8% of occupied housing units are owner-occupied. This homeownership rate is 22% higher than the state average of 72.2%.
Race & Ethnicity
The largest racial or ethnic group in Lakeville is White (non-Hispanic), making up 76.2% of the population. Black or African American residents account for 6.6%.
Education
50.6% of residents aged 25 and older hold a bachelor's degree or higher. This places Lakeville in the top 10% of all cities in the state for educational attainment. This is 28% higher 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 96.5%. Notably, 16.6% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Lakeville, 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 Lakeville, Minnesota?
Lakeville, Minnesota has a population of 74,354 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Lakeville, MN?
The median household income in Lakeville is $139,041, which is 72% higher than the national median of $80,734.
What is the poverty rate in Lakeville, MN?
The poverty rate in Lakeville is 2.9%. This means approximately 2,130 residents live below the federal poverty line.
What is the racial makeup of Lakeville, Minnesota?
Lakeville's population is 76.2% White, 6.6% Black, 6.1% Hispanic/Latino, and 6.2% Asian.
What is the median home value in Lakeville, MN?
The median home value in Lakeville is $452,500. The home-value-to-income ratio is 3.3x.
How educated is Lakeville, Minnesota?
50.6% of adults (25+) in Lakeville hold a bachelor's degree or higher, and 16.6% hold a graduate or professional degree.