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Minnesota is the Land of 10,000 Lakes, The Mall of America, and some super rich places that cater to the state's wealthy.
And lucky for you, HomeSnacks is here to tell you where you can live the Minnesota dream in one of the top ten richest places in the North Star State for 2020. Incidentally, this is our sixth time ranking the top ten richest places for every state in the country, so believe us when we say that the Minnesota places that made this list house the state's creme de la creme. The state is after all one of the richest states in the country.
But, we're here to talk about the richest places in the state. And to do that, we need to tell you how we identified Minnesota's top ten. First, we looked at the latest Census data from the American Community Survey for 147 Minnesota cities with more than 5,000 residents. And, folks, the population numbers in Minnesota's richest places tell us that these places are definitely catering to the state's one percent in both population numbers and wealth.
Secondly, we looked at things that REALLY matter to the rich. Like, high paying jobs and low poverty. Yes, if you're Minnesota rich, you can buy season passes to watch The Minnesota Vikings in Minneapolis and/or a second home on Lake Bemidji.
So want to know where the Dom Perignon flows like the Mississippi River in Minnesota? Keep reading.
At the end of the day, here's the set of the 10 richest places in Minnesota for 2020:
- Victoria (Photos | Homes For Sale)
- North Oaks (Photos | Homes For Sale)
- Minnetrista (Photos | Homes For Sale)
- Medina (>Homes For Sale)
- Waconia (Photos | Homes For Sale)
- Chanhassen (Photos | Homes For Sale)
- Albertville (Photos | Homes For Sale)
- Otsego (>Homes For Sale)
- Byron (Photos | Homes For Sale)
- Rogers (Photos | Homes For Sale)
There might not be a Beverly Hills or a bunch of boulevards in Minnesota, but the state has its fair share of super fancy places; and if you think that you want to get your hands on one of these, you're going to need a high paying job. Well, the state is home to the Target Corporation, 17 Fortune 500 companies, and the highest paying jobs are in healthcare and postsecondary education. We're pretty sure you won't have a problem getting a job that makes some money.
So, where is the richest place in Minnesota? According to the data, that would be Victoria.
To see a list of the rest of Minnesota's richest places hit that down arrow. And if you don't find what you're looking for there, head to the bottom.
Rich people not your cup of tea? Feel free to check out some more reading about Minnesota:
The 10 Richest Cities In Minnesota For 2020
/10
Population: 9,032
Rank Last Year: 2 (Up 1)
Median Income: $147,682
Unemployment Rate: 1.5%
Poverty Rate: 3.3%
More on Victoria: Real Estate | Data | Photos
Victoria is a city in Carver County, Minnesota, United States. The population was 7,345 at the 2010 census.
/10
Population: 5,068
Rank Last Year: -
Median Income: $145,915
Unemployment Rate: 1.7%
Poverty Rate: 3.2%
More on North Oaks: Real Estate | Data | Photos
/10
Population: 7,408
Rank Last Year: 17 (Up 14)
Median Income: $161,392
Unemployment Rate: 2.4%
Poverty Rate: 3.0%
More on Minnetrista: Real Estate | Data | Photos
/10
Population: 6,191
Rank Last Year: 11 (Up 7)
Median Income: $144,107
Unemployment Rate: 1.9%
Poverty Rate: 3.6%
More on Medina: Real Estate | Data
/10
Population: 11,981
Rank Last Year: 5 (No Change)
Median Income: $94,797
Unemployment Rate: 1.4%
Poverty Rate: 2.1%
More on Waconia: Real Estate | Data | Photos
Waconia, a city in Carver County, Minnesota, United States. The city's population is 11,480 as of 2013.
/10
Population: 25,357
Rank Last Year: 7 (Up 1)
Median Income: $118,885
Unemployment Rate: 1.9%
Poverty Rate: 3.6%
More on Chanhassen: Real Estate | Data | Photos
Chanhassen is a city in Carver and Hennepin counties in the state of Minnesota. It is southwest of Minneapolis. The population was 22,952 at the 2010 census.
/10
Population: 7,377
Rank Last Year: 4 (Down 3)
Median Income: $90,078
Unemployment Rate: 1.7%
Poverty Rate: 1.0%
More on Albertville: Real Estate | Data | Photos
/10
Population: 16,189
Rank Last Year: 3 (Down 5)
Median Income: $103,052
Unemployment Rate: 2.5%
Poverty Rate: 2.0%
More on Otsego: Real Estate | Data
Otsego is a city in Wright County, Minnesota, United States. The population was 13,571 at the 2010 census.
/10
Population: 5,366
Rank Last Year: 6 (Down 3)
Median Income: $86,977
Unemployment Rate: 0.3%
Poverty Rate: 2.0%
More on Byron: Real Estate | Data | Photos
Byron is a city in Olmsted County, Minnesota, United States, approximately 5 miles west of Rochester on U.S. Route 14. It is surrounded by Kalmar Township. The population was 4,914 at the 2010 census.
/10
Population: 12,777
Rank Last Year: 1 (Down 9)
Median Income: $125,313
Unemployment Rate: 3.0%
Poverty Rate: 1.8%
More on Rogers: Real Estate | Data | Photos
Rogers is a city in Hennepin County, Minnesota, United States. The population was 8,597 at the 2010 census. However, the population increased to over 11,000 upon the annexing of surrounding Hassan Township in 2012. The population of Hassan Township was 2,600 in 2010, giving the current city a population base of 11,197 as of the census. The center of population of Minnesota is located in Rogers. The city is a northwest suburb of the Minneapolis-Saint Paul metropolitan area.
How We Determined The Richest Places In Minnesota For 2020
The first thing that comes to most people's minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don't believe that one statistic wholly encompasses what it means to be one of the "richest places". So we looked at this set of criteria from the newly released 2014-2018 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 147 places with more than 5,000 people in Minnesota, we ranked each place from 1 to 147 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a "Rich Score" with the place having the lowest overall Rich Score, Victoria, crowned the "Richest City In Minnesota For 2020". You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 147 places.
There You Have It - The Wealthiest Places In Minnesota For 2020
Like we said earlier, when we set out to identify the richest places in Minnesota, we weren't sure what we'd encounter, but it ended up being some of the best places to live in Minnesota.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you're curious enough, here are the poorest cities in Minnesota, according to data:
Poorest: Virginia
2nd Poorest: International Falls
3rd Poorest: Bemidji
For more Minnesota reading, check out:
- Best Places To Live In Minnesota
- Safest Places In Minnesota
- Best Places To Raise A Family In Minnesota
Detailed List Of The Richest Cities In Minnesota
| Rank | City | RichScore |
|---|---|---|
| 1 | Victoria | 9.67 |
| 2 | North Oaks | 10.67 |
| 3 | Minnetrista | 12.67 |
| 4 | Medina | 13.0 |
| 5 | Waconia | 14.67 |
| 6 | Chanhassen | 15.0 |
| 7 | Albertville | 16.0 |
| 8 | Otsego | 17.67 |
| 9 | Byron | 18.33 |
| 10 | Rogers | 19.33 |
| 11 | Lino Lakes | 20.0 |
| 12 | Farmington | 20.33 |
| 13 | St. Michael | 23.0 |
| 14 | Hugo | 23.33 |
| 15 | Ramsey | 23.67 |
| 16 | Lakeville | 23.67 |
| 17 | Woodbury | 23.67 |
| 18 | Orono | 24.0 |
| 19 | Maple Grove | 25.67 |
| 20 | Kasson | 26.0 |
| 21 | Andover | 27.33 |
| 22 | Dayton | 29.33 |
| 23 | Eden Prairie | 34.0 |
| 24 | Corcoran | 34.33 |
| 25 | Ham Lake | 34.33 |
| 26 | Plymouth | 34.33 |
| 27 | Cottage Grove | 34.67 |
| 28 | Chaska | 35.0 |
| 29 | Mendota Heights | 35.33 |
| 30 | Vadnais Heights | 37.0 |
| 31 | Oak Grove | 38.67 |
| 32 | East Bethel | 39.0 |
| 33 | Rosemount | 39.33 |
| 34 | Champlin | 41.67 |
| 35 | Sartell | 42.33 |
| 36 | Prior Lake | 43.33 |
| 37 | Savage | 44.33 |
| 38 | Shoreview | 45.0 |
| 39 | Shorewood | 45.33 |
| 40 | Edina | 46.0 |
| 41 | Minnetonka | 46.67 |
| 42 | St. Anthony | 47.67 |
| 43 | Stillwater | 48.33 |
| 44 | Delano | 49.0 |
| 45 | Lake Elmo | 49.0 |
| 46 | Blaine | 50.0 |
| 47 | Mahtomedi | 50.33 |
| 48 | Apple Valley | 50.67 |
| 49 | Mound | 50.67 |
| 50 | Golden Valley | 52.33 |
| 51 | La Crescent | 52.67 |
| 52 | Hermantown | 52.67 |
| 53 | Wyoming | 54.0 |
| 54 | Shakopee | 54.0 |
| 55 | Big Lake | 54.67 |
| 56 | Eagan | 56.0 |
| 57 | Baxter | 56.33 |
| 58 | Isanti | 56.33 |
| 59 | St. Louis Park | 56.67 |
| 60 | Hastings | 57.33 |
| 61 | Belle Plaine | 60.67 |
| 62 | Forest Lake | 61.33 |
| 63 | Stewartville | 64.33 |
| 64 | White Bear Lake | 64.33 |
| 65 | New Ulm | 65.0 |
| 66 | Arden Hills | 65.0 |
| 67 | Elk River | 65.33 |
| 68 | Bloomington | 67.33 |
| 69 | Zimmerman | 67.67 |
| 70 | Litchfield | 72.0 |
| 71 | St. Francis | 72.0 |
| 72 | Coon Rapids | 72.33 |
| 73 | New Prague | 72.67 |
| 74 | Hutchinson | 74.33 |
| 75 | Monticello | 74.67 |
| 76 | Oakdale | 75.67 |
| 77 | St. Paul Park | 78.0 |
| 78 | North Branch | 79.0 |
| 79 | Inver Grove Heights | 79.33 |
| 80 | Thief River Falls | 79.67 |
| 81 | Chisago City | 79.67 |
| 82 | Brooklyn Park | 83.0 |
| 83 | Crystal | 83.0 |
| 84 | Roseville | 84.67 |
| 85 | Redwood Falls | 85.33 |
| 86 | Moorhead | 85.67 |
| 87 | Richfield | 86.0 |
| 88 | Rochester | 88.0 |
| 89 | Buffalo | 89.67 |
| 90 | Burnsville | 90.0 |
| 91 | Alexandria | 90.0 |
| 92 | Morris | 90.67 |
| 93 | East Grand Forks | 90.67 |
| 94 | North St. Paul | 90.67 |
| 95 | St. Peter | 92.33 |
| 96 | South St. Paul | 92.67 |
| 97 | New Brighton | 93.0 |
| 98 | Grand Rapids | 93.33 |
| 99 | Northfield | 93.67 |
| 100 | Maplewood | 94.67 |
If the numbers are compiled from statistics collected during 2012-2016, how does this translate to the wealthiest population of 2018?
It’s the most recent data available. 2017 data won’t be available until December 2018, at which point we update it again.
Any thoughts on how else to determine the wealthiest populations at the current time? No other data source except for home values is ever reported at the town/city level in a timely manner and even that’s proprietary to most real estate firms.
This is a terrible analysis–absolutely terrible. Even its most basic assumptions are flawed. The result? Go most of the top cities, and you will be completely confused as to how it even made this list. This is a perfect example of how averages fail to capture the whole picture… Nassim Taleb would have a field day with this bogus list.