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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 2021. Incidentally, this is our seventh 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 146 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.
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 North Oaks.
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 2021
Rank Last Year: 8 (Up 3)
Median Income: $105,290
Unemployment Rate: 1.7%
Poverty Rate: 1.8%
More on Otsego: Real Estate
Rank Last Year: 4 (Down 3)
Median Income: $148,110
Unemployment Rate: 2.4%
Poverty Rate: 2.0%
More on Medina: Real Estate
How We Determined The Richest Places In Minnesota For 2021
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 2015-2019 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 146 places with more than 5,000 people in Minnesota, we ranked each place from 1 to 146 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, North Oaks, crowned the "Richest City In Minnesota For 2021". 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 146 places.
There You Have It - The Wealthiest Places In Minnesota For 2021
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:
2nd Poorest: Virginia
3rd Poorest: International Falls
For more Minnesota reading, check out:
- Best Places To Live In Minnesota
- Best Places To Raise A Family In Minnesota
- Most Dangerous Cities In Minnesota
Detailed List Of The Richest Cities In Minnesota
|50||St. Louis Park||52.0|
|65||White Bear Lake||64.0|
|68||St. Paul Park||69.33|
|82||Inver Grove Heights||82.0|
|88||Thief River Falls||87.67|