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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.
Here are the 10 richest places in Minnesota for 2021:
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
1. North Oaks
/10
Population: 5,177
Rank Last Year: 2 (Up 1)
Median Income: $178,816
Unemployment Rate: 0.7%
Poverty Rate: 2.7%
More on North Oaks: Real Estate | Photos
2. St. Michael
/10
Population: 17,586
Rank Last Year: 13 (Up 11)
Median Income: $114,015
Unemployment Rate: 1.6%
Poverty Rate: 1.2%
More on St. Michael: Real Estate | Photos
3. Corcoran
/10
Population: 5,911
Rank Last Year: 24 (Up 21)
Median Income: $122,075
Unemployment Rate: 1.9%
Poverty Rate: 1.8%
More on Corcoran: Real Estate | Photos
4. Byron
/10
Population: 5,462
Rank Last Year: 9 (Up 5)
Median Income: $94,153
Unemployment Rate: 0.3%
Poverty Rate: 0.8%
More on Byron: Real Estate | Photos
5. Otsego
/10
Population: 16,763
Rank Last Year: 8 (Up 3)
Median Income: $105,290
Unemployment Rate: 1.7%
Poverty Rate: 1.8%
More on Otsego: Real Estate
6. Lino Lakes
/10
Population: 21,404
Rank Last Year: 11 (Up 5)
Median Income: $115,368
Unemployment Rate: 1.9%
Poverty Rate: 2.0%
More on Lino Lakes: Real Estate | Photos
7. Medina
/10
Population: 6,380
Rank Last Year: 4 (Down 3)
Median Income: $148,110
Unemployment Rate: 2.4%
Poverty Rate: 2.0%
More on Medina: Real Estate
8. Chanhassen
/10
Population: 25,657
Rank Last Year: 6 (Down 2)
Median Income: $124,125
Unemployment Rate: 1.8%
Poverty Rate: 3.5%
More on Chanhassen: Real Estate | Photos
9. Waconia
/10
Population: 12,131
Rank Last Year: 5 (Down 4)
Median Income: $99,602
Unemployment Rate: 1.5%
Poverty Rate: 2.4%
More on Waconia: Real Estate | Photos
10. Rogers
/10
Population: 12,971
Rank Last Year: 10 (No Change)
Median Income: $127,629
Unemployment Rate: 2.4%
Poverty Rate: 2.4%
More on Rogers: Real Estate | Photos
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:
Poorest: Bemidji
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
Rank | City | RichScore |
---|---|---|
1 | North Oaks | 7.0 |
2 | St. Michael | 9.33 |
3 | Corcoran | 12.67 |
4 | Byron | 13.0 |
5 | Otsego | 13.67 |
6 | Lino Lakes | 14.33 |
7 | Medina | 15.33 |
8 | Chanhassen | 16.0 |
9 | Waconia | 17.0 |
10 | Rogers | 18.33 |
11 | Albertville | 19.33 |
12 | Cottage Grove | 19.67 |
13 | Farmington | 21.0 |
14 | Andover | 23.67 |
15 | Oak Grove | 24.33 |
16 | Woodbury | 25.0 |
17 | Hugo | 25.67 |
18 | Victoria | 25.67 |
19 | Dayton | 27.33 |
20 | Plymouth | 28.17 |
21 | Maple Grove | 28.33 |
22 | Orono | 28.67 |
23 | Mendota Heights | 29.0 |
24 | Ham Lake | 30.33 |
25 | Minnetrista | 31.0 |
26 | Lakeville | 31.33 |
27 | Delano | 31.33 |
28 | Rosemount | 31.67 |
29 | Kasson | 31.67 |
30 | Ramsey | 32.0 |
31 | Prior Lake | 34.0 |
32 | Stillwater | 35.67 |
33 | East Bethel | 38.0 |
34 | Golden Valley | 38.67 |
35 | Hermantown | 38.67 |
36 | Savage | 40.0 |
37 | Minnetonka | 40.67 |
38 | Champlin | 41.0 |
39 | Eden Prairie | 41.67 |
40 | Edina | 42.0 |
41 | Chaska | 43.67 |
42 | Lake Elmo | 44.33 |
43 | Shoreview | 44.67 |
44 | Big Lake | 45.0 |
45 | Stewartville | 45.67 |
46 | Belle Plaine | 46.33 |
47 | Mound | 49.67 |
48 | Baxter | 50.0 |
49 | Mahtomedi | 50.83 |
50 | St. Louis Park | 52.0 |
51 | La Crescent | 52.67 |
52 | Shorewood | 53.33 |
53 | Apple Valley | 53.33 |
54 | Wyoming | 53.67 |
55 | Forest Lake | 54.33 |
56 | Zimmerman | 57.33 |
57 | Shakopee | 58.0 |
58 | St. Anthony | 59.67 |
59 | Chisago City | 60.67 |
60 | New Ulm | 60.67 |
61 | Sartell | 60.67 |
62 | Hastings | 62.33 |
63 | Vadnais Heights | 63.0 |
64 | Blaine | 63.67 |
65 | White Bear Lake | 64.0 |
66 | Litchfield | 66.33 |
67 | Eagan | 68.0 |
68 | St. Paul Park | 69.33 |
69 | St. Francis | 69.67 |
70 | Bloomington | 71.33 |
71 | Arden Hills | 72.0 |
72 | Elk River | 74.0 |
73 | North Branch | 76.67 |
74 | New Prague | 77.33 |
75 | Coon Rapids | 80.0 |
76 | Monticello | 80.0 |
77 | Oakdale | 80.67 |
78 | Robbinsdale | 80.67 |
79 | Isanti | 81.33 |
80 | Alexandria | 81.33 |
81 | Brooklyn Park | 81.67 |
82 | Inver Grove Heights | 82.0 |
83 | Rochester | 83.67 |
84 | Richfield | 85.33 |
85 | Hopkins | 85.67 |
86 | Roseville | 86.33 |
87 | Crystal | 87.33 |
88 | Thief River Falls | 87.67 |
89 | Buffalo | 88.33 |
90 | Burnsville | 90.67 |
91 | Northfield | 91.33 |
92 | North Mankato | 92.33 |
93 | Owatonna | 92.67 |
94 | Hutchinson | 93.0 |
95 | Maplewood | 93.67 |
96 | New Hope | 94.0 |
97 | Morris | 94.0 |
98 | Fergus Falls | 96.0 |
99 | New Brighton | 96.33 |
100 | Fridley | 97.67 |
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.