Lakefront residence with moored speedboat in Lake Minnetonka. A number of of the richest cities in Minnesota … [+]
Minnesota, the “Land of 10,000 lakes.” Minnesota is a state full of pure magnificence, beautiful lake nation, and pleasant cities. We’ve been making the spherical recently with our research, analyzing numerous American states and figuring out the richest cities there. Lately, we’ve lined a number of states of the Midwest, together with the richest cities in Illinois, Michigan, Missouri, and Ohio. Right here, we’re going to look at Minnesota.
We analyzed over 900 cities within the state to be able to determine the richest cities in Minnesota. The style wherein we evaluated and scored every metropolis’s rating is detailed beneath.
Learn on to search out out what the wealthiest metropolis in Minnesota is, plus the highest 50 richest cities within the state total.
What Are the Richest Cities in Minnesota?
With the intention to generate our checklist of the richest cities in Minnesota, we sourced vital monetary knowledge from the Census Bureau’s 2022 American Community Survey. Geared up with these datasets, we constructed a four-factor scoring system to assist determine the wealthiest cities in Minnesota:
- Median family revenue
- Imply (common) family revenue
- Median residence worth
- Median property taxes paid
On the subject of Census knowledge, there are some essential issues to notice: For sure components, the Census numbers have higher limits and, due to this fact, no precise determine. For instance, for median family revenue, the Census Bureau has an higher restrict of “$250,000+”. For median residence worth, the higher restrict is “$2,000,000+”. For median property taxes paid, the higher restrict is “$10,000+”. Due to this, the imply family revenue (which is identical as common family revenue) dataset is essential as a result of the Census Bureau has precise figures for it. All 4 of those metrics have been scored, added up, after which ranked by the cities’ mixed scores.
Beneath you’ll discover a desk detailing the highest 50 richest cities in Minnesota and their respective greenback figures for every metric:
The Richest Metropolis in Minnesota
The No. 1 richest city in Minnesota in our rating is Minnetonka Seaside, a city with a complete of 184 households. Because the city’s title suggests, Minnetonka Seaside lies on the shores of Lake Minnetonka. It’s a remarkably stunning place in the course of the summer time months. With a median family revenue of $246,250, Minnetonka Seaside is tied with Sunfish Lake for having the best median family revenue in Minnesota. The typical family revenue in Minnetonka Seaside is $351,598, the second highest within the state. With a reported median residence worth of $1.125 million, Minnetonka Seaside’s median property taxes paid exceed $10,000 per 12 months. Based on Data USA, Administration Occupations represent the most important share of occupations for residents of Minnetonka Seaside, accounting for 27.6% of the workforce. Notably, Enterprise & Monetary Operations Occupations account for 12% of the workforce. On the subject of the top-employing industries in Minnetonka Seaside, they’re Skilled, Scientific, & Technical Companies (15.2% of the workforce), Manufacturing (13.6% of the workforce), and Wholesale Commerce (11.6% of the workforce).
The No. 2 richest city in Minnesota is Sunfish Lake, an prosperous southern suburb of Minneapolis. Like No. 1 Minnetonka Seaside, the median family revenue in Sunfish Lake is $246,250. In the meantime, the typical family revenue in Sunfish Lake is decrease than in Minnetonka Seaside, at $340,480, making it the fourth highest in Minnesota. When it comes to reported residence worth, the median residence worth in Sunfish Lake is $986,400, which is the second highest in Minnesota. The employment breakdown of Sunfish Lake usually is smart for a high-income city. Based on Data USA, like Minnetonka Seaside, Administration Occupations account for the best share of the workforce, at 26%. On the subject of the top-employing industries in Sunfish Lake, they’re Well being Care & Social Help (21.3% of the workforce), Skilled, Scientific, & Technical Companies (12% of the workforce), and Retail Commerce (8.91% of the workforce).
The No. 3 richest city in Minnesota brings us again to Lake Minnetonka — the city of Woodland. This small group of 213 households is throughout the Decrease Lake from Minnetonka Seaside. The three greatest occupational classes, in accordance with Data USA, are Gross sales & Associated Occupations (29.5% of the workforce), Administration Occupations (27.4% of the workforce), and Enterprise & Monetary Operations Occupations (13.7% of the workforce). Woodland’s prime employers by business, the breakdown is Manufacturing (25.2% of the workforce), Skilled, Scientific, & Technical Companies (15% of the workforce), and Actual Property & Rental & Leasing (12.4% of the workforce). Woodland has a median family revenue of $193,125, which is the fifth highest in Minnesota. Nonetheless, its common family revenue of $363,129 makes it the best within the state. At $965,300, its reported median residence worth is the fourth highest within the state. Not coincidentally, the median property taxes paid in Woodland exceed $10,000 per 12 months.
