Minnesota · Census place 34316
Lakefield, MN population, income and ZIP codes
Quick answer
The population of the city of Lakefield, Minnesota (Lakefield, MN — Census place “Lakefield city”) is 1,652 residents, ranking #292 of 914 places in Minnesota. Median household income is $62,656, the median home is worth $115,900 and median gross rent runs $867 a month. Looking for the Lakefield Minnesota ZIP code list? 1 ZIP codes serve Lakefield, MN: 56150.
- Population
- 1,652Lakefield city residents
- Median household income
- $62,656Past 12 months, inflation adjusted
- Median home value
- $115,900Owner-occupied units
- Median gross rent
- $867Rent plus utilities, monthly
- Median age
- 43.9 yrsAll residents
- Homeownership rate
- 87.9%Owner-occupied households
Lakefield ZIP codes (Minnesota)
Census ZCTAs whose delivery area overlaps Lakefield.
The Lakefield MN ZIP code list below covers 1 ZIP code. Open any one for its population, income, housing and rent profile.
What the numbers mean in Lakefield city
Housing cost measured against local earnings.
A household earning the Lakefield city median would spend about 16.6% of gross income on the median rent. The 30% mark is the federal threshold for cost burden, so anything above it signals a stretched rental market. The median home costs 1.8× the median household income; nationally that ratio sits near 4.5×. Poverty affects 9.8% of residents and 87.9% of households own their home.
Source: US Census Bureau, ACS 2019-2023 5-year estimates · rates as published for 2019-2023 ACS 5-year
Lakefield city, MN in context
How this area compares with national benchmarks.
Lakefield city is a small town in Minnesota, with 1,652 residents counted in the Census American Community Survey 2019-2023 ACS 5-year estimates, which places it #292 of 914 ranked by population — larger than 68% of them. The median age here is 43.9 years against 39.1 nationally, a slightly older profile than the country as a whole. At this population the ACS sample is small, so the margin of error around every dollar figure below is wide — treat the numbers as a band, not a point, and expect them to move between annual releases without the place itself changing.
Households in Lakefield city earn a median of $62,656 a year, 20.2% below the national figure of $78,538 and 17% below the $75,469 median for the 361 Minnesota cities we cover. The median is the midpoint household, not an average, so a handful of very high earners cannot drag it upward the way they distort a mean. Poverty reaches 9.8% of residents here, below the 12.4% national rate.
The typical owner-occupied home in Lakefield city is valued at $115,900, 61.8% below the national figure and 52% below the $240,400 peer median, while median gross rent runs $867 a month, 38.3% below the national figure, or roughly $10,404 across a full year. A household on the local median income would put about 16.6% of gross pay toward that rent against the federal 30% cost-burden threshold, so renting here is cheap relative to what people here earn. The home-price-to-income ratio works out to 1.8×, against roughly 3.9× nationally, so purchase prices are unusually low against local pay, the pattern in places where supply is plentiful and wage growth has been flat. 87.9% of occupied homes are owner-occupied versus 65% nationally, an owner-dominated market where rental listings are scarce and rent medians rest on a thin sample. Rent is reported gross — contract rent plus tenant-paid utilities — which is why it runs above the advertised price on a listing for the same unit.
Every value on this page is published directly by the Census for this area — nothing is modelled or interpolated. Small-area estimates still carry wider margins of error than state or national figures, so check the linked ACS tables before relying on them for lending, appraisal or legal work.
Compare with nearby places
Places of similar size in Minnesota.
- Warren city 1,637
- Oronoco city 1,665
- Hinckley city 1,665
- Frazee city 1,595
- Osakis city 1,667
- Pierz city 1,581
- Braham city 1,674
- Canby city 1,563
Keep going
More Minnesota coverage.
Frequently asked questions
Common questions about this area.
- What is the population of Lakefield city?
- Lakefield city has 1,652 residents on Census ACS 2019-2023 ACS 5-year estimates, ranking #292 of 914 in Minnesota.
- What is the median household income in Lakefield city?
- Median household income in Lakefield city is $62,656 a year, 20.2% below the national figure of $78,538.
- How much does it cost to rent or buy in Lakefield city?
- Median gross rent is $867 a month and the median home value is $115,900, so rent absorbs about 16.6% of median household income.
- Is Lakefield city affordable compared with the rest of the US?
- Homes cost about 1.8× the local median income here versus roughly 3.9× nationally, so Lakefield city is more affordable to buy in than the typical US market, and rent takes 16.6% of median income against the 30% cost-burden line.
- How current is this Lakefield city data?
- All figures come from the US Census Bureau American Community Survey 2019-2023 ACS 5-year five-year estimates. At this population the ACS sample is small, so the margin of error around every dollar figure below is wide — treat the numbers as a band, not a point, and expect them to move between annual releases without the place itself changing.