HomeMinnesotaFaribault CountyWells
Wells, Minnesota: commercial real estate data.
Wells is a Census city of 2,296 people across 2.09 square miles of land, in Faribault County. Median household income is $60,156, 76.1 percent of occupied homes are owned, and the SBA record carries 4 7(a) approvals to borrowers here worth $3.6 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Wells
What Wells is
- Census place typecity
- Land area2.09 sq mi
- Water area0.15 sq mi
- Population per square mile of land1,100
- County holding the largest share of its areaFaribault County, 100.0 percent
US Census Bureau, cartographic boundary file, places, 2024 vintage. US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Wells
How many people live in Wells
- Population2,296
- Median age46.3
- Population under 18427 plus or minus 88
- Share under 1818.6 percent
- Population 65 and over650
- Share 65 and over28.3 percent
- Households1,121
- Family households643
- Share of households that are families57.4 percent
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Wells
Income and work in Wells
- Median household income$60,156 plus or minus $14,607
- Per capita income$33,190
- Civilian labor force1,187
- Employed1,147
- Unemployed40 plus or minus 37
- Unemployment rate3.4 percent plus or minus 3.1
- Adults 25 and over1,643
- Adults 25 and over with a high school diploma or higher90.1 percent
- Adults 25 and over with a bachelor degree or higher20.9 percent plus or minus 4.9
- Adults 25 and over with a graduate degree4.6 percent plus or minus 2.0
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Wells
Housing in Wells
- Housing units1,200
- Occupied units1,121
- Vacant units79 plus or minus 59
- Vacancy rate6.6 percent plus or minus 4.9
- Owner occupied853
- Renter occupied268 plus or minus 69
- Ownership rate76.1 percent
- Median owner-occupied home value$103,900
- Median gross rent, monthly$694
- Annual rent as a share of median income13.8 percent plus or minus 3.5
- Single family units1,017
- Share single family84.8 percent
- Units in buildings of two or more183 plus or minus 67
- Share in buildings of two or more15.3 percent plus or minus 5.5
- Mobile homes0
- Median year structure built1954
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Wells
How Wells gets to work
- Workers 16 and over who commute1,036
- Commuting under 15 minutes647
- Share commuting under 15 minutes62.5 percent
- Commuting 30 minutes or more251 plus or minus 66
- Share commuting 30 minutes or more24.2 percent plus or minus 5.6
- Drove alone80.7 percent
- Carpooled4.6 percent plus or minus 2.6
- Public transport0.0 percent
- Walked6.6 percent plus or minus 3.6
- Worked from home5.6 percent plus or minus 3.8
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Wells
SBA loans in Wells (7(a))
- Approvals4
- Gross approval$3,568,400
- Average approval$892,100
- Median approval$366,500
- Largest approval$2,735,400
- Jobs supported21
- Jobs per approval5.3
- Loans with a final outcome1
- Paid in full0
- Charged off1
- Median term126 months
- Share on real estate terms of 20 years or more25.0 percent
- Share to franchises0.0 percent
- Distinct lenders2
- Distinct industries by NAICS3
Counted by borrower city: approvals to borrowers whose address is in Wells, in any county, FY2020 to FY2026. Only 1 loan has reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Wells
SBA loans in Wells (504)
- Approvals1
- Gross approval$339,000
- Average approval$339,000
- Median approval$339,000
- Largest approval$339,000
- Jobs supported7
- Loans with a final outcome0
- Charged off0
- Median term300 months
- Distinct CDCs1
Counted by borrower city: approvals to borrowers whose address is in Wells, in any county, FY2010 to FY2026. Only 0 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Wells
Flood risk in Wells
- NFIP communityCity of Wells
- NFIP community number270123
- Participating in the NFIPYes
- Community Rating System classNone
- Currently effective map date(NSFHA)
The City of Wells participates in the National Flood Insurance Program as community 270123 and carries no Community Rating System class, so no CRS premium discount applies to it.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Faribault County, not Wells
Faribault County context, not Wells figures
- Establishments in Faribault County379
- Covered employment, Faribault County4,549
- Average annual pay, Faribault County$51,879
- Housing units permitted, Faribault County8
Every figure in this section is published for Faribault County as a whole and is not a measurement of Wells.
All Faribault County figures →
US Census Bureau, County Business Patterns, 2023. US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages. US Census Bureau, Building Permits Survey, 2024 annual.
Coverage
What this page does not hold.
Parcel detail, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Common questions
Wells questions, answered from the record.
How many people live in Wells, Minnesota?
2,296, in 1,121 households. Wells city covers 2.09 square miles of land, which is 1,100 people per square mile. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
What county is Wells in?
Faribault County, which holds 100.0 percent of the place by area. Source: US Census Bureau, cartographic boundary file, places, 2024 vintage.
What is the median household income in Wells?
$60,156. The median owner-occupied home is valued at $103,900. Median gross rent is $694 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
How much SBA lending goes to Wells businesses?
4 7(a) approvals totaling $3.6 m since FY2020, across 2 lenders, median approval $366,500, plus 1 504 approvals worth $339,000 since FY2010. These count approvals to borrowers whose address is in Wells, not projects sited inside the place boundary, and they are approvals recorded in the release rather than loans disbursed.
Do SBA loans to Wells borrowers get paid back?
No rate is published for Wells. Only 1 loan has reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published. The counts are shown instead.
Is Wells in the National Flood Insurance Program?
Yes. Wells appears in the FEMA Community Status Book as Wells, city of, community 270123, with no Community Rating System class, so no CRS discount applies. Whether a specific parcel sits in a mapped special flood hazard area is an address level question the platform answers.
Are the county figures on this page Wells figures?
No, and they are labeled so. County Business Patterns, QCEW, the Building Permits Survey, BEA product and IRS migration are published for Faribault County as a whole and there is no place level equivalent. They appear in one clearly marked section as context and are never presented as measurements of Wells.
Is zoning published for Wells?
No. Nothing on this page presents parcel level zoning.
Nearby