Lake County, Minnesota: commercial real estate data.
Lake County, Minnesota had an estimated 10,698 residents on July 1, 2024, down 1.9 percent since the 2020 census base of 10,903, across 2,109 square miles. County output reached $564.7 m in 2024, 340 establishments operate here, and the SBA record carries 27 7(a) approvals worth $7.7 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Lake County
How many people live in Lake County
- Population, American Community Survey 2020-202410,879
- Households4,942
- Average household size2.20
- Median household income$75,541
- Median age49.4
- Median gross rent$1,093 per month
- Median owner-occupied home value$241,300
- Home value to household income3.2 times
- Annual rent as a share of median income17.4 percent
- Adults 25 and over with a bachelor degree or higher26.8 percent
- Adults 25 and over with a graduate degree10.0 percent
- Adults 25 and over8,207
- Population under 182,073
- Share under 1819.1 percent
- Population 65 and over3,037
- Share 65 and over27.9 percent
- Working age population, 18 to 645,769
- Civilian labor force4,990
- Unemployment rate2.6 percent
- Labor force participation, adults 18 and over56.7 percent
- Rank by population among Minnesota counties66th of 87
- Rank by population among US county-equivalents, Puerto Rico included2424th of 3,222
Lake County is the 66th largest of 87 Minnesota counties by population. A median home costs 3.2 times median household income, which is moderately unaffordable by national standards. Residents 65 and over outnumber those under 18, at 27.9 percent against 19.1 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Lake County
Is Lake County's population growing?
- Population, July 1, 202410,698
- Census 2020 base population10,903
- Population change since the 2020 census base-1.88 percent
- Population change, 2023 to 2024-163
- Births, 202469
- Deaths, 2024166
- Natural change, 2024-97
- Net domestic migration, 2024-65
- Net international migration, 2024-1
- Total net migration, 2024-66
- Cumulative net domestic migration, 2021 to 2024138
- Rank by growth among US county-equivalents2475th of 3,144
The county has lost 1.88 percent of its population since the 2020 census base. The population fell in 2024 from both sources: deaths exceeded births and more people left than moved in.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Lake County
Where are people moving to Lake County from?
- Tax returns filed by households arriving324
- People arriving, from those returns556
- Tax returns filed by households leaving308
- Net household movement16
- Adjusted gross income arriving$21.8 m
- Net adjusted gross income movement$3.4 m
- Average income of an arriving household$67,278
- Average income of a leaving household$59,756
- Largest single originSt. Louis County (95 households)
- Largest single destinationSt. Louis County (118 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| St. Louis County | 95 | 159 | $5.3 m |
| Hennepin County | 29 | 39 | $2.7 m |
Households arriving report $7,522 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is St. Louis County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Lake County
What is the Lake County economy?
- County GDP, 2024$564.7 m
- County GDP, 2023$667.9 m
- GDP change, 2023 to 2024-15.4 percent
- GDP change over five years5.2 percent
- Rank by GDP among the Minnesota areas BEA publishes73rd of 87
- Rank by GDP among the US county areas BEA publishes2322nd of 3,127
- GDP per resident$51,908
Output grew -15.4 percent in the latest year and 5.2 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Lake County
Employment by industry in Lake County
- Covered employment, annual average3,902
- Establishments reporting378
- Average annual pay$54,467
- Average weekly wage$1,047
- Accommodation and food services, employment601
- Accommodation and food services, average annual pay$26,267
- Manufacturing, employment524
- Manufacturing, average annual pay$76,331
- Retail trade, employment383
- Retail trade, average annual pay$31,946
- Other services, except public administration, employment193
- Other services, except public administration, average annual pay$28,631
- Arts, entertainment and recreation, employment109
- Administrative and support and waste management services, employment96
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Accommodation and food services | 601 | 63 | $26,267 |
| Manufacturing | 524 | 14 | $76,331 |
| Retail trade | 383 | 44 | $31,946 |
| Other services, except public administration | 193 | 44 | $28,631 |
| Arts, entertainment and recreation | 109 | 15 | $28,262 |
| Administrative and support and waste management services | 96 | 18 | $31,913 |
| Finance and insurance | 84 | 14 | $63,705 |
| Professional, scientific and technical services | 38 | 21 | $44,177 |
Accommodation and food services is the largest private sector at 601 jobs, 15.4 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Lake County
How many businesses are in Lake County?
- Establishments, all industries340
- Employment at those establishments3,213
- Annual payroll$145.9 m
- Establishments per 1,000 residents31.3
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Lake County
Building permits in Lake County
- Housing units authorized by permit, 202475
- Declared construction value permitted$20.4 m
- Single family units authorized75
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$272,198
- Units authorized per 1,000 households15.2
Single-family homes are 100.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Lake County
SBA loans in Lake County (7(a) and 504)
- 7(a) approvals recorded27
- 7(a) gross approval dollars$7.7 m
- Average 7(a) approval$285,781
- Median 7(a) approval$102,900
- 10th percentile approval$44,840
- 90th percentile approval$553,000
- Largest single approval$2,000,000
- Jobs reported supported, 7(a)235
- Jobs per approval8.7
- Distinct 7(a) lenders active11
- Distinct industries receiving approvals21
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer11.1 percent
- Loans on real estate terms3
- Loans on working capital terms, 120 months or shorter22
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countFrozen Specialty Food Manufacturing (3)
- Most active lenderNortheast Entrepreneur Fund, Inc. (12)
- 504 approvals recorded22
- 504 gross approval dollars$15.5 m
- Average 504 approval$702,500
- Median 504 approval$393,000
- Distinct CDCs active4
- 504 jobs per approval5.3
- 504 jobs per million dollars approved7.6
- Most active CDCMidwest Business Finance Corporation (16)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$23.2 m
The average approval of $285,781 sits well above the median of $102,900, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 11.1 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Lake County
SBA loan default and charge-off rates in Lake County
Do SBA loans in Lake County get paid back?
- Loans with a final outcome recorded12
- Paid in full12
- Charged off0
- Status: Paid in full12
- Status: Exempt from disclosure10
- Status: Cancelled4
- Status: Committed, not yet disbursed1
Only 12 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Lake County
SBA lending by place in Lake County
- Borrower cities with recorded lending4
- Two Harbors, approvals23
- Silver Bay, approvals2
- Finland, approvals1
- Ely, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Two Harbors | 23 | $3,362,100 |
| Silver Bay | 2 | $4,000,000 |
| Finland | 1 | $204,000 |
| Ely | 1 | $150,000 |
Two Harbors accounts for 23 approvals against 2 in Silver Bay. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Lake County
How large is Lake County?
- Land area2,109 sq mi
- Rank by land area among Minnesota counties5th of 87
- Width, east to west36.4 mi
- Height, north to south87.3 mi
- Geographies sharing a boundary2
- Residents per square mile of land5
- Establishments per square mile0.16
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Lake County
Flood risk in Lake County
- Participation of the county's own NFIP community Lake County, unincorporated areasParticipating, community 270630
- Communities in the county in the NFIP Community Status Book4
- Of those, participating in the NFIP4
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Lake County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Lake County (community 270630), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Lake County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, 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 →
Feasibility studies
When a Lake County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Lake County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202410,879
- Households4,942
- Average household size2.20
- Median household income$75,541
- Median age49.4
Common questions
Lake County questions, answered from the record.
How many people live in Lake County, Minnesota?
The Census Bureau estimates 10,698 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 10,879, in 4,942 households, ranking 66th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Lake County's population growing?
The population has fallen 1.88 percent since the 2020 census base of 10,903, to 10,698 on July 1, 2024. In 2024 there were 69 births against 166 deaths, with net migration of -66. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Lake County?
$75,541. The median owner-occupied home is valued at $241,300, which is 3.2 times income, and median gross rent is $1,093 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Lake County?
340 establishments, employing 3,213 people with an annual payroll of $145.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Lake County?
Accommodation and food services is the largest private sector at 601 jobs, 15.4 percent of covered employment. Covered employment averages 3,902 jobs at an average annual pay of $54,467, or $1,047 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Lake County?
27 7(a) approvals totaling $7.7 m since FY2020, across 11 lenders, with a median approval of $102,900, plus 22 504 approvals worth $15.5 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Lake County?
75 housing units were authorized by permit in 2024, with a declared construction value of $20.4 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Lake County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Lake County come from?
The largest single origin is St. Louis County, with 95 households. Arriving households report an average income of $67,278 against $59,756 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Lake County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Lake County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Lake County
Cities and places in Lake.
5 Census places lie wholly or partly in Lake County. All 5 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Two Harbors | city | 3,567 | 23 | Wholly in this county |
| Silver Bay | city | 1,769 | 2 | Wholly in this county |
| Finland | CDP | 257 | 1 | Wholly in this county |
| Knife River | CDP | 131 | None recorded | Wholly in this county |
| Beaver Bay | city | 82 | None recorded | Wholly in this county |
A further 1 of the county's 27 SBA 7(a) approvals are to borrowers in cities that match no Census place in Lake County, the largest being Ely (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby