Murray County, Minnesota: commercial real estate data.
Murray County, Minnesota had an estimated 8,044 residents on July 1, 2024, down 1.5 percent since the 2020 census base of 8,168, across 705 square miles. County output reached $721.5 m in 2024, 269 establishments operate here, and the SBA record carries 10 7(a) approvals worth $2.7 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Murray County
How many people live in Murray County
- Population, American Community Survey 2020-20248,097
- Households3,609
- Average household size2.24
- Median household income$74,033
- Median age46.5
- Median gross rent$810 per month
- Median owner-occupied home value$185,400
- Home value to household income2.5 times
- Annual rent as a share of median income13.1 percent
- Adults 25 and over with a bachelor degree or higher23.5 percent
- Adults 25 and over with a graduate degree5.7 percent
- Adults 25 and over5,801
- Population under 181,755
- Share under 1821.7 percent
- Population 65 and over2,152
- Share 65 and over26.6 percent
- Working age population, 18 to 644,190
- Civilian labor force4,122
- Unemployment rate2.7 percent
- Labor force participation, adults 18 and over65.0 percent
- Rank by population among Minnesota counties75th of 87
- Rank by population among US county-equivalents, Puerto Rico included2648th of 3,222
Murray County is the 75th largest of 87 Minnesota counties by population. A median home costs 2.5 times median household income, which is affordable by national standards. Residents 65 and over outnumber those under 18, at 26.6 percent against 21.7 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.
Murray County
Is Murray County's population growing?
- Population, July 1, 20248,044
- Census 2020 base population8,168
- Population change since the 2020 census base-1.52 percent
- Population change, 2023 to 2024-43
- Births, 202456
- Deaths, 202465
- Natural change, 2024-9
- Net domestic migration, 2024-54
- Net international migration, 202420
- Total net migration, 2024-34
- Cumulative net domestic migration, 2021 to 2024-91
- Rank by growth among US county-equivalents2364th of 3,144
The county has lost 1.52 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.
Murray County
Where are people moving to Murray County from?
- Tax returns filed by households arriving165
- People arriving, from those returns312
- Tax returns filed by households leaving192
- Net household movement-27
- Adjusted gross income arriving$10.0 m
- Net adjusted gross income movement$-1.1 m
- Average income of an arriving household$60,806
- Average income of a leaving household$58,188
- Largest single originNobles County (36 households)
- Largest single destinationNobles County (23 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Nobles County | 36 | 75 | $2.4 m |
Households arriving report $2,618 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 Nobles 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.
Murray County
What is the Murray County economy?
- County GDP, 2024$721.5 m
- County GDP, 2023$656.7 m
- GDP change, 2023 to 20249.9 percent
- GDP change over five years40.0 percent
- Rank by GDP among the Minnesota areas BEA publishes68th of 87
- Rank by GDP among the US county areas BEA publishes2118th of 3,127
- GDP per resident$89,102
Output grew 9.9 percent in the latest year and 40.0 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.
Murray County
Employment by industry in Murray County
- Covered employment, annual average2,914
- Establishments reporting341
- Average annual pay$49,046
- Average weekly wage$943
- Retail trade, employment342
- Retail trade, average annual pay$35,931
- Wholesale trade, employment185
- Wholesale trade, average annual pay$58,700
- Construction, employment146
- Construction, average annual pay$47,914
- Agriculture, forestry, fishing and hunting, employment99
- Agriculture, forestry, fishing and hunting, average annual pay$41,453
- Professional, scientific and technical services, employment72
- Other services, except public administration, employment67
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 342 | 41 | $35,931 |
| Wholesale trade | 185 | 23 | $58,700 |
| Construction | 146 | 51 | $47,914 |
| Agriculture, forestry, fishing and hunting | 99 | 19 | $41,453 |
| Professional, scientific and technical services | 72 | 13 | $83,359 |
| Other services, except public administration | 67 | 25 | $29,789 |
| Administrative and support and waste management services | 26 | 4 | $45,145 |
| Information | 15 | 5 | $30,850 |
Retail trade is the largest private sector at 342 jobs, 11.7 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Murray County
How many businesses are in Murray County?
- Establishments, all industries269
- Employment at those establishments2,175
- Annual payroll$104.3 m
- Establishments per 1,000 residents33.2
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.
Murray County
Building permits in Murray County
- Housing units authorized by permit, 202422
- Declared construction value permitted$12.3 m
- Single family units authorized22
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$557,836
- Units authorized per 1,000 households6.1
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.
Murray County
SBA loans in Murray County (7(a) and 504)
- 7(a) approvals recorded10
- 7(a) gross approval dollars$2.7 m
- Average 7(a) approval$267,440
- Median 7(a) approval$122,500
- Largest single approval$835,000
- Jobs reported supported, 7(a)55
- Jobs per approval5.5
- Distinct 7(a) lenders active4
- Distinct industries receiving approvals7
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer20.0 percent
- Loans on real estate terms2
- Loans on working capital terms, 120 months or shorter6
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countFarm Supplies Merchant Wholesalers (3)
- Most active lenderFirst National Bank (6)
- 504 approvals recorded8
- 504 gross approval dollars$1.6 m
- Average 504 approval$199,125
- Median 504 approval$118,500
- Distinct CDCs active2
- 504 jobs per approval1.9
- 504 jobs per million dollars approved9.4
- Most active CDCMidwest Business Finance Corporation (6)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$4.3 m
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.
Murray County
SBA loan default and charge-off rates in Murray County
Do SBA loans in Murray County get paid back?
- Loans with a final outcome recorded3
- Paid in full3
- Charged off0
- Status: Paid in full3
- Status: Cancelled1
- Status: Exempt from disclosure6
Only 3 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.
Murray County
SBA lending by place in Murray County
- Borrower cities with recorded lending5
- Fulda, approvals4
- Slayton, approvals3
- Hadley, approvals1
- Casa Grande, approvals1
- Chandler, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Fulda | 4 | $828,900 |
| Slayton | 3 | $1,519,500 |
| Hadley | 1 | $200,000 |
| Casa Grande | 1 | $120,000 |
| Chandler | 1 | $6,000 |
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Murray County
How large is Murray County?
- Land area705 sq mi
- Rank by land area among Minnesota counties42nd of 87
- Width, east to west30 mi
- Height, north to south24.1 mi
- Geographies sharing a boundary6
- Residents per square mile of land11
- Establishments per square mile0.38
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.
Murray County
Flood risk in Murray County
- Participation of the county's own NFIP community Murray County, unincorporated areasParticipating, community 270645
- Communities in the county in the NFIP Community Status Book8
- Of those, participating in the NFIP6
- NFIP participation rate75.0 percent
- Communities carrying a CRS class0
- Radon levels in Murray County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, unincorporated Murray County (community 270645), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Murray County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 75.0 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 Murray 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 Murray County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-20248,097
- Households3,609
- Average household size2.24
- Median household income$74,033
- Median age46.5
Common questions
Murray County questions, answered from the record.
How many people live in Murray County, Minnesota?
The Census Bureau estimates 8,044 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 8,097, in 3,609 households, ranking 75th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Murray County's population growing?
The population has fallen 1.52 percent since the 2020 census base of 8,168, to 8,044 on July 1, 2024. In 2024 there were 56 births against 65 deaths, with net migration of -34. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Murray County?
$74,033. The median owner-occupied home is valued at $185,400, which is 2.5 times income, and median gross rent is $810 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Murray County?
269 establishments, employing 2,175 people with an annual payroll of $104.3 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 Murray County?
Retail trade is the largest private sector at 342 jobs, 11.7 percent of covered employment. Covered employment averages 2,914 jobs at an average annual pay of $49,046, or $943 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Murray County?
10 7(a) approvals totaling $2.7 m since FY2020, across 4 lenders, with a median approval of $122,500, plus 8 504 approvals worth $1.6 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Murray County?
22 housing units were authorized by permit in 2024, with a declared construction value of $12.3 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Murray County?
Zone 1, a predicted average indoor radon screening level greater than 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 Murray County come from?
The largest single origin is Nobles County, with 36 households. Arriving households report an average income of $60,806 against $58,188 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Murray 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 Murray 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.
Murray County
Cities and places in Murray.
10 Census places lie wholly or partly in Murray County. All 10 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 |
|---|---|---|---|---|
| Slayton | city | 2,141 | 3 | Wholly in this county |
| Fulda | city | 1,393 | 4 | Wholly in this county |
| The Lakes | CDP | 594 | None recorded | Wholly in this county |
| Chandler | city | 331 | 1 | Wholly in this county |
| Lake Wilson | city | 237 | None recorded | Wholly in this county |
| Currie | city | 220 | None recorded | Wholly in this county |
| Iona | city | 214 | None recorded | Wholly in this county |
| Avoca | city | 100 | None recorded | Wholly in this county |
| Dovray | city | 41 | None recorded | Wholly in this county |
| Hadley | city | 29 | 1 | Wholly in this county |
A further 1 of the county's 10 SBA 7(a) approvals are to borrowers in cities that match no Census place in Murray County, the largest being Casa Grande (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