Olmsted County, Minnesota: commercial real estate data.
Olmsted County, Minnesota had an estimated 166,424 residents on July 1, 2024, up 2.2 percent since the 2020 census base of 162,849, across 653 square miles. County output reached $15.73 bn in 2024, 3,754 establishments operate here, and the SBA record carries 125 7(a) approvals worth $78.8 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Olmsted County
How many people live in Olmsted County
- Population, American Community Survey 2020-2024164,498
- Households66,918
- Average household size2.46
- Median household income$95,406
- Median age37.8
- Median gross rent$1,370 per month
- Median owner-occupied home value$331,700
- Home value to household income3.5 times
- Annual rent as a share of median income17.2 percent
- Adults 25 and over with a bachelor degree or higher49.4 percent
- Adults 25 and over with a graduate degree21.5 percent
- Adults 25 and over111,919
- Population under 1839,364
- Share under 1823.9 percent
- Population 65 and over27,397
- Share 65 and over16.7 percent
- Working age population, 18 to 6497,737
- Civilian labor force90,559
- Unemployment rate3.6 percent
- Labor force participation, adults 18 and over72.4 percent
- Rank by population among Minnesota counties7th of 87
- Rank by population among US county-equivalents, Puerto Rico included419th of 3,222
Olmsted County is the 7th largest of 87 Minnesota counties by population. A median home costs 3.5 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 23.9 percent against 16.7 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Olmsted County
Is Olmsted County's population growing?
- Population, July 1, 2024166,424
- Census 2020 base population162,849
- Population change since the 2020 census base2.20 percent
- Population change, 2023 to 20241,305
- Births, 20241,976
- Deaths, 20241,337
- Natural change, 2024639
- Net domestic migration, 2024-500
- Net international migration, 20241,168
- Total net migration, 2024668
- Cumulative net domestic migration, 2021 to 2024-2,462
- Rank by growth among US county-equivalents1108th of 3,144
The county has grown 2.20 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Olmsted County
Where are people moving to Olmsted County from?
- Tax returns filed by households arriving4,623
- People arriving, from those returns7,459
- Tax returns filed by households leaving4,923
- Net household movement-300
- Adjusted gross income arriving$312.5 m
- Net adjusted gross income movement$-93.2 m
- Average income of an arriving household$67,588
- Average income of a leaving household$82,400
- Largest single originHennepin County (277 households)
- Largest single destinationHennepin County (416 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Hennepin County | 277 | 414 | $21.6 m |
| Dodge County | 194 | 289 | $10.1 m |
| Goodhue County | 181 | 337 | $13.4 m |
| Winona County | 170 | 267 | $9.6 m |
| Ramsey County | 140 | 234 | $8.2 m |
| Wabasha County | 139 | 213 | $7.2 m |
| Dakota County | 135 | 186 | $10.9 m |
| Mower County | 135 | 227 | $6.6 m |
Households arriving report $14,812 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Hennepin 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.
Olmsted County
What is the Olmsted County economy?
- County GDP, 2024$15.73 bn
- County GDP, 2023$14.81 bn
- GDP change, 2023 to 20246.2 percent
- GDP change over five years29.6 percent
- Rank by GDP among the Minnesota areas BEA publishes6th of 87
- Rank by GDP among the US county areas BEA publishes316th of 3,127
- GDP per resident$95,618
Output grew 6.2 percent in the latest year and 29.6 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.
Olmsted County
Employment by industry in Olmsted County
- Covered employment, annual average103,905
- Establishments reporting4,061
- Average annual pay$79,579
- Average weekly wage$1,530
- Health care and social assistance, employment49,424
- Health care and social assistance, average annual pay$100,517
- Retail trade, employment10,367
- Retail trade, average annual pay$37,182
- Accommodation and food services, employment8,254
- Accommodation and food services, average annual pay$28,825
- Manufacturing, employment5,489
- Manufacturing, average annual pay$112,514
- Construction, employment4,178
- Administrative and support and waste management services, employment3,985
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 49,424 | 640 | $100,517 |
| Retail trade | 10,367 | 495 | $37,182 |
| Accommodation and food services | 8,254 | 390 | $28,825 |
| Manufacturing | 5,489 | 103 | $112,514 |
| Construction | 4,178 | 402 | $78,936 |
| Administrative and support and waste management services | 3,985 | 188 | $70,670 |
| Other services, except public administration | 2,527 | 532 | $41,389 |
| Professional, scientific and technical services | 1,684 | 324 | $94,474 |
Health care and social assistance is the largest private sector at 49,424 jobs, 47.6 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Olmsted County
How many businesses are in Olmsted County?
- Establishments, all industries3,754
- Employment at those establishments107,285
- Annual payroll$8.19 bn
- Establishments per 1,000 residents22.8
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.
Olmsted County
Building permits in Olmsted County
- Housing units authorized by permit, 20241,239
- Declared construction value permitted$295.2 m
- Single family units authorized314
- Multifamily units authorized925
- Multifamily share of units74.7 percent
- Average declared value per unit$238,225
- Units authorized per 1,000 households18.5
Multifamily is 74.7 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Olmsted County
SBA loans in Olmsted County (7(a) and 504)
- 7(a) approvals recorded125
- 7(a) gross approval dollars$78.8 m
- Average 7(a) approval$630,263
- Median 7(a) approval$328,500
- 10th percentile approval$42,000
- 90th percentile approval$1,747,180
- Largest single approval$4,150,000
- Jobs reported supported, 7(a)1,929
- Jobs per approval15.4
- Distinct 7(a) lenders active37
- Distinct industries receiving approvals67
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.6 percent
- Loans on real estate terms17
- Loans on working capital terms, 120 months or shorter89
- Franchise loans18
- Franchise share of approvals14.4 percent
- Leading industry by approval countOffices of Chiropractors (8)
- Most active lenderAlerus Financial, National Association (16)
- 504 approvals recorded88
- 504 gross approval dollars$60.7 m
- Average 504 approval$689,841
- Median 504 approval$495,500
- Distinct CDCs active6
- 504 jobs per approval8.8
- 504 jobs per million dollars approved12.7
- Most active CDCSoutheastern Minnesota 504 Development Corporation (67)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$139.5 m
The average approval of $630,263 sits well above the median of $328,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 13.6 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.
Olmsted County
SBA loan default and charge-off rates in Olmsted County
Do SBA loans in Olmsted County get paid back?
- Loans with a final outcome recorded33
- Paid in full27
- Charged off6
- Charge-off rate on resolved loans18.2 percent
- Status: Cancelled7
- Status: Paid in full27
- Status: Exempt from disclosure72
- Status: Charged off6
- Status: Committed, not yet disbursed13
Of the 33 loans that have reached a final outcome, 18.2 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
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.
Olmsted County
SBA lending by place in Olmsted County
- Borrower cities with recorded lending8
- Rochester, approvals96
- Stewartville, approvals9
- Byron, approvals7
- Oronoco, approvals5
- Dover, approvals3
- Eyota, approvals2
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Rochester | 96 | $60,274,700 |
| Stewartville | 9 | $4,795,000 |
| Byron | 7 | $9,434,600 |
| Oronoco | 5 | $906,600 |
| Dover | 3 | $556,000 |
| Eyota | 2 | $2,145,000 |
| Kasson | 2 | $326,400 |
| Eden Prairie | 1 | $344,600 |
Rochester accounts for 96 approvals against 9 in Stewartville. 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.
Olmsted County
How large is Olmsted County?
- Land area653 sq mi
- Rank by land area among Minnesota counties46th of 87
- Width, east to west30.4 mi
- Height, north to south25 mi
- Geographies sharing a boundary6
- Residents per square mile of land252
- Establishments per square mile5.75
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.
Olmsted County
Flood risk in Olmsted County
- Participation of the county's own NFIP community Olmsted County, unincorporated areasParticipating, community 270626
- Communities in the county in the NFIP Community Status Book9
- Of those, participating in the NFIP9
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 10
- Communities carrying a CRS class1
- Radon levels in Olmsted 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 Olmsted County (community 270626), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Olmsted 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. The best Community Rating System class among the county's communities is 10, which carries a flood insurance premium discount for policies written in that community. 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 Olmsted 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 Olmsted County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024164,498
- Households66,918
- Average household size2.46
- Median household income$95,406
- Median age37.8
Common questions
Olmsted County questions, answered from the record.
How many people live in Olmsted County, Minnesota?
The Census Bureau estimates 166,424 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 164,498, in 66,918 households, ranking 7th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Olmsted County's population growing?
The population has grown 2.20 percent since the 2020 census base of 162,849, to 166,424 on July 1, 2024. In 2024 there were 1,976 births against 1,337 deaths, with net migration of 668. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Olmsted County?
$95,406. The median owner-occupied home is valued at $331,700, which is 3.5 times income, and median gross rent is $1,370 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Olmsted County?
3,754 establishments, employing 107,285 people with an annual payroll of $8.19 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Olmsted County?
Health care and social assistance is the largest private sector at 49,424 jobs, 47.6 percent of covered employment. Covered employment averages 103,905 jobs at an average annual pay of $79,579, or $1,530 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Olmsted County?
125 7(a) approvals totaling $78.8 m since FY2020, across 37 lenders, with a median approval of $328,500, plus 88 504 approvals worth $60.7 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Olmsted County get paid back?
Of the 33 loans that have reached a final outcome, 27 were paid in full and 6 charged off, a charge-off rate of 18.2 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Olmsted County?
1,239 housing units were authorized by permit in 2024, with a declared construction value of $295.2 m. Multifamily was 74.7 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Olmsted 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 Olmsted County come from?
The largest single origin is Hennepin County, with 277 households. Arriving households report an average income of $67,588 against $82,400 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Olmsted 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 Olmsted 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.
Olmsted County
Cities and places in Olmsted.
10 Census places lie wholly or partly in Olmsted 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 |
|---|---|---|---|---|
| Rochester | city | 122,330 | 96 | Wholly in this county |
| Stewartville | city | 6,807 | 9 | Wholly in this county |
| Byron | city | 6,646 | 7 | Wholly in this county |
| Pine Island | city | 3,580 | None recorded | 46.3 percent here, 53.7 percent Goodhue County |
| Chatfield | city | 2,559 | None recorded | 35.4 percent here, 64.6 percent Fillmore County |
| Eyota | city | 1,944 | 2 | Wholly in this county |
| Oronoco | city | 1,679 | 5 | Wholly in this county |
| Dover | city | 895 | 3 | Wholly in this county |
| Marion | CDP | 314 | None recorded | Wholly in this county |
| High Forest | CDP | 124 | None recorded | Wholly in this county |
A further 3 of the county's 125 SBA 7(a) approvals are to borrowers in cities that match no Census place in Olmsted County, the largest being Kasson (2), Eden Prairie (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