Rice County, Minnesota: commercial real estate data.
Rice County, Minnesota had an estimated 69,025 residents on July 1, 2024, up 2.9 percent since the 2020 census base of 67,092, across 496 square miles. County output reached $4.08 bn in 2024, 1,600 establishments operate here, and the SBA record carries 79 7(a) approvals worth $42.9 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Rice County
How many people live in Rice County
- Population, American Community Survey 2020-202467,917
- Households23,493
- Average household size2.89
- Median household income$83,181
- Median age37.1
- Median gross rent$1,083 per month
- Median owner-occupied home value$320,200
- Home value to household income3.8 times
- Annual rent as a share of median income15.6 percent
- Adults 25 and over with a bachelor degree or higher30.2 percent
- Adults 25 and over with a graduate degree11.8 percent
- Adults 25 and over43,777
- Population under 1814,556
- Share under 1821.4 percent
- Population 65 and over11,304
- Share 65 and over16.6 percent
- Working age population, 18 to 6442,057
- Civilian labor force35,360
- Unemployment rate4.6 percent
- Labor force participation, adults 18 and over66.3 percent
- Rank by population among Minnesota counties14th of 87
- Rank by population among US county-equivalents, Puerto Rico included807th of 3,222
Rice County is the 14th largest of 87 Minnesota counties by population. A median home costs 3.8 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 21.4 percent against 16.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Rice County
Is Rice County's population growing?
- Population, July 1, 202469,025
- Census 2020 base population67,092
- Population change since the 2020 census base2.88 percent
- Population change, 2023 to 2024605
- Births, 2024671
- Deaths, 2024585
- Natural change, 202486
- Net domestic migration, 2024-124
- Net international migration, 2024641
- Total net migration, 2024517
- Cumulative net domestic migration, 2021 to 2024-47
- Rank by growth among US county-equivalents900th of 3,144
The county has grown 2.88 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.
Rice County
Where are people moving to Rice County from?
- Tax returns filed by households arriving1,801
- People arriving, from those returns3,035
- Tax returns filed by households leaving1,813
- Net household movement-12
- Adjusted gross income arriving$126.5 m
- Net adjusted gross income movement$19.0 m
- Average income of an arriving household$70,255
- Average income of a leaving household$59,303
- Largest single originDakota County (374 households)
- Largest single destinationDakota County (267 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Dakota County | 374 | 694 | $32.4 m |
| Hennepin County | 196 | 309 | $15.4 m |
| Scott County | 120 | 201 | $9.6 m |
| Steele County | 115 | 206 | $7.2 m |
| Ramsey County | 84 | 135 | $6.0 m |
| Le Sueur County | 65 | 112 | $4.5 m |
| Goodhue County | 62 | 107 | $3.8 m |
| Olmsted County | 34 | 56 | $2.6 m |
Households arriving report $10,952 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 Dakota 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.
Rice County
What is the Rice County economy?
- County GDP, 2024$4.08 bn
- County GDP, 2023$3.77 bn
- GDP change, 2023 to 20248.3 percent
- GDP change over five years37.4 percent
- Rank by GDP among the Minnesota areas BEA publishes14th of 87
- Rank by GDP among the US county areas BEA publishes792nd of 3,127
- GDP per resident$60,123
Output grew 8.3 percent in the latest year and 37.4 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.
Rice County
Employment by industry in Rice County
- Covered employment, annual average26,196
- Establishments reporting1,786
- Average annual pay$60,604
- Average weekly wage$1,165
- Manufacturing, employment5,319
- Manufacturing, average annual pay$90,041
- Health care and social assistance, employment3,048
- Health care and social assistance, average annual pay$49,551
- Retail trade, employment2,747
- Retail trade, average annual pay$33,627
- Accommodation and food services, employment2,349
- Accommodation and food services, average annual pay$21,457
- Educational services, employment2,293
- Construction, employment1,107
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 5,319 | 81 | $90,041 |
| Health care and social assistance | 3,048 | 317 | $49,551 |
| Retail trade | 2,747 | 195 | $33,627 |
| Accommodation and food services | 2,349 | 152 | $21,457 |
| Educational services | 2,293 | 26 | $71,021 |
| Construction | 1,107 | 220 | $71,154 |
| Wholesale trade | 1,103 | 62 | $81,529 |
| Transportation and warehousing | 1,090 | 52 | $55,667 |
Manufacturing is the largest private sector at 5,319 jobs, 20.3 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Rice County
How many businesses are in Rice County?
- Establishments, all industries1,600
- Employment at those establishments25,126
- Annual payroll$1.23 bn
- Establishments per 1,000 residents23.6
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.
Rice County
Building permits in Rice County
- Housing units authorized by permit, 202496
- Declared construction value permitted$34.1 m
- Single family units authorized88
- Multifamily units authorized8
- Multifamily share of units8.3 percent
- Average declared value per unit$355,530
- Units authorized per 1,000 households4.1
Single-family homes are 91.7 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Rice County
SBA loans in Rice County (7(a) and 504)
- 7(a) approvals recorded79
- 7(a) gross approval dollars$42.9 m
- Average 7(a) approval$543,394
- Median 7(a) approval$250,000
- 10th percentile approval$42,000
- 90th percentile approval$1,325,400
- Largest single approval$3,718,500
- Jobs reported supported, 7(a)1,302
- Jobs per approval16.5
- Distinct 7(a) lenders active30
- Distinct industries receiving approvals45
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer16.5 percent
- Loans on real estate terms13
- Loans on working capital terms, 120 months or shorter65
- Franchise loans9
- Franchise share of approvals11.4 percent
- Leading industry by approval countMachine Shops (5)
- Most active lenderFrandsen Bank and Trust (9)
- 504 approvals recorded61
- 504 gross approval dollars$42.4 m
- Average 504 approval$695,066
- Median 504 approval$340,000
- Distinct CDCs active4
- 504 jobs per approval8.0
- 504 jobs per million dollars approved11.5
- Most active CDCSoutheastern Minnesota 504 Development Corporation (20)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$85.3 m
The average approval of $543,394 sits well above the median of $250,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 16.5 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.
Rice County
SBA loan default and charge-off rates in Rice County
Do SBA loans in Rice County get paid back?
- Loans with a final outcome recorded24
- Paid in full22
- Charged off2
- Status: Paid in full22
- Status: Exempt from disclosure44
- Status: Charged off2
- Status: Cancelled8
- Status: Committed, not yet disbursed3
Only 24 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.
Rice County
SBA lending by place in Rice County
- Borrower cities with recorded lending9
- Faribault, approvals26
- Northfield, approvals26
- Lonsdale, approvals14
- Dundas, approvals6
- Morristown, approvals3
- Nerstrand, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Faribault | 26 | $23,464,000 |
| Northfield | 26 | $6,914,100 |
| Lonsdale | 14 | $8,579,500 |
| Dundas | 6 | $1,746,000 |
| Morristown | 3 | $573,000 |
| Nerstrand | 1 | $1,407,000 |
| Montgomery | 1 | $100,000 |
| New Prague | 1 | $98,100 |
| 1 other borrower city | 1 | $46,400 |
Faribault accounts for 26 approvals against 26 in Northfield. 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.
Rice County
How large is Rice County?
- Land area496 sq mi
- Rank by land area among Minnesota counties68th of 87
- Width, east to west24 mi
- Height, north to south24 mi
- Geographies sharing a boundary7
- Residents per square mile of land137
- Establishments per square mile3.23
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.
Rice County
Flood risk in Rice County
- Participation of the county's own NFIP community Rice County, unincorporated areasParticipating, community 270646
- Communities in the county in the NFIP Community Status Book9
- Of those, participating in the NFIP8
- NFIP participation rate88.9 percent
- Communities carrying a CRS class0
- Radon levels in Rice 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 Rice County (community 270646), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Rice 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. 88.9 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 Rice 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 Rice County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202467,917
- Households23,493
- Average household size2.89
- Median household income$83,181
- Median age37.1
Common questions
Rice County questions, answered from the record.
How many people live in Rice County, Minnesota?
The Census Bureau estimates 69,025 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 67,917, in 23,493 households, ranking 14th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Rice County's population growing?
The population has grown 2.88 percent since the 2020 census base of 67,092, to 69,025 on July 1, 2024. In 2024 there were 671 births against 585 deaths, with net migration of 517. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Rice County?
$83,181. The median owner-occupied home is valued at $320,200, which is 3.8 times income, and median gross rent is $1,083 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Rice County?
1,600 establishments, employing 25,126 people with an annual payroll of $1.23 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 Rice County?
Manufacturing is the largest private sector at 5,319 jobs, 20.3 percent of covered employment. Covered employment averages 26,196 jobs at an average annual pay of $60,604, or $1,165 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Rice County?
79 7(a) approvals totaling $42.9 m since FY2020, across 30 lenders, with a median approval of $250,000, plus 61 504 approvals worth $42.4 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Rice County?
96 housing units were authorized by permit in 2024, with a declared construction value of $34.1 m. Multifamily was 8.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Rice 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 Rice County come from?
The largest single origin is Dakota County, with 374 households. Arriving households report an average income of $70,255 against $59,303 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Rice 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 Rice 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.
Rice County
Cities and places in Rice.
8 Census places lie wholly or partly in Rice County. All 8 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 |
|---|---|---|---|---|
| Faribault | city | 24,631 | 26 | Wholly in this county |
| Northfield | city | 20,742 | 26 | 81.8 percent here, 18.2 percent Dakota County |
| Lonsdale | city | 4,896 | 14 | Wholly in this county |
| Dundas | city | 1,916 | 6 | Wholly in this county |
| Morristown | city | 1,265 | 3 | Wholly in this county |
| Warsaw | CDP | 560 | None recorded | Wholly in this county |
| Dennison | city | 223 | None recorded | 3.1 percent here, 96.9 percent Goodhue County |
| Nerstrand | city | 215 | 1 | Wholly in this county |
A further 3 of the county's 79 SBA 7(a) approvals are to borrowers in cities that match no Census place in Rice County, the largest being Montgomery (1), New Prague (1), Webster (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.