Steele County, Minnesota: commercial real estate data.
Steele County, Minnesota had an estimated 37,434 residents on July 1, 2024, up 0.1 percent since the 2020 census base of 37,402, across 430 square miles. County output reached $2.87 bn in 2024, 1,024 establishments operate here, and the SBA record carries 65 7(a) approvals worth $16.6 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Steele County
How many people live in Steele County
- Population, American Community Survey 2020-202437,439
- Households15,138
- Average household size2.47
- Median household income$84,196
- Median age40.5
- Median gross rent$1,061 per month
- Median owner-occupied home value$245,400
- Home value to household income2.9 times
- Annual rent as a share of median income15.1 percent
- Adults 25 and over with a bachelor degree or higher28.0 percent
- Adults 25 and over with a graduate degree8.2 percent
- Adults 25 and over25,638
- Population under 189,095
- Share under 1824.3 percent
- Population 65 and over7,187
- Share 65 and over19.2 percent
- Working age population, 18 to 6421,157
- Civilian labor force19,498
- Unemployment rate3.4 percent
- Labor force participation, adults 18 and over68.8 percent
- Rank by population among Minnesota counties28th of 87
- Rank by population among US county-equivalents, Puerto Rico included1269th of 3,222
Steele County is the 28th largest of 87 Minnesota counties by population. A median home costs 2.9 times median household income, which is affordable by national standards. Residents under 18 outnumber those 65 and over, at 24.3 percent against 19.2 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Steele County
Is Steele County's population growing?
- Population, July 1, 202437,434
- Census 2020 base population37,402
- Population change since the 2020 census base0.09 percent
- Population change, 2023 to 2024-42
- Births, 2024404
- Deaths, 2024362
- Natural change, 202442
- Net domestic migration, 2024-156
- Net international migration, 202473
- Total net migration, 2024-83
- Cumulative net domestic migration, 2021 to 2024-360
- Rank by growth among US county-equivalents1795th of 3,144
The county has grown 0.09 percent since the 2020 census base. More people left than moved in during 2024 and births over deaths did not make up the difference, so the population fell.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Steele County
Where are people moving to Steele County from?
- Tax returns filed by households arriving949
- People arriving, from those returns1,636
- Tax returns filed by households leaving978
- Net household movement-29
- Adjusted gross income arriving$51.0 m
- Net adjusted gross income movement$-11.4 m
- Average income of an arriving household$53,790
- Average income of a leaving household$63,803
- Largest single originRice County (143 households)
- Largest single destinationRice County (115 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Rice County | 143 | 280 | $7.5 m |
| Waseca County | 85 | 150 | $4.0 m |
| Dakota County | 57 | 108 | $2.8 m |
| Olmsted County | 51 | 83 | $2.8 m |
| Freeborn County | 47 | 85 | $2.7 m |
| Hennepin County | 46 | 60 | $2.8 m |
| Dodge County | 40 | 60 | $2.0 m |
| Blue Earth County | 25 | 31 | $1.0 m |
Households arriving report $10,013 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Rice 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.
Steele County
What is the Steele County economy?
- County GDP, 2024$2.87 bn
- County GDP, 2023$2.73 bn
- GDP change, 2023 to 20245.2 percent
- GDP change over five years25.0 percent
- Rank by GDP among the Minnesota areas BEA publishes22nd of 87
- Rank by GDP among the US county areas BEA publishes1011th of 3,127
- GDP per resident$76,778
Output grew 5.2 percent in the latest year and 25.0 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.
Steele County
Employment by industry in Steele County
- Covered employment, annual average18,956
- Establishments reporting1,130
- Average annual pay$61,897
- Average weekly wage$1,190
- Manufacturing, employment4,657
- Manufacturing, average annual pay$69,813
- Retail trade, employment2,778
- Retail trade, average annual pay$38,449
- Health care and social assistance, employment2,194
- Health care and social assistance, average annual pay$58,958
- Accommodation and food services, employment1,295
- Accommodation and food services, average annual pay$21,910
- Other services, except public administration, employment567
- Construction, employment545
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Manufacturing | 4,657 | 66 | $69,813 |
| Retail trade | 2,778 | 140 | $38,449 |
| Health care and social assistance | 2,194 | 174 | $58,958 |
| Accommodation and food services | 1,295 | 88 | $21,910 |
| Other services, except public administration | 567 | 110 | $40,797 |
| Construction | 545 | 105 | $71,994 |
| Administrative and support and waste management services | 537 | 43 | $46,662 |
| Finance and insurance | 273 | 73 | $73,049 |
Manufacturing is the largest private sector at 4,657 jobs, 24.6 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Steele County
How many businesses are in Steele County?
- Establishments, all industries1,024
- Employment at those establishments18,853
- Annual payroll$1.19 bn
- Establishments per 1,000 residents27.4
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.
Steele County
Building permits in Steele County
- Housing units authorized by permit, 202428
- Declared construction value permitted$10.7 m
- Single family units authorized24
- Multifamily units authorized4
- Multifamily share of units14.3 percent
- Average declared value per unit$383,608
- Units authorized per 1,000 households1.8
Single-family homes are 85.7 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Steele County
SBA loans in Steele County (7(a) and 504)
- 7(a) approvals recorded65
- 7(a) gross approval dollars$16.6 m
- Average 7(a) approval$255,608
- Median 7(a) approval$125,400
- 10th percentile approval$20,400
- 90th percentile approval$674,140
- Largest single approval$2,666,000
- Jobs reported supported, 7(a)475
- Jobs per approval7.3
- Distinct 7(a) lenders active17
- Distinct industries receiving approvals40
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.8 percent
- Loans on real estate terms9
- Loans on working capital terms, 120 months or shorter53
- Franchise loans5
- Franchise share of approvals7.7 percent
- Most active lenderUnited Prairie Bank (16)
- 504 approvals recorded18
- 504 gross approval dollars$10.3 m
- Average 504 approval$572,500
- Median 504 approval$390,000
- Distinct CDCs active3
- 504 jobs per approval6.8
- 504 jobs per million dollars approved11.9
- Most active CDCSoutheastern Minnesota 504 Development Corporation (7)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$26.9 m
The average approval of $255,608 sits well above the median of $125,400, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 13.8 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.
Steele County
SBA loan default and charge-off rates in Steele County
Do SBA loans in Steele County get paid back?
- Loans with a final outcome recorded18
- Paid in full17
- Charged off1
- Status: Exempt from disclosure35
- Status: Paid in full17
- Status: Cancelled9
- Status: Charged off1
- Status: Committed, not yet disbursed3
Only 18 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.
Steele County
SBA lending by place in Steele County
- Borrower cities with recorded lending7
- Owatonna, approvals52
- Blooming Prairie, approvals4
- Medford, approvals3
- Ellendale, approvals2
- Waseca, approvals2
- Hope, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Owatonna | 52 | $11,990,800 |
| Blooming Prairie | 4 | $421,500 |
| Medford | 3 | $161,200 |
| Ellendale | 2 | $3,666,000 |
| Waseca | 2 | $60,000 |
| Hope | 1 | $300,000 |
| Claremont | 1 | $15,000 |
Owatonna accounts for 52 approvals against 4 in Blooming Prairie. 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.
Steele County
How large is Steele County?
- Land area430 sq mi
- Rank by land area among Minnesota counties79th of 87
- Width, east to west18 mi
- Height, north to south24.1 mi
- Geographies sharing a boundary5
- Residents per square mile of land87
- Establishments per square mile2.38
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.
Steele County
Flood risk in Steele County
- Participation of the county's own NFIP community Steele County, unincorporated areasParticipating, community 270635
- Communities in the county in the NFIP Community Status Book3
- Of those, participating in the NFIP3
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Steele 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 Steele County (community 270635), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Steele 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. 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 Steele 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 Steele County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202437,439
- Households15,138
- Average household size2.47
- Median household income$84,196
- Median age40.5
Common questions
Steele County questions, answered from the record.
How many people live in Steele County, Minnesota?
The Census Bureau estimates 37,434 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 37,439, in 15,138 households, ranking 28th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Steele County's population growing?
The population has grown 0.09 percent since the 2020 census base of 37,402, to 37,434 on July 1, 2024. In 2024 there were 404 births against 362 deaths, with net migration of -83. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Steele County?
$84,196. The median owner-occupied home is valued at $245,400, which is 2.9 times income, and median gross rent is $1,061 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Steele County?
1,024 establishments, employing 18,853 people with an annual payroll of $1.19 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 Steele County?
Manufacturing is the largest private sector at 4,657 jobs, 24.6 percent of covered employment. Covered employment averages 18,956 jobs at an average annual pay of $61,897, or $1,190 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Steele County?
65 7(a) approvals totaling $16.6 m since FY2020, across 17 lenders, with a median approval of $125,400, plus 18 504 approvals worth $10.3 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Steele County?
28 housing units were authorized by permit in 2024, with a declared construction value of $10.7 m. Multifamily was 14.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Steele 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 Steele County come from?
The largest single origin is Rice County, with 143 households. Arriving households report an average income of $53,790 against $63,803 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Steele 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 Steele 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.
Steele County
Cities and places in Steele.
4 Census places lie wholly or partly in Steele County. All 4 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 |
|---|---|---|---|---|
| Owatonna | city | 26,498 | 52 | Wholly in this county |
| Blooming Prairie | city | 1,843 | 4 | Wholly in this county |
| Medford | city | 1,257 | 3 | Wholly in this county |
| Ellendale | city | 754 | 2 | Wholly in this county |
A further 4 of the county's 65 SBA 7(a) approvals are to borrowers in cities that match no Census place in Steele County, the largest being Waseca (2), Hope (1), Claremont (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