HomeMinnesotaWabasha CountyLake City
Lake City, Minnesota: commercial real estate data.
Lake City is a Census city of 5,034 people across 4.49 square miles of land, lying across Wabasha County and Goodhue County. Median household income is $72,244, 79.2 percent of occupied homes are owned, and the SBA record carries 7 7(a) approvals to borrowers here worth $3.0 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Lake City
What Lake City is
- Census place typecity
- Land area4.49 sq mi
- Water area0.02 sq mi
- Population per square mile of land1,122
- County holding the largest share of its areaWabasha County, 81.2 percent
- Counties this place lies inWabasha County 81.2 percent, Goodhue County 18.8 percent
Lake City crosses a county line. The split above is measured from the Census boundary of the place against the county boundaries, by area, so it says where the ground is and not where the town hall is.
US Census Bureau, cartographic boundary file, places, 2024 vintage. US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Lake City
How many people live in Lake City
- Population5,034
- Median age49.1
- Population under 18992
- Share under 1819.7 percent
- Population 65 and over1,482
- Share 65 and over29.4 percent
- Households2,284
- Family households1,398
- Share of households that are families61.2 percent
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Lake City
Income and work in Lake City
- Median household income$72,244
- Per capita income$41,087
- Civilian labor force2,525
- Employed2,510
- Unemployed15 plus or minus 18
- Unemployment rate0.6 percent plus or minus 0.7
- Adults 25 and over3,748
- Adults 25 and over with a high school diploma or higher95.9 percent
- Adults 25 and over with a bachelor degree or higher28.4 percent
- Adults 25 and over with a graduate degree13.6 percent plus or minus 3.4
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Lake City
Housing in Lake City
- Housing units2,664
- Occupied units2,284
- Vacant units380 plus or minus 136
- Vacancy rate14.3 percent plus or minus 5.0
- Owner occupied1,809
- Renter occupied475 plus or minus 122
- Ownership rate79.2 percent
- Median owner-occupied home value$238,700
- Median gross rent, monthly$871
- Annual rent as a share of median income14.5 percent
- Single family units1,886
- Share single family70.8 percent
- Units in buildings of two or more536 plus or minus 138
- Share in buildings of two or more20.1 percent plus or minus 5.0
- Mobile homes242 plus or minus 105
- Median year structure built1973
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Lake City
How Lake City gets to work
- Workers 16 and over who commute2,226
- Commuting under 15 minutes1,144
- Share commuting under 15 minutes51.4 percent
- Commuting 30 minutes or more810 plus or minus 186
- Share commuting 30 minutes or more36.4 percent plus or minus 7.8
- Drove alone74.0 percent
- Carpooled11.0 percent plus or minus 4.4
- Public transport0.0 percent
- Walked3.0 percent plus or minus 1.8
- Worked from home10.5 percent plus or minus 3.3
US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
Lake City
SBA loans in Lake City (7(a))
- Approvals7
- Gross approval$2,962,000
- Average approval$423,143
- Median approval$500,000
- Largest approval$931,000
- Jobs supported85
- Jobs per approval12.1
- Loans with a final outcome2
- Paid in full2
- Charged off0
- Median term120 months
- Share on real estate terms of 20 years or more0.0 percent
- Share to franchises14.3 percent
- Distinct lenders6
- Distinct industries by NAICS5
Counted by borrower city: approvals to borrowers whose address is in Lake City, in any county, FY2020 to FY2026. Only 2 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Lake City
SBA loans in Lake City (504)
- Approvals10
- Gross approval$5,624,000
- Average approval$562,400
- Median approval$298,000
- Largest approval$1,950,000
- Jobs supported73
- Loans with a final outcome7
- Charged off0
- Median term240 months
- Distinct CDCs4
Counted by borrower city: approvals to borrowers whose address is in Lake City, in any county, FY2010 to FY2026. Only 7 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Lake City
Flood risk in Lake City
- NFIP communityCity of Lake City
- NFIP community number270486
- Participating in the NFIPYes
- Community Rating System classNone
- Currently effective map date07/21/26
The City of Lake City participates in the National Flood Insurance Program as community 270486 and carries no Community Rating System class, so no CRS premium discount applies to it.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Wabasha County, not Lake City
Wabasha County context, not Lake City figures
- Establishments in Wabasha County556
- Covered employment, Wabasha County6,566
- Average annual pay, Wabasha County$47,637
- Housing units permitted, Wabasha County64
Every figure in this section is published for Wabasha County as a whole and is not a measurement of Lake City.
US Census Bureau, County Business Patterns, 2023. US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages. US Census Bureau, Building Permits Survey, 2024 annual.
Coverage
What this page does not hold.
Parcel detail, 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 →
Common questions
Lake City questions, answered from the record.
How many people live in Lake City, Minnesota?
5,034, in 2,284 households. Lake City city covers 4.49 square miles of land, which is 1,122 people per square mile. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
What county is Lake City in?
Lake City lies in more than one. By area it is 81.2 percent in Wabasha County, 18.8 percent in Goodhue County. This page sits under Wabasha County because that county holds the largest share. The split is measured from the Census boundary of the place against the county boundaries.
What is the median household income in Lake City?
$72,244. The median owner-occupied home is valued at $238,700. Median gross rent is $871 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, place level, 2020-2024 5-year.
How much SBA lending goes to Lake City businesses?
7 7(a) approvals totaling $3.0 m since FY2020, across 6 lenders, median approval $500,000, plus 10 504 approvals worth $5.6 m since FY2010. These count approvals to borrowers whose address is in Lake City, not projects sited inside the place boundary, and they are approvals recorded in the release rather than loans disbursed.
Do SBA loans to Lake City borrowers get paid back?
No rate is published for Lake City. Only 2 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published. The counts are shown instead.
Is Lake City in the National Flood Insurance Program?
Yes. Lake City appears in the FEMA Community Status Book as Lake City, city of, community 270486, with no Community Rating System class, so no CRS discount applies. Whether a specific parcel sits in a mapped special flood hazard area is an address level question the platform answers.
Are the county figures on this page Lake City figures?
No, and they are labeled so. County Business Patterns, QCEW, the Building Permits Survey, BEA product and IRS migration are published for Wabasha County as a whole and there is no place level equivalent. They appear in one clearly marked section as context and are never presented as measurements of Lake City.
Is zoning published for Lake City?
No. Nothing on this page presents parcel level zoning.
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