Lake County, Minnesota: commercial real estate data.
Lake County, Minnesota has a population of 10,879 across 2,109 square miles, down 1.9 percent since the 2020 census base. County output reached $564.7 m in 2024, 340 establishments operate here, and the SBA record carries 27 7(a) approvals worth $7.7 m.
120 sourced county values · tier FULL · 11 sections
Lake County
How many people live in Lake County
- Population10,879
- Households4,942
- Average household size2.20
- Median household income$75,541
- Median age49.4
- Median gross rent$1,093 per month
- Median owner-occupied home value$241,300
- Home value to household income3.2 times
- Annual rent as a share of median income17.4 percent
- Adults 25 and over with a bachelor degree or higher26.8 percent
- Adults 25 and over with a graduate degree10.0 percent
- Adults 25 and over8,207
- Population under 182,073
- Share under 1819.1 percent
- Population 65 and over3,037
- Share 65 and over27.9 percent
- Working age population, 18 to 645,769
- Civilian labor force4,990
- Unemployment rate2.6 percent
- Labor force participation, adults 18 and over56.7 percent
- Rank by population among Minnesota counties66th of 87
- Rank by population among US county-equivalents2424th
Lake County is the 66th largest of 87 Minnesota counties by population. A median home costs 3.2 times median household income, which is an affordable ownership market by national standards. Residents 65 and over outnumber those under 18, at 27.9 percent against 19.1 percent, which points demand at health care, services and single storey product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Lake County
Is Lake County growing
- Population change since the 2020 census base-1.88 percent
- Census 2020 base population10,903
- Births, 202469
- Deaths, 2024166
- Natural change, 2024-97
- Net domestic migration, 2024-65
- Net international migration, 2024-1
- Total net migration, 2024-66
- Cumulative net domestic migration, 2021 to 2024138
- Rank by growth among US county-equivalents2475th
The county has lost 1.88 percent of its population since the 2020 census base.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Lake County
Where people moving to Lake County come from
- Tax returns filed by households arriving324
- People arriving, from those returns556
- Adjusted gross income arriving$21.8 m
- Net adjusted gross income movement$0
- Average income of an arriving household$67,278
- Largest single originLake County Non-migrants (4,367 households)
- Largest single destination (4,367 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Lake County Non-migrants | 4,367 | 8,408 | $325.3 m |
| Other flows - Same State | 101 | 183 | $6.8 m |
| Other flows - Different State | 99 | 175 | $7.0 m |
| St. Louis County | 95 | 159 | $5.3 m |
| Other flows - Midwest | 42 | 73 | $2.2 m |
| Other flows - South | 32 | 58 | $2.0 m |
| Hennepin County | 29 | 39 | $2.7 m |
| Other flows - West | 25 | 44 | $2.7 m |
The largest single source of arrivals is Lake County Non-migrants, 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.
Lake County
What the Lake County economy runs on
- County GDP, 2024$564.7 m
- County GDP, 2023$667.9 m
- GDP change, 2023 to 2024-15.4 percent
- GDP change over five years5.2 percent
- Rank by GDP among Minnesota counties73rd
- Rank by GDP among US county-equivalents2322nd
- GDP per resident$51,908
Output grew -15.4 percent in the latest year and 5.2 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.
Lake County
Who employs people in Lake County
- Covered employment, annual average3,902
- Establishments reporting378
- Average annual pay$54,467
- Average weekly wage$1,047
- Sector 72, employment601
- Sector 72, average annual pay$26,267
- Sector 31-33, employment524
- Sector 31-33, average annual pay$76,331
- Sector 44-45, employment383
- Sector 44-45, average annual pay$31,946
- Sector 81, employment193
- Sector 81, average annual pay$28,631
- Sector 71, employment109
- Sector 56, employment96
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 72 | 601 | 63 | $26,267 |
| Sector 31-33 | 524 | 14 | $76,331 |
| Sector 44-45 | 383 | 44 | $31,946 |
| Sector 81 | 193 | 44 | $28,631 |
| Sector 71 | 109 | 15 | $28,262 |
| Sector 56 | 96 | 18 | $31,913 |
| Sector 52 | 84 | 14 | $63,705 |
| Sector 54 | 38 | 21 | $44,177 |
The largest sector is the biggest private employer group at 601 jobs, 15.4 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Lake County
What businesses operate in Lake County
- Establishments, all industries340
- Employment at those establishments3,213
- Annual payroll$145.9 m
- Establishments per 1,000 residents31.3
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Lake County
What is being built in Lake County
- Housing units authorised by permit, 202475
- Declared construction value permitted$20.4 m
- Single family units authorised75
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$272,198
- Units authorised per 1,000 households15.2
Multifamily is 0.0 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Lake County
How much SBA lending happens in Lake County
- 7(a) approvals recorded27
- 7(a) gross approval dollars$7.7 m
- Average 7(a) approval$285,781
- Median 7(a) approval$102,900
- 10th percentile approval$38,600
- 90th percentile approval$985,000
- Largest single approval$2,000,000
- Jobs reported supported, 7(a)235
- Jobs per approval8.7
- Distinct 7(a) lenders active11
- Distinct industries receiving approvals21
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer11.1 percent
- Loans on real estate terms3
- Loans on working capital terms, 120 months or shorter22
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countFrozen Specialty Food Manufacturing (3)
- Most active lenderNortheast Entrepreneur Fund, Inc. (12)
- 504 approvals recorded22
- 504 gross approval dollars$15.5 m
- Average 504 approval$702,500
- Median 504 approval$417,000
- Distinct CDCs active4
- 504 jobs per approval5.3
- 504 jobs per million dollars approved7.6
- Most active CDCMidwest Business Finance Corporation (16)
- 7(a) share of SBA approvals55.1 percent
- Combined SBA approval dollars$23.2 m
The average approval of $285,781 sits well above the median of $102,900, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 11.1 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.
Lake County
Do SBA loans in Lake County get paid back
- Loans with a final outcome recorded12
- Paid in full12
- Charged off0
- Charge off rate on resolved loans0.0 percent
- Status: Paid in full12
- Status: Exempt from disclosure10
- Status: Cancelled4
- Status: Committed, not yet disbursed1
Of the 12 loans that have reached a final outcome, 0.0 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.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Lake County
Which parts of Lake County get the lending
- Places in the county with recorded lending4
- Two Harbors, approvals23
- Silver Bay, approvals2
- ELY, approvals1
- Finland, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Two Harbors | 23 | $3,362,100 |
| Silver Bay | 2 | $4,000,000 |
| ELY | 1 | $150,000 |
| Finland | 1 | $204,000 |
Two Harbors accounts for 23 approvals against 2 in Silver Bay. 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.
Lake County
How big is Lake County
- Land area2,109 sq mi
- Rank by land area among Minnesota counties5th of 87
- Width, east to west36.4 mi
- Height, north to south87.3 mi
- Geographies sharing a boundary2
- Residents per square mile of land5
- Establishments per square mile0.16
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.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Lake 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 Lake County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population10,879
- Households4,942
- Average household size2.20
- Median household income$75,541
- Median age49.4
Common questions
Lake County questions, answered from the record.
How many people live in Lake County, Minnesota?
10,879, in 4,942 households, ranking 66th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Lake County growing?
The population has fallen 1.88 percent since the 2020 census base. In 2024 there were 69 births against 166 deaths, with net migration of -66. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Lake County?
$75,541. The median owner-occupied home is valued at $241,300, which is 3.2 times income, and median gross rent is $1,093 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Lake County?
340 establishments, employing 3,213 people with an annual payroll of $145.9 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Lake County?
Average annual pay is $54,467, or $1,047 a week, across 3,902 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Lake County?
27 7(a) approvals totalling $7.7 m since FY2020, across 11 lenders, with a median approval of $102,900, plus 22 504 approvals worth $15.5 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Lake County get paid back?
Of the 12 loans that have reached a final outcome, 12 were paid in full and 0 charged off, a charge off rate of 0.0 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Lake County?
75 housing units were authorised by permit in 2024, with a declared construction value of $20.4 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Lake County?
Zone 2, a predicted average indoor radon screening level from 2 to 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 Lake County come from?
The largest single origin is Lake County Non-migrants, with 4,367 households. Arriving households report an average income of $67,278 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Lake 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 Lake County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.