HomeMinnesotaLake of the Woods County
Lake of the Woods County, Minnesota: commercial real estate data.
Lake of the Woods County, Minnesota has a population of 3,821 across 1,298 square miles, up 0.7 percent since the 2020 census base. County output reached $242.0 m in 2024, 154 establishments operate here, and the SBA record carries 13 7(a) approvals worth $6.8 m.
117 sourced county values · tier FULL · 11 sections
Lake of the Woods County
How many people live in Lake of the Woods County
- Population3,821
- Households1,817
- Average household size2.10
- Median household income$77,546
- Median age50.7
- Median gross rent$955 per month
- Median owner-occupied home value$216,100
- Home value to household income2.8 times
- Annual rent as a share of median income14.8 percent
- Adults 25 and over with a bachelor degree or higher25.4 percent
- Adults 25 and over with a graduate degree7.2 percent
- Adults 25 and over2,887
- Population under 18704
- Share under 1818.4 percent
- Population 65 and over1,026
- Share 65 and over26.9 percent
- Working age population, 18 to 642,091
- Civilian labor force2,111
- Unemployment rate1.5 percent
- Labor force participation, adults 18 and over67.7 percent
- Rank by population among Minnesota counties86th of 87
- Rank by population among US county-equivalents2976th
Lake of the Woods County is the 86th largest of 87 Minnesota counties by population. A median home costs 2.8 times median household income, which is an affordable ownership market by national standards. Residents 65 and over outnumber those under 18, at 26.9 percent against 18.4 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 of the Woods County
Is Lake of the Woods County growing
- Population change since the 2020 census base0.74 percent
- Census 2020 base population3,769
- Births, 202442
- Deaths, 202452
- Natural change, 2024-10
- Net domestic migration, 20241
- Net international migration, 20241
- Total net migration, 20242
- Cumulative net domestic migration, 2021 to 202444
- Rank by growth among US county-equivalents1577th
The county has grown 0.74 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Lake of the Woods County
Where people moving to Lake of the Woods County come from
- Tax returns filed by households arriving79
- People arriving, from those returns122
- Adjusted gross income arriving$4.6 m
- Net adjusted gross income movement$0
- Average income of an arriving household$58,089
- Largest single originLake of the Woods County Non-migrants (1,634 households)
- Largest single destination (1,634 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Lake of the Woods County Non-migrants | 1,634 | 3,140 | $115.3 m |
| Other flows - Same State | 79 | 122 | $4.6 m |
The largest single source of arrivals is Lake of the Woods 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 of the Woods County
What the Lake of the Woods County economy runs on
- County GDP, 2024$242.0 m
- County GDP, 2023$224.9 m
- GDP change, 2023 to 20247.6 percent
- GDP change over five years18.3 percent
- Rank by GDP among Minnesota counties86th
- Rank by GDP among US county-equivalents2816th
- GDP per resident$63,329
Output grew 7.6 percent in the latest year and 18.3 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 of the Woods County
Who employs people in Lake of the Woods County
- Covered employment, annual average1,578
- Establishments reporting185
- Average annual pay$54,228
- Average weekly wage$1,043
- Sector 72, employment417
- Sector 72, average annual pay$27,541
- Sector 44-45, employment187
- Sector 44-45, average annual pay$31,280
- Sector 62, employment144
- Sector 62, average annual pay$63,860
- Sector 71, employment61
- Sector 71, average annual pay$25,178
- Sector 81, employment53
- Sector 42, employment26
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 72 | 417 | 41 | $27,541 |
| Sector 44-45 | 187 | 20 | $31,280 |
| Sector 62 | 144 | 26 | $63,860 |
| Sector 71 | 61 | 12 | $25,178 |
| Sector 81 | 53 | 12 | $15,411 |
| Sector 42 | 26 | 3 | $72,079 |
| Sector 51 | 10 | 3 | $26,789 |
The largest sector is the biggest private employer group at 417 jobs, 26.4 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 of the Woods County
What businesses operate in Lake of the Woods County
- Establishments, all industries154
- Employment at those establishments1,352
- Annual payroll$89.2 m
- Establishments per 1,000 residents40.3
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 of the Woods County
What is being built in Lake of the Woods County
- Housing units authorised by permit, 202413
- Declared construction value permitted$4.2 m
- Single family units authorised13
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$320,650
- Units authorised per 1,000 households7.2
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 of the Woods County
How much SBA lending happens in Lake of the Woods County
- 7(a) approvals recorded13
- 7(a) gross approval dollars$6.8 m
- Average 7(a) approval$526,300
- Median 7(a) approval$160,000
- 10th percentile approval$15,000
- 90th percentile approval$995,000
- Largest single approval$3,000,000
- Jobs reported supported, 7(a)248
- Jobs per approval19.1
- Distinct 7(a) lenders active7
- Distinct industries receiving approvals8
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer38.5 percent
- Loans on real estate terms5
- Loans on working capital terms, 120 months or shorter8
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countHotels (except Casino Hotels) and Motels (3)
- Most active lenderUltima Bank Minnesota (7)
- 504 approvals recorded15
- 504 gross approval dollars$9.4 m
- Average 504 approval$628,067
- Median 504 approval$555,000
- Distinct CDCs active2
- 504 jobs per approval5.2
- 504 jobs per million dollars approved8.3
- Most active CDCMidwest Business Finance Corporation (14)
- 7(a) share of SBA approvals46.4 percent
- Combined SBA approval dollars$16.3 m
The average approval of $526,300 sits well above the median of $160,000, 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. 38.5 percent of approvals run on real estate terms of 240 months or more, so this is a market where SBA credit is buying buildings, not just funding operations.
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 of the Woods County
Do SBA loans in Lake of the Woods County get paid back
- Loans with a final outcome recorded4
- Paid in full4
- Charged off0
- Status: Cancelled1
- Status: Exempt from disclosure8
- Status: Paid in full4
Too few loans have reached a final outcome to publish a charge off rate. only 4 resolved loans, too few to publish a rate. A rate computed on a handful of loans is noise, so none is shown.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Lake of the Woods County
Which parts of Lake of the Woods County get the lending
- Places in the county with recorded lending3
- BAUDETTE, approvals10
- OAK ISLAND, approvals2
- WILLIAMS, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| BAUDETTE | 10 | $5,626,900 |
| OAK ISLAND | 2 | $1,200,000 |
| WILLIAMS | 1 | $15,000 |
BAUDETTE accounts for 10 approvals against 2 in OAK ISLAND. 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 of the Woods County
How big is Lake of the Woods County
- Land area1,298 sq mi
- Rank by land area among Minnesota counties16th of 87
- Width, east to west41.5 mi
- Height, north to south70.3 mi
- Geographies sharing a boundary3
- Residents per square mile of land3
- Establishments per square mile0.12
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 of the Woods 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 of the Woods County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population3,821
- Households1,817
- Average household size2.10
- Median household income$77,546
- Median age50.7
Common questions
Lake of the Woods County questions, answered from the record.
How many people live in Lake of the Woods County, Minnesota?
3,821, in 1,817 households, ranking 86th of 87 Minnesota counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Lake of the Woods County growing?
The population has grown 0.74 percent since the 2020 census base. In 2024 there were 42 births against 52 deaths, with net migration of 2. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Lake of the Woods County?
$77,546. The median owner-occupied home is valued at $216,100, which is 2.8 times income, and median gross rent is $955 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Lake of the Woods County?
154 establishments, employing 1,352 people with an annual payroll of $89.2 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 of the Woods County?
Average annual pay is $54,228, or $1,043 a week, across 1,578 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Lake of the Woods County?
13 7(a) approvals totalling $6.8 m since FY2020, across 7 lenders, with a median approval of $160,000, plus 15 504 approvals worth $9.4 m. These are approvals recorded in the release, not loans disbursed.
What is being built in Lake of the Woods County?
13 housing units were authorised by permit in 2024, with a declared construction value of $4.2 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Lake of the Woods 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 of the Woods County come from?
The largest single origin is Lake of the Woods County Non-migrants, with 1,634 households. Arriving households report an average income of $58,089 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 of the Woods 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 of the Woods 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.
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