Rice County, Minnesota: commercial real estate data.
Rice County, Minnesota has a population of 67,917 across 496 square miles, up 2.9 percent since the 2020 census base. 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.
123 sourced county values · tier FULL · 11 sections
Rice County
How many people live in Rice County
- Population67,917
- 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-equivalents807th
Rice County is the 14th largest of 87 Minnesota counties by population. A median home costs 3.8 times median household income, which is an affordable ownership market 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 growing
- Population change since the 2020 census base2.88 percent
- Census 2020 base population67,092
- 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
The county has grown 2.88 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Rice County
Where people moving to Rice County come from
- Tax returns filed by households arriving1,801
- People arriving, from those returns3,035
- Adjusted gross income arriving$126.5 m
- Net adjusted gross income movement$0
- Average income of an arriving household$70,255
- Largest single originRice County Non-migrants (24,225 households)
- Largest single destination (24,225 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Rice County Non-migrants | 24,225 | 49,818 | $2.21 bn |
| Other flows - Different State | 421 | 674 | $28.0 m |
| Dakota County | 374 | 694 | $32.4 m |
| Other flows - Same State | 214 | 364 | $11.0 m |
| Hennepin County | 196 | 309 | $15.4 m |
| Other flows - Midwest | 170 | 271 | $11.1 m |
| Scott County | 120 | 201 | $9.6 m |
| Steele County | 115 | 206 | $7.2 m |
The largest single source of arrivals is Rice 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.
Rice County
What the Rice County economy runs on
- 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 Minnesota counties14th
- Rank by GDP among US county-equivalents792nd
- 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
Who employs people in Rice County
- Covered employment, annual average26,196
- Establishments reporting1,786
- Average annual pay$60,604
- Average weekly wage$1,165
- Sector 31-33, employment5,319
- Sector 31-33, average annual pay$90,041
- Sector 62, employment3,048
- Sector 62, average annual pay$49,551
- Sector 44-45, employment2,747
- Sector 44-45, average annual pay$33,627
- Sector 72, employment2,349
- Sector 72, average annual pay$21,457
- Sector 61, employment2,293
- Sector 23, employment1,107
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 5,319 | 81 | $90,041 |
| Sector 62 | 3,048 | 317 | $49,551 |
| Sector 44-45 | 2,747 | 195 | $33,627 |
| Sector 72 | 2,349 | 152 | $21,457 |
| Sector 61 | 2,293 | 26 | $71,021 |
| Sector 23 | 1,107 | 220 | $71,154 |
| Sector 42 | 1,103 | 62 | $81,529 |
| Sector 48-49 | 1,090 | 52 | $55,667 |
The largest sector is the biggest private employer group at 5,319 jobs, 20.3 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.
Rice County
What businesses operate 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.
US Census Bureau, County Business Patterns, 2023.
Rice County
What is being built in Rice County
- Housing units authorised by permit, 202496
- Declared construction value permitted$34.1 m
- Single family units authorised88
- Multifamily units authorised8
- Multifamily share of units8.3 percent
- Average declared value per unit$355,530
- Units authorised per 1,000 households4.1
Multifamily is 8.3 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Rice County
How much SBA lending happens in Rice County
- 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$30,000
- 90th percentile approval$1,407,000
- 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)
- 7(a) share of SBA approvals56.4 percent
- Combined SBA approval dollars$85.3 m
The average approval of $543,394 sits well above the median of $250,000, 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. 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
Do SBA loans in Rice County get paid back
- Loans with a final outcome recorded24
- Paid in full22
- Charged off2
- Charge off rate on resolved loans8.3 percent
- Status: Paid in full22
- Status: Exempt from disclosure44
- Status: Charged off2
- Status: Cancelled8
- Status: Committed, not yet disbursed3
Of the 24 loans that have reached a final outcome, 8.3 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.
Rice County
Which parts of Rice County get the lending
- Places in the county with recorded lending9
- NORTHFIELD, approvals26
- FARIBAULT, approvals26
- LONSDALE, approvals14
- DUNDAS, approvals6
- MORRISTOWN, approvals3
- Montgomery, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| NORTHFIELD | 26 | $6,914,100 |
| FARIBAULT | 26 | $23,464,000 |
| LONSDALE | 14 | $8,579,500 |
| DUNDAS | 6 | $1,746,000 |
| MORRISTOWN | 3 | $573,000 |
| Montgomery | 1 | $100,000 |
| Nerstrand | 1 | $1,407,000 |
| NEW PRAGUE | 1 | $98,100 |
NORTHFIELD accounts for 26 approvals against 26 in FARIBAULT. 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 big 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.
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 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.
- Population67,917
- 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?
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 growing?
The population has grown 2.88 percent since the 2020 census base. 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 there 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 the average wage in Rice County?
Average annual pay is $60,604, or $1,165 a week, across 26,196 covered jobs. 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 totalling $42.9 m since FY2020, across 30 lenders, with a median approval of $250,000, plus 61 504 approvals worth $42.4 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Rice County get paid back?
Of the 24 loans that have reached a final outcome, 22 were paid in full and 2 charged off, a charge off rate of 8.3 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Rice County?
96 housing units were authorised 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 Rice County Non-migrants, with 24,225 households. Arriving households report an average income of $70,255 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 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?
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.