Steele County, Minnesota: commercial real estate data.
Steele County, Minnesota has a population of 37,439 across 430 square miles, up 0.1 percent since the 2020 census base. 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.
123 sourced county values · tier FULL · 11 sections
Steele County
How many people live in Steele County
- Population37,439
- 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-equivalents1269th
Steele County is the 28th largest of 87 Minnesota counties by population. A median home costs 2.9 times median household income, which is an affordable ownership market 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 growing
- Population change since the 2020 census base0.09 percent
- Census 2020 base population37,402
- 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
The county has grown 0.09 percent since the 2020 census base. Births exceeded deaths in 2024 but more people left than arrived, so the population is being sustained internally rather than attracting.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Steele County
Where people moving to Steele County come from
- Tax returns filed by households arriving949
- People arriving, from those returns1,636
- Adjusted gross income arriving$51.0 m
- Net adjusted gross income movement$0
- Average income of an arriving household$53,790
- Largest single originSteele County Non-migrants (15,111 households)
- Largest single destination (15,111 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Steele County Non-migrants | 15,111 | 31,403 | $1.20 bn |
| Other flows - Different State | 267 | 467 | $14.9 m |
| Other flows - Same State | 166 | 266 | $9.3 m |
| Rice County | 143 | 280 | $7.5 m |
| Other flows - Midwest | 119 | 193 | $6.9 m |
| Waseca County | 85 | 150 | $4.0 m |
| Other flows - South | 74 | 141 | $3.8 m |
| Other flows - West | 74 | 133 | $4.2 m |
The largest single source of arrivals is Steele 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.
Steele County
What the Steele County economy runs on
- 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 Minnesota counties22nd
- Rank by GDP among US county-equivalents1011th
- 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
Who employs people in Steele County
- Covered employment, annual average18,956
- Establishments reporting1,130
- Average annual pay$61,897
- Average weekly wage$1,190
- Sector 31-33, employment4,657
- Sector 31-33, average annual pay$69,813
- Sector 44-45, employment2,778
- Sector 44-45, average annual pay$38,449
- Sector 62, employment2,194
- Sector 62, average annual pay$58,958
- Sector 72, employment1,295
- Sector 72, average annual pay$21,910
- Sector 81, employment567
- Sector 23, employment545
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 4,657 | 66 | $69,813 |
| Sector 44-45 | 2,778 | 140 | $38,449 |
| Sector 62 | 2,194 | 174 | $58,958 |
| Sector 72 | 1,295 | 88 | $21,910 |
| Sector 81 | 567 | 110 | $40,797 |
| Sector 23 | 545 | 105 | $71,994 |
| Sector 56 | 537 | 43 | $46,662 |
| Sector 52 | 273 | 73 | $73,049 |
The largest sector is the biggest private employer group at 4,657 jobs, 24.6 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.
Steele County
What businesses operate 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.
US Census Bureau, County Business Patterns, 2023.
Steele County
What is being built in Steele County
- Housing units authorised by permit, 202428
- Declared construction value permitted$10.7 m
- Single family units authorised24
- Multifamily units authorised4
- Multifamily share of units14.3 percent
- Average declared value per unit$383,608
- Units authorised per 1,000 households1.8
Multifamily is 14.3 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Steele County
How much SBA lending happens in Steele County
- 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$20,000
- 90th percentile approval$676,900
- 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
- Leading industry by approval countGeneral Automotive Repair (4)
- Most active lenderUnited Prairie Bank (16)
- 504 approvals recorded18
- 504 gross approval dollars$10.3 m
- Average 504 approval$572,500
- Median 504 approval$397,000
- Distinct CDCs active3
- 504 jobs per approval6.8
- 504 jobs per million dollars approved11.9
- Most active CDCSoutheastern Minnesota 504 Development Corporation (7)
- 7(a) share of SBA approvals78.3 percent
- Combined SBA approval dollars$26.9 m
The average approval of $255,608 sits well above the median of $125,400, 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 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
Do SBA loans in Steele County get paid back
- Loans with a final outcome recorded18
- Paid in full17
- Charged off1
- Charge off rate on resolved loans5.6 percent
- Status: Exempt from disclosure35
- Status: Paid in full17
- Status: Cancelled9
- Status: Charged off1
- Status: Committed, not yet disbursed3
Of the 18 loans that have reached a final outcome, 5.6 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.
Steele County
Which parts of Steele County get the lending
- Places in the county with recorded lending7
- OWATONNA, approvals52
- Blooming Prairie, approvals4
- MEDFORD, approvals3
- Ellendale, approvals2
- WASECA, approvals2
- HOPE, approvals1
| Place | 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 big 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.
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 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.
- Population37,439
- 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?
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 growing?
The population has grown 0.09 percent since the 2020 census base. 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 there 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 the average wage in Steele County?
Average annual pay is $61,897, or $1,190 a week, across 18,956 covered jobs. 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 totalling $16.6 m since FY2020, across 17 lenders, with a median approval of $125,400, plus 18 504 approvals worth $10.3 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Steele County get paid back?
Of the 18 loans that have reached a final outcome, 17 were paid in full and 1 charged off, a charge off rate of 5.6 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Steele County?
28 housing units were authorised 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 Steele County Non-migrants, with 15,111 households. Arriving households report an average income of $53,790 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 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?
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.