Minnesota is often referred to as the “Land of 10,000 Lakes,” and it’s easy to see why. The state is a picturesque wonderland, adorned with pristine lakes, lush forests, and charming towns. Our recent studies have taken us on a journey across the United States, exploring different states and identifying the wealthiest towns in each one. We have already covered some of the Midwest states, such as Illinois, Michigan, Missouri, and Ohio, and now it’s time to delve into the riches of Minnesota.
To discover the wealthiest towns in Minnesota, we meticulously examined over 900 of them. The following section outlines the methodology we used to evaluate and rank each city. Discover the top-ranked city in Minnesota and the 50 richest towns in the state overall.
The Richest Cities in Minnesota
Using data from the Census Bureau’s 2022 American Community Survey, we were able to obtain crucial financial information that enabled us to compile a list of the richest towns in Minnesota. To identify the state’s wealthiest cities, we developed a four-point scoring system based on these datasets.
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- Median household income
- Mean household income
- Median home value
- Median property taxes paid
When it comes to Census data, there are a few key considerations to keep in mind. While some Census figures lack a definitive value, the Census Bureau does have a maximum limit of “$250,000+” for median family income, “$2,000,000+” for typical home value, and “$10,000+” for property taxes paid. That being said, the mean household income dataset is crucial since the Census Bureau provides accurate numbers for it. This is equivalent to the average household income. To compile the list, scores for all four factors were tallied and combined.
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