Rogers, Victoria, Shorewood: These cities aren’t just some of the best places to live in Minnesota. They are also home to some of the richest people in the North Star State.
Rogers in particular houses the richest residents in the state thanks, in part, to a median household income of $109,023 and a ridiculously low poverty rate of 2.0%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Minnesota share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2012-2016 American Community Survey for the 144 places in Minnesota with more than 5,000 people.
At the end of the day, here’s the set of the 10 richest places in Minnesota for 2018:
- Rogers (Photos | Homes For Sale)
- Victoria (Photos | Homes For Sale)
- Shorewood (Photos | Homes For Sale)
- Otsego (Homes For Sale)
- Minnetrista (Photos | Homes For Sale)
- Chanhassen (Photos | Homes For Sale)
- Waconia (Photos | Homes For Sale)
- Albertville (Photos | Homes For Sale)
- Farmington (Photos | Homes For Sale)
- Byron (Photos | Homes For Sale)
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in Minnesota.
How We Determined The Richest Places In Minnesota For 2018
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the ‘richest places’. So we looked at this set of criteria from the newly released 2012-2016 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 144 places with more than 5,000 people in Minnesota, we ranked each place from 1 to 144 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a ‘Rich Score’ with the place having the lowest overall Rich Score, Rogers, crowned the ‘Richest Place In Minnesota For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 144 places.
Population: 12,284Median Income: $109,023
Unemployment Rate: 1.7%
Poverty Rate: 2.0%
More on Rogers: Homes For Sale | Data
Rogers is a city in Hennepin County, Minnesota, United States. The population was 8,597 at the 2010 census. However, the population increased to over 11,000 upon the annexing of surrounding Hassan Township in 2012. The population of Hassan Township was 2,600 in 2010, giving the current city a population base of 11,197 as of the census. The center of population of Minnesota is located in Rogers . The city is a northwest suburb of the Minneapolis–Saint Paul metropolitan area.
Population: 8,385Median Income: $132,431
Unemployment Rate: 2.1%
Poverty Rate: 2.4%
More on Victoria: Homes For Sale | Data
Victoria is a city in Carver County, Minnesota, United States. The population was 7,345 at the 2010 census.
Population: 15,065 Median Income: $89,556
Unemployment Rate: 2.0%
Poverty Rate: 1.8%
More on Otsego: Homes For Sale | Data
Otsego is a city in Wright County, Minnesota, United States. The population was 13,571 at the 2010 census.
Population: 24,796Median Income: $115,449
Unemployment Rate: 3.1%
Poverty Rate: 3.5%
More on Chanhassen: Homes For Sale | Data
Chanhassen is a city in Carver and Hennepin counties in the state of Minnesota. It is southwest of Minneapolis. The population was 22,952 at the 2010 census.
Population: 11,523Median Income: $87,394
Unemployment Rate: 2.8%
Poverty Rate: 1.8%
More on Waconia: Homes For Sale | Data
Waconia (/wkoni/ w-KOHN-ee-), a city in Carver County, Minnesota, United States. The city’s population is 11,480 as of 2013.
Population: 22,226Median Income: $86,447
Unemployment Rate: 2.4%
Poverty Rate: 2.8%
More on Farmington: Homes For Sale | Data
Farmington is a city in Dakota County, Minnesota, United States. The population was 21,086 at the 2010 census. It is a part of the Minneapolis-St. Paul metropolitan area.
Population: 5,191Median Income: $82,109
Unemployment Rate: 1.9%
Poverty Rate: 3.0%
More on Byron: Homes For Sale | Data
Byron is a city in Olmsted County, Minnesota, United States, approximately 5 miles west of Rochester on U.S. Route 14. It is surrounded by Kalmar Township. The population was 4,914 at the 2010 census.
There You Have It – The Wealthiest Places In Minnesota For 2018
Like we said earlier, when we set out to identify the richest places in Minnesota, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Minnesota.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Minnesota, according to data:
Poorest: International Falls
2nd Poorest: Bemidji
3rd Poorest: Virginia
For more Minnesota reading , check out:
Detailed List Of The Richest Cities In Minnesota
|White Bear Lake||58|
|St. Louis Park||62|
|Thief River Falls||74|
|East Grand Forks||78|
|Inver Grove Heights||86|
|St. Paul Park||91|