Lakefield, Minnesota is a small town with a population of approximately 2,000. Families with children are typical, as kids aged 5-14 make up an above-average percentage of the community, while young adults are less well-represented. Renters tend to be in the minority in the town, and 84% of residents own their homes. Renting remains an affordable option, though, as the town boasts a relatively low average rent of $757/month. Over the course of a year, renters in Lakefield will save around $2,800 compared to the state average.
With an average commute time of about 21 minutes, outperforming most cities in the state, Lakefield residents find that it isn't overly time-consuming to travel to work. Driving a car or truck is the prevailing mode of getting to work, chosen by 46% of workers, while public transportation isn't used. Not many residents walk to work.
Lakefield has a relatively high concentration of residents over the age of 25 who have earned an Associate's degree (7%) compared to the national average (5%). Additionally, 10% possess a Bachelor's degree and 2% have earned a Master's degree or Doctorate. Lakefield residents have a plethora of industries from which to choose, the most common four of which are manufacturing, retail, healthcare, and construction. Combined, these industries make up 33% of the workforce in the town. Meanwhile, looking at job function, many of the town's residents work in sales, making it the top field in the town. Lakefield workers earn an average annual income of just over $58K, about $22,000 less than their peers elsewhere in the state. The town's average income also trails the national average of $73,345.
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