Minnetonka, Minnesota is a town with a population of slightly more than 52,000. Retirees are a common sight, as they account for 20% of the population compared to 14% nationally, while young adults figure less prominently in the demographics. At an average age of just under 43, the city's residents skew older than most cities in Minnesota. Home ownership is more common than renting in the area, and 31% of residents rent. With an average rent of $1,321/month, exceeding the state average by $330 per month, relatively high rent costs could be a contributing factor in the higher levels of ownership.
Minnetonka has an average commute time of about 24 minutes. Many residents (47%) commute to work by car or truck, while public transit isn't used extensively. A small percentage of commuters walk to work.
Minnetonka residents have a plethora of industries from which to choose, the most common five of which are retail, scientific, healthcare, finance, and manufacturing. Combined, these industries account for 35% of the workforce in the city. Meanwhile, in terms of job function, 12% of the city's population works in management, which ranks as the top profession in the city. Minnetonka workers earn an average annual income of around $102K, about $22,000 more than their peers elsewhere in Minnesota. Minnetonka's average income also compares favorably to the national average of $73,345. Compared to the national average (7%), Minnetonka has a large concentration of residents older than 25 who have advanced degrees, as 13% have earned a Master's or a Doctorate. Additionally, 27% have a Bachelor's degree, which also outpaces the national average.
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