Minnesota is the Land of 10,000 Lakes, The Mall of America, and some super-rich places that cater to the state’s wealthy.
We’re here to tell you where you can live the Minnesota dream in one of the top ten richest places in the North Star State for 2024. This list is our tenth time ranking Minnesota’s top ten richest places. The Minnesota places that made this list house the state’s creme de la creme.
The state is, after all, one of the richest states in the country.
To identify these cities, we used Saturday Night Science to analyze the latest Census and Zillow data on incomes and home prices. We limited the analysis to the 208 Minnesota cities with more than 3,000 residents.
If you’re Minnesota rich, you can buy season passes to watch The Minnesota Vikings in Minneapolis and a second home on Lake Bemidji.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Richest Places In Minnesota For 2024
Where is the richest place in Minnesota? According to the data, North Oaks is the richest place in Minnesota.
To live anywhere on the list, you’ll need a high-paying job. The state is home to the Target Corporation, 17 Fortune 500 companies, and the highest paying jobs are in healthcare and postsecondary education.
Want to know where the Dom Perignon flows like the Mississippi River in Minnesota? Keep reading.
Rich people not your cup of tea? Feel free to check out some more reading about Minnesota:
The 10 Richest Cities In Minnesota For 2024
1. North Oaks
/10
Population: 5,193
Median Income: $235,714
Median Home Values: $876,362
More on North Oaks: Data | Cost Of Living | Real Estate
2. Orono
/10
Population: 8,223
Median Income: $173,209
Median Home Values: $1,019,638
More on Orono: Data | Crime | Cost Of Living | Real Estate
3. Medina
/10
Population: 6,746
Median Income: $202,153
Median Home Values: $797,015
More on Medina: Data | Crime | Cost Of Living | Real Estate
4. Deephaven
/10
5. Independence
/10
Population: 3,718
Median Income: $191,736
Median Home Values: $700,059
More on Independence: Data | Real Estate
6. Shorewood
/10
Population: 7,722
Median Income: $163,525
Median Home Values: $717,403
More on Shorewood: Data | Cost Of Living | Real Estate
7. Minnetrista
/10
Population: 8,347
Median Income: $162,474
Median Home Values: $660,620
More on Minnetrista: Data | Crime | Cost Of Living | Real Estate
8. Victoria
/10
Population: 10,681
Median Income: $179,515
Median Home Values: $552,013
More on Victoria: Data | Cost Of Living | Real Estate
9. Lake Elmo
/10
Population: 11,861
Median Income: $158,269
Median Home Values: $616,212
More on Lake Elmo: Data | Cost Of Living | Real Estate
10. Corcoran
/10
Population: 6,549
Median Income: $155,385
Median Home Values: $556,085
More on Corcoran: Data | Crime | Cost Of Living | Real Estate
Methodology: How We Determined The Richest Places In Minnesota For 2024
The first thing that comes to most people’s minds when they think about determining the richest places is simply identifying 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 2018-2022 American Community Survey and applied Saturday Night Science:
- Median Home Values
- Median Household Income
Median household income is the most digestible way to understand how rich a place is. And home values are a measure of wealth. The two combine to define a “Rich City.”
After we collected the data for all 208 places with more than 3,000 people in Minnesota, we ranked each place from 1 to 208 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, North Oaks, crowned the “Richest City In Minnesota For 2024.”
The data has been updated for 2024. This is our tenth time ranking the wealthiest cities in Minnesota.
You can skip to the end to see the rankings for all 208 places.
Summary: The Wealthiest Places In Minnesota For 2024
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.
The richest cities in Minnesota are North Oaks, Orono, Medina, Deephaven, Independence, Shorewood, Minnetrista, Victoria, Lake Elmo, and Corcoran.
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: Eveleth
2nd Poorest: Chisholm
3rd Poorest: Virginia
For more Minnesota reading, check out:
- Most Dangerous Cities In Minnesota
- Best Places To Live In Minnesota
- Cheapest Places To Live In Minnesota
Detailed List Of The Richest Cities In Minnesota
| Rank | City | RichScore | Median Income | Average Home Price |
|---|---|---|---|---|
| 1 | North Oaks | 2.0 | $235,714 | $876,362 |
| 2 | Orono | 3.0 | $173,209 | $1,019,638 |
| 3 | Medina | 3.5 | $202,153 | $797,015 |
| 4 | Deephaven | 4.0 | $164,149 | $931,810 |
| 5 | Independence | 5.0 | $191,736 | $700,059 |
| 6 | Shorewood | 6.5 | $163,525 | $717,403 |
| 7 | Minnetrista | 8.5 | $162,474 | $660,620 |
| 8 | Victoria | 8.5 | $179,515 | $552,013 |
| 9 | Lake Elmo | 9.5 | $158,269 | $616,212 |
| 10 | Corcoran | 11.0 | $155,385 | $556,085 |
| 11 | Grant | 12.0 | $136,579 | $671,381 |
| 12 | Nowthen | 15.0 | $149,297 | $492,094 |
| 13 | Chanhassen | 16.0 | $131,633 | $509,790 |
| 14 | Mendota Heights | 16.5 | $129,800 | $515,905 |
| 15 | Prior Lake | 18.0 | $129,539 | $492,980 |
| 16 | Dayton | 18.0 | $138,654 | $473,645 |
| 17 | Edina | 19.0 | $125,506 | $598,918 |
| 18 | Plymouth | 19.0 | $130,131 | $474,202 |
| 19 | Elko New Market | 20.5 | $149,881 | $443,179 |
| 20 | Rogers | 20.5 | $154,611 | $441,756 |
| 21 | Wayzata | 21.0 | $118,456 | $836,055 |
| 22 | Lakeville | 22.0 | $129,069 | $465,445 |
| 23 | Eden Prairie | 22.0 | $129,345 | $463,961 |
| 24 | Carver | 23.5 | $125,123 | $477,934 |
| 25 | Hanover | 24.5 | $145,156 | $427,311 |
| 26 | Mahtomedi | 25.0 | $126,579 | $460,576 |
| 27 | Woodbury | 28.5 | $125,097 | $448,821 |
| 28 | Arden Hills | 30.0 | $121,978 | $450,961 |
| 29 | Rosemount | 34.5 | $127,252 | $408,304 |
| 30 | Ham Lake | 34.5 | $112,854 | $463,556 |
| 31 | Minnetonka | 34.5 | $114,867 | $450,534 |
| 32 | Maple Grove | 35.5 | $127,001 | $397,985 |
| 33 | Oak Grove | 35.5 | $118,871 | $431,853 |
| 34 | Lino Lakes | 35.5 | $120,745 | $422,847 |
| 35 | Andover | 36.0 | $123,054 | $415,283 |
| 36 | Savage | 37.0 | $123,069 | $412,196 |
| 37 | St. Michael | 37.0 | $123,318 | $410,822 |
| 38 | Otsego | 40.5 | $122,420 | $395,838 |
| 39 | Jordan | 41.5 | $111,290 | $421,455 |
| 40 | Scandia | 43.5 | $97,159 | $490,786 |
| 41 | Stillwater | 44.0 | $107,986 | $417,520 |
| 42 | Centerville | 44.5 | $117,481 | $393,612 |
| 43 | Columbus | 45.0 | $103,906 | $435,889 |
| 44 | Hugo | 45.0 | $110,160 | $413,867 |
| 45 | Waconia | 45.5 | $101,619 | $436,466 |
| 46 | Delano | 46.0 | $105,766 | $415,697 |
| 47 | Chaska | 47.0 | $99,988 | $441,075 |
| 48 | Byron | 47.0 | $126,250 | $362,923 |
| 49 | Golden Valley | 47.0 | $110,026 | $409,489 |
| 50 | East Bethel | 49.0 | $116,453 | $378,957 |
| 51 | Shoreview | 51.5 | $106,153 | $391,526 |
| 52 | Cottage Grove | 52.0 | $117,673 | $368,093 |
| 53 | Farmington | 52.5 | $114,737 | $373,537 |
| 54 | Bayport | 53.0 | $105,114 | $389,047 |
| 55 | Eagan | 54.5 | $104,101 | $385,125 |
| 56 | Shakopee | 57.0 | $103,924 | $378,683 |
| 57 | Ramsey | 58.5 | $110,212 | $362,266 |
| 58 | Chisago City | 59.5 | $92,278 | $414,242 |
| 59 | Wyoming | 60.0 | $99,821 | $379,394 |
| 60 | St. Augusta | 60.0 | $120,526 | $350,403 |
| 61 | Albertville | 62.5 | $107,316 | $357,047 |
| 62 | Lindstrom | 64.5 | $98,456 | $370,484 |
| 63 | Champlin | 65.5 | $113,570 | $347,903 |
| 64 | Elk River | 65.5 | $95,597 | $377,388 |
| 65 | Apple Valley | 67.5 | $97,588 | $363,468 |
| 66 | Forest Lake | 67.5 | $91,157 | $387,584 |
| 67 | Falcon Heights | 68.5 | $87,750 | $391,737 |
| 68 | St. Anthony | 69.0 | $91,955 | $377,784 |
| 69 | Watertown | 69.0 | $101,667 | $352,082 |
| 70 | Blaine | 69.5 | $100,659 | $354,091 |
| 71 | St. Louis Park | 70.5 | $94,263 | $364,388 |
| 72 | Big Lake | 71.5 | $100,188 | $351,813 |
| 73 | Inver Grove Heights | 75.5 | $98,719 | $349,482 |
| 74 | Becker | 77.0 | $87,432 | $368,158 |
| 75 | Hermantown | 77.0 | $85,417 | $383,661 |
| 76 | Lonsdale | 77.5 | $95,265 | $350,578 |
| 77 | Mound | 77.5 | $89,855 | $360,628 |
| 78 | Vadnais Heights | 80.0 | $89,632 | $354,501 |
| 79 | New Prague | 80.5 | $101,579 | $326,107 |
| 80 | Belle Plaine | 82.5 | $94,698 | $337,852 |
| 81 | North Branch | 84.0 | $94,564 | $332,334 |
| 82 | New Brighton | 84.5 | $84,707 | $362,922 |
| 83 | St. Francis | 84.5 | $98,390 | $325,664 |
| 84 | Burnsville | 85.5 | $85,801 | $356,837 |
| 85 | Roseville | 87.0 | $87,702 | $350,177 |
| 86 | Pine Island | 88.0 | $85,500 | $352,650 |
| 87 | Northfield | 88.0 | $83,125 | $358,052 |
| 88 | Bloomington | 89.5 | $87,381 | $347,523 |
| 89 | Buffalo | 91.5 | $81,868 | $354,423 |
| 90 | Mounds View | 94.0 | $89,358 | $322,091 |
| 91 | St. Charles | 95.0 | $91,326 | $317,219 |
| 92 | Oakdale | 96.0 | $86,003 | $329,457 |
| 93 | Maplewood | 99.0 | $86,769 | $320,605 |
| 94 | Stewartville | 99.5 | $92,961 | $304,105 |
| 95 | Hastings | 100.5 | $87,722 | $313,784 |
| 96 | Brooklyn Park | 102.5 | $82,271 | $327,075 |
| 97 | Circle Pines | 103.0 | $97,083 | $292,408 |
| 98 | Richfield | 103.5 | $80,712 | $327,416 |
| 99 | White Bear Lake | 104.0 | $79,699 | $332,323 |
| 100 | Kasson | 105.0 | $91,581 | $298,905 |