Our state is known as the “Land of 10,000 Lakes.” Minnesota is a beautiful state with lots of lakes, forests, and cute towns. Our studies have been taking us all over the country lately, looking at different states and finding the richest towns in each one. We have recently written about a number of Midwest states, including the wealthiest towns in Illinois, Michigan, Missouri, and Ohio. We are going to look at Minnesota now.
In order to find the richest towns in Minnesota, we looked at more than 900 of them. Details about how we looked at and scored each city’s ranking are given below. Find out below which Minnesota city is the richest and also the 50 richest towns in the state as a whole.
The Richest Cities in Minnesota
The Census Bureau’s 2022 American Community Survey gave us important financial information that we used to make our list of the richest towns in Minnesota. With these datasets in hand, we made a four-point scoring method to help us find Minnesota’s wealthiest cities:
- Median household income
- Mean household income
- Median home value
- Median property taxes paid
There are a few important things to keep in mind about Census data: For some things, the Census numbers have higher limits, so there is no exact number. On the other hand, the Census Bureau has a maximum of “$250,000+” for median family income. For typical home value, “$2,000,000+” is the most that can be spent. “$10,000+” is the most that can be paid in property taxes. Here, the mean household income dataset is very important since the Census Bureau has accurate numbers for it. This is the same thing as average household income. The places’ scores on all four of these factors were added up and then used to make a list.
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