Minnesota’s Richest and Poorest Town Have A Vast, Stunning Income Gap
Minnesota is home to some vast inequalities, whether we're talking about the number of Cabela's in an area or the number of amazing fishing spots in a certain region. These inequalities are unavoidable. It's just the way the world goes round, but our wealth disparity, on the other hand, is a bit alarming.
A few years ago, Forbes created a list of the richest and poorest cities in each state, using data from the U.S. Census Bureau's 2019 American Community Survey five-year estimates.
MoneyWise reviewed the estimates, calculated current median and mean household incomes, and determined why each city was designated as the richest and poorest in its state just last month, and this is what they discovered.
Minnesota's Richest City is North Oaks.
According to MoneyWise, North Oaks began as a water source for St. Paul before becoming a 5,000-acre research farm for railway tycoon James Jerome Hill.
Today, we know the city as an exclusive suburb of the Twin Cities.
North Oaks covers 6,000 acres of rolling hills, woods, and wetlands. It's also home to a private golf club and beautiful houses.
The median household income is near $178,816, and Zillow proclaims the median home value in the area to be over $830,000.
Now, Minnesota's Poorest City is Bemidji.
Close to a third of Bemidji's population is impoverished despite their renowned roadside landmarks and abundance of trails, waterways, and boutiques.
The median household income is $32,193, a stark difference from North Oaks.
Each town, of course, is home to some incredibly vibrant families as that is one thing Minnesota is not short of.