10.5% of the population for whom poverty status is determined in Lakefield, MN (155 out of 1.47k people) live below the poverty line, a number that is lower than the national average of 12.5%. The largest demographic living in poverty are Females 75+, followed by Females 65 - 74 and then Females 55 - 64.

The most common racial or ethnic group living below the poverty line in Lakefield, MN is White, followed by Two Or More and Black.

The Census Bureau uses a set of money income thresholds that vary by family size and composition to determine who classifies as impoverished. If a family's total income is less than the family's threshold than that family and every individual in it is considered to be living in poverty.