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EconPulse

Local economy signal dashboard

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PLACEThriving

Wells, MN

Thriving overall. Federal Funds is the clearest support signal, while population needs the most attention. Housing reads as affordable for a median-income household.

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Overall score75out of 100
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97
70
32
81
100

Population

2,296

Data freshness

Unknown

GDP / Output

+8.3% YoY

97

$788.4M

Output changed +8.3% in 2024.

Vintage date unknown

State growth5.1%
U.S. growth5.3%

Jobs

Unemployment rate

70

3.4%

Unemployment is 3.4% for Latest available.

Vintage date unknown

State avg4.1%
U.S. avg4.2%

Population

-3.0% 5-year

32

2,296

Population moved -3.0% over the latest ACS window.

Vintage date unknown

State population5,739,445
U.S. population334,922,499

Housing

Rent share of income

81

13.8%

Median rent consumes 13.8% of median household income: Affordable.

Vintage date unknown

State rent$1.3K
U.S. rent$1.4K
HUD_API_TOKEN missing; ACS median gross rent is used as the housing affordability fallback.

Federal Funds

$10.0K per resident

100

$139.1M

$139.1M in federal obligations flowed here in FY2025.

Vintage date unknown

State total$242.1B
U.S. total$5.3T

Population and output

Trend Snapshot

Reported share

Industry Breakdown

FY2025

Federal Money

Federal obligations

$139.1M

$10.0K per resident in reported federal flow.

Top agencies

Dollars
1. Social Security Administration$85.1M
2. Department of Agriculture$28.3M
3. Department of Transportation$15.0M

Top recipients

Dollars
1. REDACTED DUE TO PII$27.3M
2. MINNESOTA DEPARTMENT OF TRANSPORTATION$13.6M
3. CITY OF BLUE EARTH$1.5M

Affordable

Housing Affordability

13.8%

of median income

1BR estimate$569
2BR estimate$750
Median income$60,156
Median home value$103,900

ACS context

Quick Facts

Population

2,296

Median age

46.3

Bachelor's degree+

20.9%

Poverty rate

8.7%

Labor force participation

62.8%

Prime rate

6.8%

CPI YoY

+3.2%

U.S. GDP YoY

+6.5%

Sources and warnings

Data Provenance

Census ACS 5-year

2024

BLS LAUS / CPS

Latest available

BEA regional CAGDP1

2024

USAspending

FY2025

FRED

2026-07-30

HUD Fair Market Rent

Latest available

Data notes
  • HUD_API_TOKEN missing; ACS median gross rent is used as the housing affordability fallback.

5-year compound growth

Historical Trends

Population CAGR

-0.6%

GDP CAGR

+8.6%

Federal flow

5 years

Population (5 years)
20202,367
20212,283
20222,278
20232,317
20242,296
GDP (5 years)
2020$521.8M
2021$638.0M
2022$741.7M
2023$728.0M
2024$788.4M

2-year linear forecast

Predictive Outlook

Population forecast

20242,296
20252,276 *
20262,265 *

R² = 22.3% · * projected

GDP forecast

2024$788.4M
2025$870.5M *
2026$932.8M *

R² = 87.1% · * projected

Linear regression over available historical data. Projections are estimates based on past trends and do not account for policy changes, economic shocks, or other external factors.

housing affordability breakdown

Cost of Living

Median household income$60,156/yr
Median rent$694/mo
Rent share of income13.8%
Est. mortgage (30yr, 6.5%)$6,304/yr
Mortgage share of income10.5%

Rent data from Census ACS 5-year. Mortgage estimate assumes 20% down, 6.5% APR, 30-year fixed.

employment snapshot

Job Market

Unemployment rate3.4%
State avg4.1%
U.S. avg4.2%
Labor force participation62.8%
Poverty rate8.7%

Data from BLS LAUS / CPS. Latest available.

valuation snapshot

Real Estate

Median home value$103,900
Median monthly rent$694
Price-to-rent ratio12.5x

Low price-to-rent ratio — buying may be more favorable than renting in this market.

composite score

Investment Climate

Investment climateStrong
Composite score72/100
Economic growth97/100
Labor market70/100
Population momentum32/100
Overall stability75/100

Composite score weighs economic growth, labor market health, population momentum, and overall stability. Not financial advice.

Location Context

Wells city, Minnesota

City/Town

Part of

Minnesota

Nearby locations

Minnesota Lake, MNEaston, MNFreeborn, MNAlden, MNWalters, MN