Loretto is a tiny city located in the state of Minnesota. With a population of 610 people and just one neighborhood, Loretto is the 430th largest community in Minnesota.
Loretto home prices are not only among the most expensive in Minnesota, but Loretto real estate also consistently ranks among the most expensive in America.
Loretto is a decidedly white-collar city, with fully 89.22% of the workforce employed in white-collar jobs, well above the national average. Overall, Loretto is a city of managers, professionals, and sales and office workers. There are especially a lot of people living in Loretto who work in management occupations (19.95%), business and financial occupations (10.09%), and sales jobs (9.86%).
Also of interest is that Loretto has more people living here who work in computers and math than 95% of the places in the US.
Of important note, Loretto is also a city of artists. Loretto has more artists, designers and people working in media than 90% of the communities in America. This concentration of artists helps shape Loretto’s character.
One interesting thing about the economy is that relatively large numbers of people worked from their home: 19.21% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
Loretto is a good choice for families with children because of several factors. Many other families with children live here, making it a place where both parents and children are more likely to develop social ties with other families. The city’s good public school district and large population of college-educated adults provide an environment conducive to academic success. Many people own their own single-family homes, providing areas for children to play and stability in the community. Finally, Loretto’s overall crime rate is lower than average for the country.
The education level of Loretto ranks among the highest in the nation. Of the 25-and-older adult population in Loretto, 45.40% have at least a bachelor's degree. The typical US community has just 21.84% of its adults holding a bachelor's degree or graduate degree.
The per capita income in Loretto in 2022 was $61,954, which is wealthy relative to Minnesota and the nation. This equates to an annual income of $247,816 for a family of four.
The people who call Loretto home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Loretto residents report their race to be White, followed by Black or African-American. Important ancestries of people in Loretto include German, Swedish, Norwegian, Polish, and Irish.
The most common language spoken in Loretto is English. Other important languages spoken here include Langs. of India and Spanish.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the neighborhood is wealthier than 98.5% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood.
In addition, a majority of the adults in the neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Minnesota by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 97.3% of the neighborhoods in Minnesota. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates and families with school-aged children.
In the neighborhood, many people's commute means walking from the bedroom to the home office. NeighborhoodScout's analysis found that 38.7% of residents worked from home. This may not seem like a large number, but Scout's research shows that this is a higher percentage of people working from home than 97.8% of the neighborhoods in America. Often people who work from home are engaged in the creative or technological economy, such as is found in areas around Boston, and in Silicon Valley. Other times, people may be engaged in other businesses like trading stocks from home, or running a small beauty salon.
One way that the neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 97.2% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.
Did you know that the neighborhood has more Norwegian and Arab ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 12.7% of this neighborhood's residents have Norwegian ancestry and 5.0% have Arab ancestry.
is also pretty special linguistically. Significantly, 4.6% of its residents five years old and above primarily speak Langs. of India at home. While this may seem like a small percentage, it is higher than 96.9% of the neighborhoods in America.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the neighborhood in Loretto are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 98.5% of the neighborhoods in America. With 12.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 56.2% of U.S. neighborhoods.
What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the neighborhood, 66.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 17.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (8.4%), and 7.6% in clerical, assistant, and tech support occupations.
The most common language spoken in the neighborhood is English, spoken by 88.4% of households. Some people also speak Langs. of India (4.6%).
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the neighborhood in Loretto, MN, residents most commonly identify their ethnicity or ancestry as German (23.6%). There are also a number of people of Norwegian ancestry (12.7%), and residents who report Irish roots (11.7%), and some of the residents are also of Asian ancestry (10.3%), along with some English ancestry residents (9.7%), among others. In addition, 10.2% of the residents of this neighborhood were born in another country.
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in neighborhood spend between 15 and 30 minutes commuting one-way to work (39.8% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (53.4%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (6.4%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.