Balaton is located in southwest Minnesota. Balaton is between the Lyon, Murray county. Balaton has 1.45 square miles of land area and 0.13 square miles of water area. As of 2010-2014, the total Balaton population is 575, which has shrunk 9.73% since 2000. The population growth rate is much lower than the state average rate of 9.44% and is much lower than the national average rate of 11.61%. Balaton median household income is $44,886 in 2010-2014 and has grown by 23.17% since 2000. The income growth rate is lower than the state average rate of 29.12% and is lower than the national average rate of 27.36%. Balaton median house value is $77,200 in 2010-2014 and has grown by 88.75% since 2000. The house value growth rate is much higher than the state average rate of 51.31% and is much higher than the national average rate of 46.91%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%. On average, the public school district that covers Balaton is better than the state average in quality. The Balaton area code is 507.