This was 19 percent higher than the state average of 41.9 percent. In 2020 the total municipality population reached 1,177.
92.8 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Balfour for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 68 | 7.2 |
| Regular high school diploma | 99 | 10.6 |
| GED or alternative credential | 19 | 2 |
| Some college, less than 1 year | 38 | 4.1 |
| Some college, 1 or more years, no degree | 143 | 15.2 |
| Associate's degree | 96 | 10.2 |
| Bachelor's degree | 344 | 36.7 |
| Master's degree | 93 | 9.9 |
| Professional school degree | 5 | 0.5 |
| Doctorate degree | 33 | 3.5 |
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