Living in Elko New Market, Minnesota
Cost of living, income, home prices, rent and demographics of Elko New Market · Census data 2020–2024
Elko New Market has 5,002 residents with a median age of 33.7. The median household income is $152,150 (71% higher than the Minnesota median), the median home value is $433,100, the median rent is $2,200/month.
Elko New Market at a glance
- Population
- 5,002
- Median age
- 33.7State: 38.8
- Median household income
- $152,150State: $89,062
- Median home value
- $433,100State: $329,300
- Median rent
- $2,200/moState: $1,280
- Homeowners
- 95.5%
- Bachelor's degree or higher
- 42.1%
- Average commute
- 28 min
Is Elko New Market a good place to live?
Pros: Median household income 71% higher than the Minnesota median; unemployment of 0%; a poverty rate of 1.1%.
Cons: Home values 32% higher than the state median; an average commute of 28 minutes.
The weather is best in June to September.
Cost of living in Elko New Market
Housing is the biggest part of the cost of living. In Elko New Market the median home value is $433,100, 30% higher than the U.S. median. Renters pay a median of $2,200 per month, which is 23% of household income. Homeowners with a mortgage pay $2,573 a month in housing costs.
Elko New Market median household income
The median household income in Elko New Market is $152,150 and the income per person is $52,477. 1.1% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Elko New Market: homes for sale and rent
- Housing units
- 1,689
- Owner-occupied
- 95.5%
- Renter-occupied
- 4.5%
- Vacant
- 7.8%Includes seasonal homes
- Median year built
- 2005
- Average household size
- 3.21
Elko New Market demographics
- Population
- 5,002
- Median age
- 33.7
- Under 18
- 32.6%
- 65 and older
- 4.5%
- Households
- 1,557
- Foreign-born
- 5.3%
- Veterans
- 1.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Elko New Market ›
Education in Elko New Market
42.1% of adults 25 and older in Elko New Market have a bachelor's degree or higher (Minnesota: 39.4%), and 16.7% have a graduate or professional degree.
Jobs and commute in Elko New Market
- Unemployment rate
- 0%State: 4.1%
- Average commute
- 28 minState: 23 min
- Work from home
- 18.6%
- Drive alone
- 74.4%
- Public transit
- 0%
- Walk to work
- 0.8%
- Homes with broadband
- 97.2%
Elko New Market vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Elko New Market | 5,002 | $152,150 | $433,100 | $2,200 |
| Credit River | 5,551 | $143,125 | $595,000 | — |
| Lonsdale | 4,896 | $95,176 | $357,000 | $906 |
| Lakeville | 74,354 | $139,041 | $452,500 | $1,806 |
| Farmington | 23,902 | $123,673 | $366,200 | $1,241 |
| Northfield | 20,742 | $84,895 | $329,400 | $1,103 |
| Dundas | 1,916 | $116,310 | $325,800 | $1,875 |
| New Prague | 8,237 | $94,539 | $350,500 | $1,389 |
| Prior Lake | 28,016 | $134,255 | $450,700 | $1,654 |
More for people moving to Elko New Market
Elko New Market ZIP code ›Weather and climate ›Living in Elko New Market: FAQ
What is the median household income in Elko New Market, MN?
The median household income in Elko New Market is $152,150, 71% higher than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Elko New Market?
The median home value in Elko New Market is $433,100, compared with $329,300 in Minnesota.
How much is rent in Elko New Market?
The median gross rent in Elko New Market is $2,200 per month, about 23% of household income.
Is Elko New Market, MN a good place to live?
Pluses: median household income 71% higher than the Minnesota median; unemployment of 0%; a poverty rate of 1.1%. Minuses: home values 32% higher than the state median; an average commute of 28 minutes.
What is the median age in Elko New Market?
The median age in Elko New Market is 33.7 years (Minnesota: 38.8).
How long is the commute in Elko New Market?
The average commute to work in Elko New Market is 28 minutes; 18.6% of workers work from home.
What is the unemployment rate in Elko New Market?
The unemployment rate in Elko New Market is 0% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Elko New Market?
42.1% of adults in Elko New Market have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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