Cost of Living in Elk River, MN
Population 26,367 · Minnesota · Data vintage 2023
(100 = US avg)
The Elk River cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $338,000, rents near $1,269 a month. The labor market has been unusually tight, with unemployment around 2.7% — below most comparable cities in the state.
Geographically, Elk River is about 30 miles northwest of Minneapolis, the nearest large metro. Housing prices track closely with Minneapolis' $346,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Elk River
The median home value in Elk River is $338,300 — 11% above the national median of $305,000. Median rent runs $1,269/month, 3% lower than the national median of $1,314/month. The median household income of $99,457/year is 33% higher than the US median of $74,580. The local unemployment rate is 2.7%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Elk River has a cost of living index of 105 versus the US average of 100, meaning it is 5% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Elk River, MN?
Elk River has a cost index of 105 (100 = national average). It is 5% above the national average.
What is average rent in Elk River, MN?
The median gross rent in Elk River is $1,269 per month based on 2023 Census data.
What is the average home price in Elk River?
The median home value in Elk River is $338,300 according to Zillow and Census data.
What is the median income in Elk River?
The median household income in Elk River is $99,457 per year (2023 ACS 5-year estimates).
What is the sales tax in Elk River, MN?
The combined state and local sales tax rate in Elk River is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Elk River, MN affordable?
Elk River is near the national average in terms of cost of living, with an index of 105 (100 = US average).
Elk River at a Glance
- Population
- 26,367
- Median Income
- $99,457
- Home Value
- $338,300
- Median Rent
- $1,269/mo
- Unemployment
- 2.7%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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