Cost of Living in Elko New Market, MN
Population 4,915 · Minnesota · Data vintage 2023
(100 = US avg)
Elko New Market sits on the smaller end of the Minnesota city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. The labor market has been unusually tight, with unemployment around 0.6% — below most comparable cities in the state.
Geographically, Elko New Market is about 30 miles south of Minneapolis, the nearest large metro. Median home values run roughly 18% higher than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Elko New Market
The median home value in Elko New Market is $407,400 — 34% above the national median of $305,000. Median rent runs $2,311/month, 76% higher than the national median of $1,314/month. The median household income of $147,381/year is 98% higher than the US median of $74,580. The local unemployment rate is 0.6%, 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, Elko New Market has a cost of living index of 150 versus the US average of 100, meaning it is 50% more expensive.
Elko New Market has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 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
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Elko New Market, MN?
Elko New Market has a cost index of 150 (100 = national average). It is 50% above the national average.
What is average rent in Elko New Market, MN?
The median gross rent in Elko New Market is $2,311 per month based on 2023 Census data.
What is the average home price in Elko New Market?
The median home value in Elko New Market is $407,400 according to Zillow and Census data.
What is the median income in Elko New Market?
The median household income in Elko New Market is $147,381 per year (2023 ACS 5-year estimates).
What is the sales tax in Elko New Market, MN?
The combined state and local sales tax rate in Elko New Market is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Elko New Market, MN affordable?
Elko New Market is above average in cost of living, with an index of 150 — about 50% higher than the national average.
Elko New Market at a Glance
- Population
- 4,915
- Median Income
- $147,381
- Home Value
- $407,400
- Median Rent
- $2,311/mo
- Unemployment
- 0.6%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
Cities in other states with comparable housing costs