salaryRent is lower than in 63% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs about 3.2 years of household income. Most homes (79.2%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $56,760 a year. That is $27 an hour at a full-time job.
Is rent cheaper than other Minnesota cities?
Yes. Rent here is cheaper than in most of Minnesota. It is number 57 of 150 cities from cheapest to most expensive.
How much do households earn in Elk River?
Share of households by yearly income. 44.4% of households earn $100,000 or more.
Rent by apartment size in Elk River
| Size | Elk River | U.S. average |
|---|---|---|
| 1 bedroom | $1,071 | $1,324 |
| 2 bedrooms | $1,356 | $1,509 |
| 3 bedrooms | $1,959 | $1,698 |
| 4 bedrooms | $3,329 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Elk River overall?
Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Elk River, so the Minnesota figure is shown.
Taxes and bills in Elk River
Life in Elk River
Is it cheaper to rent or buy in Elk River?
Renting is cheaper right now: about $1,149 a month less.
Owning assumes a typical $370,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $37,010 for the down payment.
Frequently asked questions
What is the average rent in Elk River, MN?
Renting in Elk River costs a median of about $1,419 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Elk River?
To keep rent under 30% of income, you need about $56,760 a year, or $27 an hour at a full-time job.
Is Elk River cheap or expensive?
Elk River is rated Cheap: rent takes 14.5% of the typical household income of $117,277. It ranks 57th cheapest of 150 Minnesota cities we track.
How much are property taxes in Elk River?
The median homeowner in Elk River pays $4,296 a year in property taxes, about 1.16% of the median home value.
Is Elk River more expensive than the national average?
Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Elk River?
The median home value in Elk River is $370,100, about 3.2 times the typical yearly household income.
26,793 people live in Elk River. Numbers are typical (middle) values.