States › Minnesota › Elko New Market

Is Elko New Market, MN expensive to live in?

CheapRent takes 18 cents of every $1 people earn here.
🏠 Rent per month (2026)$2,43339% higher than U.S. average
💵 Families earn per year (2026)$164,094about $13,675/month · 88% higher than U.S. average
🔑 House price$433,10030% higher than U.S. average

Rent is higher than in 84% of U.S. cities. Household incomes are higher than in 92% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Most homes (95.5%) are owned, so rentals can be hard to find.

How much money do I need?

To rent here comfortably, you should earn about $97,320 a year. That is $47 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

No. Rent here is more expensive than in most of Minnesota. It is number 141 of 150 cities from cheapest to most expensive.

Elko New Market
$2,433
Becker
$983
Lake City
$594
Redwood Falls
$824
Falcon Heights
$1,298
Morris
$1,083
North Oaks
$3,500+

How much do households earn in Elko New Market?

Under $25k
1.0%
$25k–50k
9.1%
$50k–100k
23.1%
$100k–150k
41.7%
$150k+
26.8%

Share of households by yearly income. 68.6% of households earn $100,000 or more.

How expensive is Elko New Market overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Elko New Market, so the Minnesota figure is shown.

Taxes and bills in Elko New Market

🏛️ Property tax$4,601a year · 1.06% of home value · U.S. $3,119
⚡ Electric bill$149a month (typical) · U.S. $156

Life in Elko New Market

Commute to work27.7 minU.S.: 26.4 min
College degree42.1%U.S.: 35.7%
Own their home95.5%U.S.: 65.2%
Below poverty line1.1%U.S.: 12.5%
Unemployment0%U.S.: 5.2%

Is it cheaper to rent or buy in Elko New Market?

Renting is cheaper right now: about $572 a month less.

Renting
$2,433
Owning
$3,005

Owning assumes a typical $433,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $43,310 for the down payment.

Frequently asked questions

What is the average rent in Elko New Market, MN?

Renting in Elko New Market costs a median of about $2,433 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Elko New Market?

To keep rent under 30% of income, you need about $97,320 a year, or $47 an hour at a full-time job.

Is Elko New Market cheap or expensive?

Elko New Market is rated Cheap: rent takes 17.8% of the typical household income of $164,094. It ranks 141st cheapest of 150 Minnesota cities we track.

How much are property taxes in Elko New Market?

The median homeowner in Elko New Market pays $4,601 a year in property taxes, about 1.06% of the median home value.

Is Elko New Market 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 Elko New Market?

The median home value in Elko New Market is $433,100, about 2.6 times the typical yearly household income.

5,002 people live in Elko New Market. Numbers are typical (middle) values.