Elk River, MN
Population 26,367 · Minnesota
About Elk River, MN
Elk River is a mid-sized city located in Minnesota with a population of 26,367 residents according to the latest US Census Bureau American Community Survey data. The median household income is $99,457 per year, which is 32% above the national median of $75,149. The median age of 37.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Elk River features a median home value of $338,300, which is 38% above the national median of $244,900. This positions Elk River in a moderately priced market relative to the rest of the country. Median monthly rent is $1,269, 9% above the national average of $1,163/month. Of the 10,114 total housing units, 80% are owner-occupied (7,710 units) and 20% are renter-occupied (1,923 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elk River shows an unemployment rate of 2.7%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 3.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elk River have an average one-way commute time of 28.3 minutes.
Education & Demographics
30.8% of Elk River residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 1.8% White, 1.8% Hispanic or Latino, 0.5% Black or African American, and 1.4% Asian residents, with 6.5% of the population being foreign-born.
How Elk River Ranks in Minnesota
Cost of Living in Elk River, MN
Compared to national averages, Elk River has a median household income of $99,457 (32% above the national median of $75,149). Home values average $338,300, which is 38% above the national median. Monthly rent at $1,269 is 9% above the US average of $1,163. Within Minnesota, Elk River's income is 34% above the state average of $74,221, and home values are 65% above the state median of $204,472.
Why Live in Elk River, MN?
Elk River offers a strong local economy with a median household income of $99,457, well above the national average, and a strong job market with an unemployment rate of just 2.7%, and a low poverty rate of 3.2%, better than the national average.
Elk River has a population of 26,367 with a median age of 37.3 years. Compare Elk River with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Elk River
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Owatonna | 26,462 | $81,276 | $234,600 | Compare |
| Rosemount | 26,509 | $127,247 | $406,100 | Compare |
| Austin | 26,167 | $66,488 | $155,100 | Compare |
| Shoreview | 26,724 | $109,399 | $365,100 | Compare |
| Chanhassen | 26,001 | $138,034 | $530,700 | Compare |
| Winona | 25,998 | $56,163 | $193,500 | Compare |
| Prior Lake | 27,832 | $130,278 | $429,900 | Compare |
| Ramsey | 28,070 | $112,060 | $345,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Elk River With Other Cities
Frequently Asked Questions about Elk River
What is the population of Elk River, MN?
The population of Elk River, MN is 26,367 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Elk River?
The median household income in Elk River, MN is $99,457 per year, which is 32% above the national median of $75,149.
What is the median home value in Elk River?
The median home value in Elk River, MN is $338,300, which is 38% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Elk River?
The median monthly rent in Elk River, MN is $1,269, which is 9% above the national average of $1,163/month.
What is the unemployment rate in Elk River?
The unemployment rate in Elk River, MN is 2.7%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Elk River, MN a good place to live?
Elk River offers above-average incomes, a competitive housing market, and a strong job market. With a population of 26,367 and a median age of 37.3, the city appeals to a broad range of residents.
How educated is Elk River, MN?
30.8% of residents in Elk River aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Elk River?
Key cost-of-living indicators for Elk River, MN: median home value is $338,300 (38% above national), median rent is $1,269/month, and median household income is $99,457. The home-value-to-income ratio is 3.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elk River?
The poverty rate in Elk River, MN is 3.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elk River, MN?
Elk River's population is 1.8% White, 1.8% Hispanic or Latino, 0.5% Black or African American, 1.4% Asian, and 5.6% two or more races. 6.5% of residents are foreign-born.