Elko New Market, MN
Population 4,915 · Minnesota
About Elko New Market, MN
Elko New Market is a small community in Minnesota with a population of 4,915 residents. The median household income is $147,381 per year, which is above the national average. The median age in Elko New Market is 33.9 years.
Housing in Elko New Market has a median home value of $407,400 and median monthly rent of $2,311. Of the 1,682 total housing units, the majority are owner-occupied, with 1,487 owner-occupied and 91 renter-occupied units.
The unemployment rate in Elko New Market is 0.6% and the poverty rate is 0.0%. 40.4% of residents hold a bachelor's degree or higher. The average commute time is 27.6 minutes.
How Elko New Market Ranks in Minnesota
Cost of Living in Elko New Market, MN
Compared to national averages, Elko New Market has a median household income of $147,381 (96% above the national median of $75,149). Home values average $407,400, which is 66% above the national median. Monthly rent at $2,311 is 99% above the US average of $1,163. Within Minnesota, Elko New Market's income is 99% above the state average of $74,221, and home values are 99% above the state median of $204,472.
Why Live in Elko New Market, MN?
Elko New Market offers a strong local economy with a median household income of $147,381, well above the national average, and a strong job market with an unemployment rate of just 0.6%, and a well-educated community where 40.4% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 0.0%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $407,400. However, Elko New Market’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Elko New Market has a population of 4,915 with a median age of 33.9 years. Compare Elko New Market with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Elko New Market
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Luverne | 4,907 | $66,145 | $181,100 | Compare |
| Lindstrom | 4,933 | $99,844 | $336,800 | Compare |
| Becker | 4,958 | $90,188 | $257,600 | Compare |
| Circle Pines | 4,980 | $96,477 | $277,300 | Compare |
| Princeton | 4,988 | $52,450 | $212,200 | Compare |
| Lake City | 5,021 | $76,125 | $234,100 | Compare |
| Lonsdale | 4,789 | $91,719 | $327,100 | Compare |
| Windom | 4,786 | $67,813 | $158,000 | 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.
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Frequently Asked Questions about Elko New Market
What is the population of Elko New Market, MN?
The population of Elko New Market, MN is 4,915 according to the latest Census data.
What is the median household income in Elko New Market?
The median household income in Elko New Market, MN is $147,381 per year.
What is the median home value in Elko New Market?
The median home value in Elko New Market, MN is $407,400.
What is the average rent in Elko New Market?
The median monthly rent in Elko New Market, MN is $2,311.
What is the unemployment rate in Elko New Market?
The unemployment rate in Elko New Market, MN is 0.6%.