Elko New Market, MN
Population 4,915 · Minnesota
About Elko New Market, MN
Elko New Market is a small town located in Minnesota with a population of 4,915 residents according to the latest US Census Bureau American Community Survey data. The median household income is $147,381 per year, which is 96% above the national median of $75,149. The median age of 33.9 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Elko New Market features a median home value of $407,400, which is 66% above the national median of $244,900. This places Elko New Market in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,311, 99% above the national average of $1,163/month. Of the 1,682 total housing units, 94% are owner-occupied (1,487 units) and 6% are renter-occupied (91 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elko New Market shows an unemployment rate of 0.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 0.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elko New Market have an average one-way commute time of 27.6 minutes.
Education & Demographics
40.4% of Elko New Market 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 2.1% White, 0.0% Hispanic or Latino, 0.4% Black or African American, and 1.4% Asian residents, with 5.1% of the population being foreign-born.
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.
Compare Elko New Market With Other Cities
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 US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Elko New Market?
The median household income in Elko New Market, MN is $147,381 per year, which is 96% above the national median of $75,149.
What is the median home value in Elko New Market?
The median home value in Elko New Market, MN is $407,400, which is 66% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Elko New Market?
The median monthly rent in Elko New Market, MN is $2,311, which is 99% above the national average of $1,163/month.
What is the unemployment rate in Elko New Market?
The unemployment rate in Elko New Market, MN is 0.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Elko New Market, MN a good place to live?
Elko New Market offers above-average incomes, a competitive housing market, and a strong job market. With a population of 4,915 and a median age of 33.9, the city appeals to young professionals and families.
How educated is Elko New Market, MN?
40.4% of residents in Elko New Market aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Elko New Market?
Key cost-of-living indicators for Elko New Market, MN: median home value is $407,400 (66% above national), median rent is $2,311/month, and median household income is $147,381. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elko New Market?
The poverty rate in Elko New Market, MN is 0.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elko New Market, MN?
Elko New Market's population is 2.1% White, 0.0% Hispanic or Latino, 0.4% Black or African American, 1.4% Asian, and 6.7% two or more races. 5.1% of residents are foreign-born.