Ely, MN
Population 3,239 · Minnesota
About Ely, MN
Ely is a small town located in Minnesota with a population of 3,239 residents according to the latest US Census Bureau American Community Survey data. The median household income is $46,042 per year, which is 39% below the national median of $75,149. The median age of 50.7 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Ely features a median home value of $150,800, which is 38% below the national median of $244,900. This positions Ely in a moderately priced market relative to the rest of the country. Median monthly rent is $627, 46% below the national average of $1,163/month. Of the 2,020 total housing units, 64% are owner-occupied (1,108 units) and 36% are renter-occupied (627 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Ely 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 15.9%, above the national average of 12.4%. Workers in Ely have an average one-way commute time of 14.7 minutes, one of the shorter commutes in the region.
Education & Demographics
34.1% of Ely 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 1.0% White, 1.3% Hispanic or Latino, 0.0% Black or African American, and 1.1% Asian residents, with 3.1% of the population being foreign-born.
Cost of Living in Ely, MN
Compared to national averages, Ely has a median household income of $46,042 (39% below the national median of $75,149). Home values average $150,800, which is 38% below the national median. Monthly rent at $627 is 46% below the US average of $1,163. Within Minnesota, Ely's income is 38% below the state average of $74,221, and home values are 26% below the state median of $204,472.
Why Live in Ely, MN?
Ely offers affordable housing with a median home value of $150,800, below the US average of $244,900, and rent that’s lower than the national average at $627/month, and a strong job market with an unemployment rate of just 2.7%. Additionally, the city features a well-educated community where 34.1% of residents hold a bachelor’s degree or higher, and short commute times averaging just 14.7 minutes.
Potential considerations include median household income ($46,042) that falls below the national average. However, Ely’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Ely has a population of 3,239 with a median age of 50.7 years. Compare Ely with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Ely
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Rush City | 3,262 | $58,543 | $199,000 | Compare |
| Eagle Lake | 3,268 | $97,161 | $249,600 | Compare |
| Moose Lake | 3,297 | $61,576 | $205,000 | Compare |
| Jackson | 3,298 | $57,328 | $118,900 | Compare |
| Blue Earth | 3,170 | $59,118 | $125,200 | Compare |
| Pine City | 3,339 | $51,654 | $181,800 | Compare |
| Annandale | 3,365 | $50,536 | $195,100 | Compare |
| Montgomery | 3,366 | $74,018 | $218,900 | 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 Ely With Other Cities
Frequently Asked Questions about Ely
What is the population of Ely, MN?
The population of Ely, MN is 3,239 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 Ely?
The median household income in Ely, MN is $46,042 per year, which is 39% below the national median of $75,149.
What is the median home value in Ely?
The median home value in Ely, MN is $150,800, which is 38% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Ely?
The median monthly rent in Ely, MN is $627, which is 46% below the national average of $1,163/month.
What is the unemployment rate in Ely?
The unemployment rate in Ely, 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 Ely, MN a good place to live?
Ely offers a moderate cost of living, affordable housing, and a strong job market. With a population of 3,239 and a median age of 50.7, the city appeals to established professionals and retirees.
How educated is Ely, MN?
34.1% of residents in Ely 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 Ely?
Key cost-of-living indicators for Ely, MN: median home value is $150,800 (38% below national), median rent is $627/month, and median household income is $46,042. The home-value-to-income ratio is 3.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Ely?
The poverty rate in Ely, MN is 15.9%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Ely, MN?
Ely's population is 1.0% White, 1.3% Hispanic or Latino, 0.0% Black or African American, 1.1% Asian, and 2.2% two or more races. 3.1% of residents are foreign-born.