Cost of Living in Elko New Market, MN

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D+
14%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
55%
Housing NAT. AVG.
Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Elko New Market Minnesota National
Cost of living11499100
Goods & Services96100100
Groceries102101100
Health care91102100
Housing155100100
Transportation9696100
Utilities9595100
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Homes For Sale In Elko New Market, MN

property for sale

121 Ridgeview Ln

Elko New Market, MN
property for sale

1X Main ST

Elko, MN
property for sale

26321 Preserve Dr

Elko New Market, MN
property for sale

9541 Lydia LN

Elko New Market, MN

Cost Of Living Quick Facts

  • The cost of living in Elko New Market is 15% higher than the Minnesota average
  • The cost of living in Elko New Market is 14% higher than the national average
  • Elko New Market housing is 55% higher than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 106% higher than the national average

Most Affordable Places to Live in and Around Elko New Market

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Compare Elko New Market, MN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$205,316$17,110$4,790$6,160
      Renters$183,248$15,271$4,276$5,498
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Elko New Market, MN, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Elko New Market homeowners, is $205,316. This would allow for a maximum of $4,790 per month to be spent on housing costs. For renters, the median monthly income is $183,248 which would result in a maximum of $4,276 to be spent on rental costs.

      Minnesota Sales Tax

      State General Sales Tax With Max Surtax
      Minnesota 6.875% 7.875%

      Minnesota Income Tax

      State Income Tax (Low) Income Tax (High)
      Minnesota 5.35% 9.85%

      Goods & Services

      Item Elko New Market National avg. Difference
      Haircut $29.45$27.626.6%
      Beauty Salon $41.84$51.1118.1%
      Toothpaste $4.03$4.091.5%
      Shampoo $1.96$1.5427.1%
      Movie $12.04$12.886.5%
      Yoga $25.72$19.6630.8%

      Groceries

      Item Elko New Market National avg. Difference
      Ground Beef $7.57$7.701.7%
      Fried Chicken $1.53$1.668.0%
      Milk $4.64$4.732.0%
      Potatoes $5.00$5.264.9%
      Pizza $13.48$12.765.6%
      Beer $9.61$10.558.9%

      Health Care

      Item Elko New Market National avg. Difference
      Optometrist $124.11$140.0611.4%
      Doctor $175.71$153.8214.2%
      Dentist $95.56$123.1522.4%
      Ibuprofen $11.80$11.730.6%
      Lipitor $18.84$23.6120.2%

      Housing

      Item Elko New Market National avg. Difference
      Home Price $589,194.00$326,622.0080.4%
      Avg. Mortgage Payment $1,910.71$2,480.2523.0%
      Apartment Rent $1,361.00$1,444.005.7%

      Transportation

      Item Elko New Market National avg. Difference
      Gasoline $2.94$3.063.7%
      Tire Balancing $62.72$65.213.8%

      Utilities

      Item Elko New Market National avg. Difference
      All Electricity $205.04$220.126.8%
      Phone $194.30$195.710.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Montgomery, MN3,105982.1%
      Northfield, MN21,0041043.9%
      Lonsdale, MN4,1861065.6%
      Heidelberg, MN2211087.7%
      New Prague, MN8,2681076.9%
      Elko New Market, MN4,90111414.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kneehill County, AB4,902n/a 
      Hawaiian Ocean View, HI4,90312929.4%
      East Harwich, MA4,90315151.4%
      Carthage, MS4,9049010.4%
      Richwood, LA4,8978316.6%
      Elko New Market, MN4,90111414.0%
      Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.
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