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Elko New Market Real Estate Market Facts

  • $268,200Median home price
    40% higher than Minnesota
  • $1,058Median rent asked
    21% higher than Minnesota
  • 92.7%Home owners
    30% higher than Minnesota
  • 2.5People per home
    5% higher than Minnesota
The above shows an overview of the real estate market in Elko New Market, MN. Note how the median home price for Elko New Market, MN runs $268,200, which is 40% higher than the average property price for Minnesota. So you’re going to get real estate in Elko New Market, MN that is on-average less affordable than what you’ll find in the rest of Minnesota. As for rent, the median for Elko New Market, MN runs $1,058, which is comparatively 21% higher than the average rent for Minnesota. For Elko New Market, MN, about 92.7% of the population consist of home owners with about 2.5 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Elko New Market, MN offers a wide variety of real estate. To find your perfect home in Elko New Market, MN, filter your choice by price, location, and number of beds and baths using the search area above.

Elko New Market Home Affordability

  • $268,200Median home price
    40% higher than Minnesota
  • $113,583Median home income
    80% higher than Minnesota
  • 2.4xHome price to income ratio
    22% lower than Minnesota
When deciding where to purchase Elko New Market, MN real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Elko New Market, MN the median home price is $268,200 and $113,583 is the median household income. As a result, the home price to income ratio in Elko New Market, MN is 2.4x, which is 22% lower than the Minnesota average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Elko New Market, MN the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Elko New Market, MN.

Elko New Market Affordability Calculator

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When looking for real estate in Elko New Market, MN, finding one that won't strain your budget is imperative. That's when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Elko New Market, MN, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Elko New Market, MN and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.

Elko New Market Mortgage Calculator

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If I buy a real estate in Elko New Market, MN, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it's also important to know that there are a variety of other variables to consider. These include things such as property taxes, private mortgage insurance (PMI), home owner's association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.

Elko New Market Demographics

  • 4,472Population
  • 1,348People / sq mile
  • 31.8Median age
  • 1.0:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Montgomery, MN2,919$115,10038%
Dundas, MN1,586$177,3004%
Lonsdale, MN3,814$180,5002%
Northfield, MN20,405$196,4006%
New Prague, MN7,534$208,20013%
Elko New Market, MN4,472$268,20045%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Oak View, CA4,472$444,100140%
Osage Beach, MO4,471$213,90016%
Soldotna, AK4,471$223,00021%
Tazewell, VA4,470$116,60037%
Clintonville, WI4,475$88,00052%
Elko New Market, MN4,472$268,20045%
Source: The Elko New Market, MN housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).