Elk River, MN

Average · 101

Minnesota · Population 26,367 · Updated March 2026

$1,269
Median Rent / Month
$99,457
Median Income
$338,300
Median Home Value
$1,576
Owner Costs / Month

Affordability

How far your income goes in Elk River

15.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$15,228
Annual Rent
$9,797
State Income Tax
$3,755
Property Tax (est.)

Cost of Living Overview

Elk River has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 101 (where 100 equals the national median), Elk River residents can expect to pay median rent of $1,269/month while earning a median household income of $99,457/year.

The median home value in Elk River, MN is $338,300, with typical monthly owner costs around $1,576 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Elk River.

Frequently Asked Questions

Common questions about living costs in Elk River

What is the cost of living in Elk River, MN?
The cost of living index in Elk River, MN is 101 (US average = 100). Median monthly rent is $1,269, median household income is $99,457/year, and the median home value is $338,300.
Is Elk River, MN affordable?
No, Elk River is more expensive than the national average with a cost index of 101. The rent-to-income ratio is 15.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elk River, MN?
The median gross rent in Elk River, MN is $1,269 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,228.
What is the median household income in Elk River?
The median household income in Elk River, MN is $99,457 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.