Median Income
$149,881
household / year
Median Home Value
$381,600
owner-occupied
Median Rent
$1,441
gross / month
Cost of Living
104
national avg = 100

Is Elko New Market, MN a Good Place to Live?

Elko New Market is a small town of 4,850 in Minnesota, with a median household income of $149,881 and a 0.8% unemployment rate. Its cost of living index is 104 (US average = 100), which is 4% above the national average.

Strengths: Elko New Market stands out for solid school ratings (B+), a well-educated population.

Trade-offs: No major red flags stand out in the available data. Whether Elko New Market is right for you depends on your priorities — the full breakdown is below.

All Elko New Market city data on this page comes from official government sources — the US Census Bureau, FBI, NCES, BEA, and NOAA — updated annually.

Cost of Living

Index: 104.5

Elko New Market's overall cost of living index is 104.5, where 100 represents the US national average. Living in Elko New Market costs roughly 4% more than the average American city.

Metric Elko New Market, MN National Avg
Median Home Value $381,600 $244,900
Median Monthly Rent $1,441 $1,163
Homeownership Rate 90.7% 65.9%
Median Household Income $149,881 $74,755

Crime & Safety

Very Safe

Elko New Market's violent crime rate is 95.3 per 100,000 residents — 75% lower than the national average of ~380 per 100,000.

Violent Crime
95.3 /100k
Property Crime
871.1 /100k

Vertical marker = national average. Source: FBI UCR Program.

Schools & Education

Elko New Market is served primarily by NEW PRAGUE AREA SCHOOLS. The student-to-teacher ratio is 18.3:1 (slightly above the national average of ~16:1).

Metric Elko New Market, MN National Avg
School District NEW PRAGUE AREA SCHOOLS —
Elementary Schools 4 —
Middle Schools 1 —
High Schools 4 —
Student/Teacher Ratio 18.3:1 16:1
Bachelor's Degree or Higher 43.7% 35.4%
High School Diploma or Higher 96.0% 91.1%

Weather & Climate

Elko New Market sees average highs of 22.9°F in January and 82.0°F in July, with 34.2 inches of annual precipitation and 41.0 inches of snow per year.

MetricElko New Market, MN
Average High — January22.9°F
Average High — July82.0°F
Annual Precipitation34.2"
Annual Snowfall41.0"

Demographics

MetricElko New Market, MNNational Avg
Population4,850—
Median Age33.338.9
Unemployment Rate0.8%3.7%
Avg Commute Time28.4 min26 min
White (non-Hispanic)84.6%59.3%
Black or African American5.2%13.6%
Hispanic or Latino2.6%18.9%
Asian2.6%6.3%
Under 1831.9%22.2%
65 and over2.4%16.8%

Nearby Cities

Credit River, MN 7 mi Lonsdale, MN 7 mi Lakeville, MN 9 mi Farmington, MN 10 mi Northfield, MN 11 mi

ZIP Codes in Elko New Market

Elko New Market, MN is covered by 2 ZIP codes:

55020 55054

Elko New Market vs Other Cities

Elko New Market, MN vs Credit River, MN Elko New Market, MN vs Lonsdale, MN Elko New Market, MN vs Lakeville, MN Elko New Market, MN vs Farmington, MN Elko New Market, MN vs Northfield, MN

Frequently Asked Questions

Elko New Market's cost of living index is 104, where 100 is the national average. That puts Elko New Market roughly 4% above the national average in cost. The median home price is $381,600 and median rent is $1,441/month.
Elko New Market's violent crime rate is 95.3 per 100,000 residents — the national average is ~380 per 100,000. Property crime is 871.1 per 100,000 (national avg ~2,100). Data from the FBI Uniform Crime Reporting Program.
Public schools in Elko New Market are operated by NEW PRAGUE AREA SCHOOLS. The district has 4 elementary, 1 middle, and 4 high schools. The student-to-teacher ratio is 18.3:1. 43.7% of adults 25+ hold a bachelor's degree or higher.
Elko New Market, MN has a population of 4,850, a median household income of $149,881, and an unemployment rate of 0.8%. Whether it's right for you depends on your priorities — use the compare tool above to stack it against another city you're considering.
Elko New Market averages 22.9°F in January and 82.0°F in July. Annual rainfall is 34.2 inches with about 41.0 inches of snow per year. Based on NOAA 30-year climate normals (1991–2020).
Elko New Market, MN is covered by 2 ZIP codes: 55020, 55054.
The population of Elko New Market, Minnesota is 4,850 with a median age of 33.3. Source: US Census ACS 5-Year Estimates.
Key numbers for living in Elko New Market: cost of living index 104 (100 = US average), median home $381,600, median household income $149,881, crime index 32 (100 = US average, lower is safer), schools rated B+. Whether these are benefits or drawbacks depends on where you're coming from — compare Elko New Market side by side with your current city to see the trade-offs.