Elk River, MN Cost Of Living
Cost Of Living In Elk River, MN Summary
Cost of living in Elk River research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Elk River is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Elk River is 106, with 100 being the average.
The cost of living index in Elk River is 1.1x higher than the national average.
Elk River ranks as the #83 cheapest in Minnesota out of 147.
Elk River ranks as the #3,772 cheapest out of 6,412 in the US.
The median home value in Elk River is $260,400.
The median income in Elk River is $83,875.
Table Of Contents
Elk River's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Elk River, MN?
According to the most recent data on the cost of living, Elk River has an overall cost of living index of 106, which is 1.1x higher than the national index of 100.
Compared to Minnesota, Elk River has a cost of living index that's 1.1x higher than Minnesota's index of 95.
The standard of living in Elk River ranks as #83 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Elk River ranks as the #64 most expensive place in the North Star State.
For more reading on life in Elk River, check out:
- Living In Elk River
- Elk River Crime Report
- Search Homes For Sale In Elk River, MN
In Minnesota
In America
Elk River Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Elk River. Here is how it fairs on each of the criteria:
The Services index in Elk River is 112.
The Groceries index in Elk River is 104.
The Health index in Elk River is 103.
The Housing index in Elk River is 114.
The Transportation index in Elk River is 103.
The Utilities index in Elk River is 96.
| Living Expense | Elk River | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 106 | 95 | 100 | |
| Services | 112 | 101 | 100 | |
| Groceries | 104 | 98 | 100 | |
| Health | 103 | 111 | 100 | |
| Housing | 114 | 83 | 100 | |
| Transportation | 103 | 98 | 100 | |
| Utilities | 96 | 95 | 100 | |
Elk River, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Elk River is $260,400.
The Median Rent in Elk River is $1,033.
The Median Income in Elk River is $83,875.
The Home Value To Income in Elk River is 3.1x.
The Rent To Monthly Income in Elk River is 0.15x.
| Statistic | Elk River | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $260,400 | $250,200 | $244,900 |
| Median Rent | $1,033 | $1,081 | $1,163 |
| Median Income | $83,875 | $77,706 | $69,021 |
| Home Value To Income | 3.1x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.15x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Elk River, MN Costs By Category
Detailed Elk River Services Costs Vs. Minnesota
Detailed Elk River Groceries Costs Vs. Minnesota
Detailed Elk River Health Costs Vs. Minnesota
Detailed Elk River Transportation Costs Vs. Minnesota
Detailed Elk River Utilities Costs Vs. Minnesota
Elk River SnackAbility
/10
Cost Of Living In Cities Around Elk River
The cost of living varies in the cities and towns around Elk River. Here's a quick look at the cost of living in the most populous nearby places:
Maple Grove, MN has a cost of living index of 117, 1.1x Elk River.
Andover, MN has a cost of living index of 114, 1.1x Elk River.
Ramsey, MN has a cost of living index of 109, 1.0x Elk River.
| City | Population | Cost Of Living | Vs. Elk River |
|---|---|---|---|
| Maple Grove, MN | 69,900 | 117 | 1.1x |
| Andover, MN | 32,471 | 114 | 1.1x |
| Ramsey, MN | 27,409 | 109 | 1.0x |
| Champlin, MN | 23,877 | 110 | 1.0x |
| Otsego, MN | 19,565 | 107 | 1.0x |
| St. Michael, MN | 18,148 | 114 | 1.1x |
| Ham Lake, MN | 16,389 | 114 | 1.1x |
| Rogers, MN | 13,182 | 120 | 1.1x |
| Oak Grove, MN | 8,870 | 113 | 1.1x |
| St. Francis, MN | 8,099 | 102 | 1.0x |
