Cost Of Living in Elko New Market, MN

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 living	114	99	100
Goods & Services	95	100	100
Groceries	97	98	100
Health care	101	109	100
Housing	155	100	100
Transportation	97	97	100
Utilities	95	93	100

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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

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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	$138,555	$11,546	$3,233	$4,157
Renters	$125,019	$10,418	$2,917	$3,751

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 $138,555. This would allow for a maximum of $3,233 per month to be spent on housing costs. For renters, the median monthly income is $125,019 which would result in a maximum of $2,917 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	$25.86	$24.26	6.6%
Beauty Salon	$37.00	$45.56	18.8%
Toothpaste	$3.62	$3.70	2.2%
Shampoo	$1.50	$1.28	16.9%
Movie	$11.32	$12.13	6.7%
Bowling	$25.68	$18.00	42.6%

Groceries

Item	Elko New Market	National avg.	Difference
Ground Beef	$5.75	$5.84	1.4%
Fried Chicken	$1.40	$1.57	11.2%
Milk	$4.60	$4.67	1.5%
Potatoes	$4.76	$4.93	3.5%
Pizza	$13.00	$12.09	7.6%
Beer	$9.44	$10.41	9.3%

Health Care

Item	Elko New Market	National avg.	Difference
Optometrist	$112.72	$125.68	10.3%
Doctor	$164.15	$135.78	20.9%
Dentist	$95.01	$113.29	16.1%
Ibuprofen	$10.71	$10.65	0.6%
Lipitor	$499.35	$468.60	6.6%

Housing

Item	Elko New Market	National avg.	Difference
Home Price	$333,800.00	$184,700.00	80.7%
Avg. Mortgage Payment	$1,983.77	$2,346.69	15.5%
Apartment Rent	$899.00	$949.00	5.3%

Transportation

Item	Elko New Market	National avg.	Difference
Gasoline	$3.32	$3.46	4.0%
Tire Balancing	$59.91	$59.92	0.0%

Utilities

Item	Elko New Market	National avg.	Difference
All Electricity	$180.11	$193.99	7.2%
Phone	$187.59	$192.25	2.4%

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, MN	3,008	96	3.6%
Northfield, MN	20,399	103	2.7%
Heidelberg, MN	216	106	6.2%
Lonsdale, MN	4,102	105	5.4%
New Prague, MN	8,022	106	5.9%
Elko New Market, MN	4,715	114	13.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Nowthen, MN	4,715	125	24.6%
Leisure Village, NJ	4,714	99	1.1%
Farmville, NC	4,716	93	6.5%
Hickory Creek, TX	4,716	131	30.9%
Wolverine Lake, MI	4,712	104	3.7%
Elko New Market, MN	4,715	114	13.8%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Elko New Market, MN