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Elko New Market city, MN

ZIP 55054 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Wealthy AreaLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55054

Median Home Value
$399,300
Median Rent
$1,811
Affordability Snapshot
$110,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,565/mo PITI).

14%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.6x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

18.4 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55054 in Elko New Market city, MN, a household would need roughly $110,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,565. That sits below the local median household income ($151,845), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
89.8%+37% vs US avg
x
Vacancy Rate
5.1%-50% vs US avg
x
Broadband Access
98.4%+13% vs US avg
x
4+ Bedrooms
18.6%+26% vs US avg
x
Built Pre-1939
0.0%
x
Built Post-2014
2.3%-66% vs US avg
x
Rent Burden >30%
33.0%-34% vs US avg
x
Mortgage-Free
24.5%-36% vs US avg
x
$399,300
Home Value
$1,811
Rent
2005
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached86.7%
  • 1-unit attached11.2%
  • 2-9 units0.0%
  • 10+ units2.1%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$399,300
Median rent$1,811
Owner-occupied89.8%
Vacant5.1%
Price-to-income2.6x
Est. income to buy$110,000