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These days, finding an affordable place to live in the Elbow Lake area can be challenging. Home prices in Elbow Lake are now at a median cost of $145,451, lower than the Minnesota average of $345,793.
The average cost of rent is $746/mo in Elbow Lake, primarily driven by the current value of real estate in the Elbow Lake area. In Elbow Lake, 27.81% of households rent, and 46.68% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Elbow Lake is $5,355 per month. Households that rent pay about 13.94% of their income on rent here. Elbow Lake’s most expensive areas are in the northeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Erdahl, MN: higher priced homes
- Wendell, MN: higher priced homes
- Barrett, MN: higher priced homes
- Ashby, MN: higher priced homes
- Dalton, MN: higher priced homes
- Evansville, MN: higher priced homes
- Melby, MN: higher priced homes
- Norcross, MN: higher priced homes
- Hoffman, MN: higher priced homes
- Herman, MN: higher priced homes
Cities with Similar Populations
- Kennedy, NY: less expensive homes
- Swanville, MN: higher priced homes
- Sudlersville, MD: higher priced homes
- Stony Creek, VA: higher priced homes
- St. Paul, IN: equally priced homes
- Spottsville, KY: higher priced homes
- Lorman, MS: less expensive homes
- Lizton, IN: higher priced homes
- Lannon, WI: higher priced homes
- Lake Cormorant, MS: higher priced homes
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