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These days, finding an affordable place to live in the Elgin area can be challenging. Home prices in Elgin are now at a median cost of $321,666, lower than the Minnesota average of $345,793.
The average cost of rent is $806/mo in Elgin, primarily driven by the current value of real estate in the Elgin area. In Elgin, 13.63% of households rent, and 34.08% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Elgin is $8,569 per month. Households that rent pay about 9.41% of their income on rent here. Elgin’s most expensive areas are in the southwestern 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
- Viola, MN: higher priced homes
- Potsdam, MN: higher priced homes
- Plainview, MN: less expensive homes
- Millville, MN: equally priced homes
- Hammond, MN: equally priced homes
- Eyota, MN: equally priced homes
- Jarrett, MN: equally priced homes
- Beaver, MN: equally priced homes
- Elba, MN: equally priced homes
- Dover, MN: higher priced homes
Cities with Similar Populations
- Little Rock Air Force Base, AR: less expensive homes
- Smock, PA: less expensive homes
- Sidney, IL: less expensive homes
- Scott, AR: less expensive homes
- Saxapahaw, NC: less expensive homes
- Neosho, WI: equally priced homes
- Millfield, OH: less expensive homes
- Milam, TX: less expensive homes
- McDonalds Mill, VA: higher priced homes
- Maysville, MO: less expensive homes
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