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These days, finding an affordable place to live in the Ely area can be challenging. Home prices in Ely are now at a median cost of $196,632, lower than the Minnesota average of $345,793.
The average cost of rent is $770/mo in Ely, primarily driven by the current value of real estate in the Ely area. In Ely, 29.37% of households rent, and 57.41% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Ely is $4,860 per month. Households that rent pay about 15.85% of their income on rent here. Ely’s most expensive areas are in the northwestern 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
- Section Thirty, MN: higher priced homes
- Robinson, MN: higher priced homes
- Winton, MN: higher priced homes
- Babbitt, MN: less expensive homes
- Soudan, MN: equally priced homes
- Isabella, MN: higher priced homes
- Tower, MN: higher priced homes
- Embarrass, MN: equally priced homes
- Colby, MN: equally priced homes
- Hoyt Lakes, MN: less expensive homes
Cities with Similar Populations
- St. Helen, MI: less expensive homes
- Billings, MO: higher priced homes
- Weston Lakes, TX: higher priced homes
- Gowen, MI: higher priced homes
- Piggott, AR: less expensive homes
- Mesa, WA: higher priced homes
- Lexington, IN: equally priced homes
- Marlette, MI: less expensive homes
- Riverton, IL: less expensive homes
- O'Brien, FL: equally priced homes
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