Elk River, Minnesota Housing Market Prices
Elk River Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 98% below the Minnesota median$5,664
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Median rent About the same as the Minnesota median$1,282
Housing Market Overview
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,664 | $236,718 | $248,835 |
| Price Trend (Annual %) | -8.5% | 6.6% | 7.5% |
| Median Gross Rent | $1,282 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 3.2% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elk River is about 98% lower than in Minnesota. Rent follows a similar pattern, running close to the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Elk River: home prices fell about 8.5% a year while rent rose about 3.2% a year. That is an unusual pattern worth watching.
Median rent in Elk River rose about 32.3% between 2015 and 2024, from $969 to $1,282. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 0.1 yearly household incomes in Elk River.
Buying the median-priced home in Elk River costs roughly 0.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Elk River. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,664 | $236,718 | $248,835 |
| Median Household Income | $109,389 | $89,852 | $80,455 |
| Price-to-Income Ratio | 0.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Elk River fell about 97.0%, while median household income rose about 38.4% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.2% | 65.5% | 58.5% |
| Rental Rate | 19.9% | 25.2% | 31.2% |
| Vacancy Rate | 3.9% | 9.3% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Elk River has a homeownership rate of 76.2%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 3.9%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1998 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Elk River was built around 1998. On average, 2.7 people live in a home with about 6.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elk River, Minnesota.
What is the median home price in Elk River, Minnesota?
The median home price in Elk River, Minnesota is $5,664, lower than the Minnesota average of $236,718.
What is the average home price in Elk River, Minnesota?
The typical home price in Elk River, Minnesota, reported as the median sale price, is $5,664. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Elk River, Minnesota?
The median gross rent in Elk River, Minnesota is $1,282 per month, about the same as the Minnesota average.
What was the median gross rent in Elk River in 2020?
In 2020, the median gross rent in Elk River, Minnesota was $1,042 per month.
What is the price-to-rent ratio in Elk River, Minnesota?
The price-to-rent ratio in Elk River, Minnesota is about 0.4, meaning it would take roughly 0.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Elk River.
Are home prices or rent rising faster in Elk River, Minnesota?
Home prices and rent are moving in opposite directions in Elk River: home prices fell about 8.5% a year while rent rose about 3.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Elk River, Minnesota?
76.2% of households in Elk River, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Elk River, Minnesota?
The housing vacancy rate in Elk River, Minnesota is 3.9%, lower than the Minnesota average of 9.3%.
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