Elk River, Minnesota Income Statistics
Elk River Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
B
Elk River Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,389 | $89,852 | $80,455 |
| Median Personal Income | $68,809 | $67,028 | $60,758 |
| Average Yearly Income Growth | 4.0% | 4.4% | 4.8% |
| Six-Figure Earners | 17.3% | 15.1% | 13.9% |
| $200k+ Households | 16.6% | 13.8% | 13.2% |
The median household income in Elk River is about 22% higher than in Minnesota. Income has been growing slower in Elk River (4.0%/yr) than in Minnesota (4.4%/yr).
About 17% of adults in Elk River earn six figures ($100,000 or more) a year, higher than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Elk River, Minnesota grew by 51.0% from 2009 to 2024, reaching $109,389 in 2024. That's an average of about 4.0% per year.
Income Inequality and the Gender Pay Gap in Elk River
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.487 | 0.507 | 0.552 |
| Male Median Income | $80,616 | $74,898 | $69,667 |
| Female Median Income | $69,478 | $62,922 | $56,850 |
| Gender Pay Gap | 13.8% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Elk River, it is 0.487, lower than Minnesota's 0.507, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 16% more than women's income in Elk River, Minnesota. Over a 35-year career, a 16% wage gap accumulates to roughly $389,830 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Elk River, Minnesota has narrowed from about 27% to 14% in 2024. Over that period the gap was widest at 28% in 2011, and was narrowest at 5% in 2023. In dollar terms, the gap has narrowed by $3,769 since 2009.
Employment
| Metric | Elk River | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 1.5% | 4.1% | 5.2% |
| Working from Home | 15.7% | 17.6% | 15.0% |
| Commute time (minutes) | 26 | 20 | 22 |
Approximately 242 people are unemployed in Elk River, Minnesota.
The average commute time in Elk River is 26 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Elk River, Minnesota has fallen from 7.4% to 1.5% in 2024.
Elk River, MN Wealth Compared With Nearby Cities
How Elk River, MN compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Elk River, MN | 27,601 | $109,389 #3/3 | 4.0%/yr #2/3 | 1.5% #1/3 | 0.487 #3/3 |
| Otsego, MN | 20,942 | $123,682 | 4.2%/yr | 1.8% | 0.472 |
| Ramsey, MN | 28,458 | $113,757 | 2.9%/yr | 4.3% | 0.473 |
Conclusion
Considering all these factors, Elk River, Minnesota has an overall wealth index grade of B, making it somewhat better than Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Elk River, Minnesota.
How Wealthy Is Elk River, Minnesota?
Elk River has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $109,389, about 22% higher than the Minnesota average of $89,852.
How has median household income changed in Elk River, Minnesota?
Between 2009 and 2024, the median household income in Elk River, Minnesota rose 51%, from $72,453 to $109,389. Over the same years, income here lagged behind Minnesota as a whole: +51% against +57%.
What was the median household income in Elk River in 2023?
In 2023, the median household income in Elk River, Minnesota was $99,248, up 2% from $97,660 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Elk River in 2020?
In 2020, the median household income in Elk River, Minnesota was $85,877. By 2024 it had risen 27% to $109,389.
Is unemployment high in Elk River, Minnesota?
Unemployment in Elk River, Minnesota is only 1.5%, well below the Minnesota rate of 4.1%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Elk River, Minnesota?
The Gini coefficient in Elk River is 0.487. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Elk River, Minnesota?
Since 2009, the income gap between men and women in Elk River, Minnesota has narrowed from about 27% to 14% in 2024. Over that period the gap was widest at 28% in 2011, and was narrowest at 5% in 2023. In dollar terms, the gap has narrowed by $3,769 since 2009.
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