MonitorBankRates
☰
New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Elgin, MN Housing Affordability Index

Elgin, Minnesota has an MBR Housing Affordability Index score of 128.5 (Highly Affordable) as of October 30, 2026, ranking 416th most affordable of 809 scored Minnesota cities, compared with 97.5 statewide and 97.4 nationally. On a median-priced $232,200 home with 20% down, the Minnesota average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $1,269, or 17% of the city’s $92,083 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Elgin is updated every night from live Minnesota mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Elgin MBR-HAI 128.5 Highly Affordable
Rank in Minnesota 416 of 809 1 = most affordable
Minnesota 97.5 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.27% Minnesota lenders
Median home value $232,200 U.S. Census Bureau

Elgin is 31.0 points above the Minnesota score. Scores as of October 30, 2026. See the Minnesota index

View Elgin Mortgage Rates

What It Takes to Buy in Elgin

$1,269/mo
Principal & Interest
Median home, 20% down, 7.27%
$54,400
Income Needed
To keep the payment at 28% of income
$92,083
Median Household Income
Minnesota: $89,062
2.5x
Price-to-Income Ratio
Minnesota: 3.7x
$1,372/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$2,765/yr
Median Property Tax
1.19% of median value
14.1%
Owner Cost Burden
Owners spending 30%+ of income on housing
33.3%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Elgin, Minnesota. The rate is the Minnesota average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Elgin Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Elgin, Minnesota score: 128.5 (Highly Affordable), ranked 416 of 809 Minnesota cities. monitorbankrates.com/housing-affordability-index/minnesota/elgin”