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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

Elko New Market, MN Housing Affordability Index

Elko New Market, Minnesota has an MBR Housing Affordability Index score of 121.1 (Highly Affordable) as of October 30, 2026, ranking 461st most affordable of 809 scored Minnesota cities, compared with 97.5 statewide and 97.4 nationally. On a median-priced $433,100 home with 20% down, the Minnesota average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $2,367, or 19% of the city’s $152,150 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Elko New Market 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.

Elko New Market MBR-HAI 121.1 Highly Affordable
Rank in Minnesota 461 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 $433,100 U.S. Census Bureau

Elko New Market is 23.7 points above the Minnesota score. Scores as of October 30, 2026. See the Minnesota index

View Elko New Market Mortgage Rates

What It Takes to Buy in Elko New Market

$2,367/mo
Principal & Interest
Median home, 20% down, 7.27%
$101,500
Income Needed
To keep the payment at 28% of income
$152,150
Median Household Income
Minnesota: $89,062
2.8x
Price-to-Income Ratio
Minnesota: 3.7x
$2,375/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$4,668/yr
Median Property Tax
1.08% of median value
19.5%
Owner Cost Burden
Owners spending 30%+ of income on housing
15.7%
Renter Cost Burden
Renters spending 30%+ of income on rent

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

How Elko New Market Ranks in Minnesota

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Cite the Elko New Market Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Elko New Market, Minnesota score: 121.1 (Highly Affordable), ranked 461 of 809 Minnesota cities. monitorbankrates.com/housing-affordability-index/minnesota/elko-new-market”