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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

Ely, MN Housing Affordability Index

Ely, Minnesota has an MBR Housing Affordability Index score of 106.2 (Near National Average) as of October 30, 2026, ranking 593rd most affordable of 809 scored Minnesota cities, compared with 97.5 statewide and 97.4 nationally. On a median-priced $157,300 home with 20% down, the Minnesota average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $860, or 24% of the city’s $43,901 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Ely 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.

Ely MBR-HAI 106.2 Near National Average
Rank in Minnesota 593 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 $157,300 U.S. Census Bureau

Ely is 8.8 points above the Minnesota score. Scores as of October 30, 2026. See the Minnesota index

View Ely Mortgage Rates

See What You Can Afford in Ely, Minnesota

Use this Ely, Minnesota home affordability calculator to see how much house you can afford at today’s Minnesota average 30-year mortgage rate of 7.27%. A household earning the Ely median income of $43,901, with no other debts and $31,000 down, can afford a home of about $149,455, compared with a median home value of $157,300. Buying the median priced home with 20% down takes a household income of about $44,300 once property tax and insurance are counted.

Ely median (Census)
Car, student loan, card minimums
Under 20% adds PMI
Minnesota average, 30-year fixed
Ely median bill (Census)
Estimate; use your quote
You can afford a home up to
$149,455
Below the Ely median home value of $157,300
Loan amount$118,455
Principal & interest$809/mo
Property tax$103/mo
Home insurance$62/mo
PMI$0/mo
Total monthly payment$975/mo
Compare Ely Mortgage Rates

How much house can you afford in Ely?

Most lenders use two limits. Your housing payment, including principal, interest, property tax, homeowners insurance and any PMI, should stay under about 28% of your gross monthly income, and all of your monthly debt payments together should stay under about 36%. The calculator takes whichever limit is lower, then works backward from that payment to the most expensive home it covers at the current rate.

In Ely, property taxes run about 0.83% of a home’s value each year, based on the Census median tax bill, which counts against the same monthly budget as the mortgage. Each quarter point move in mortgage rates changes the price you can afford by roughly $3,595 for a median income household. A larger down payment, paying down other debts, or a lower rate from a local lender all raise your budget.

What It Takes to Buy in Ely

$860/mo
Principal & Interest
Median home, 20% down, 7.27%
$36,800
Income Needed
To keep principal and interest at 28% of income
$43,901
Median Household Income
Minnesota: $89,062
3.6x
Price-to-Income Ratio
Minnesota: 3.7x
$852/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$1,307/yr
Median Property Tax
0.83% of median value
35.2%
Owner Cost Burden
Owners spending 30%+ of income on housing
57.8%
Renter Cost Burden
Renters spending 30%+ of income on rent

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

Cite the Ely Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Ely, Minnesota score: 106.2 (Near National Average), ranked 593 of 809 Minnesota cities. monitorbankrates.com/housing-affordability-index/minnesota/ely”