Zip 55731 (Ely, MN) Housing

In the small town of Ely, Minnesota (55731), housing is quite affordable compared to the national average. The median value of a home in Ely is $209,500, quite a bit lower than the US median of $338,100. While the US has seen 8.27% appreciation in housing over the past year, Ely's homes have appreciated at an even higher rate with 13.08%. This makes it an attractive place for people looking for a home on a budget or who are looking to make an investment that will appreciate quickly.

The median home cost in Ely (zip 55731) is $209,500. Home appreciation the last 10 years has been 60.0%. Home Appreciation in Ely (zip 55731) is up 13.2%.

Average Age of Homes

- The median age of Ely (zip 55731) real estate is 50 years old

The Rental Market in Ely (zip 55731)

- Renters make up 12.8% of the Ely (zip 55731) population
- 2.1% of houses and apartments in Ely (zip 55731), are available to rent

DID YOU KNOW

Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.

Median Monthly Rent by Number of Bedrooms

Housing by Year Built

Housing	Ely, Minnesota	United States
	4,870.0	139,647,020.0
	51	42
	$209,500	$338,100
	13.2%	16.6%
	50.0%	57.0%
	60.0%	101.1%
	$9.02	$10.98
	$1,650	$2,690
	41.5%	57.4%
	44.5%	11.2%
	14.0%	31.4%
Vacant Housing
	2.1%	1.9%
	0.6%	0.4%
	0.7%	0.7%
	0.7%	0.4%
	38.8%	3.6%
	1.5%	4.1%
Value of Owner-Occupied Housing
	1.8%	2.6%
	1.5%	2.4%
	1.8%	2.8%
	7.1%	3.9%
	8.1%	4.5%
	18.3%	11.3%
	15.0%	13.0%
	19.8%	20.1%
	11.5%	13.6%
	6.0%	8.3%
	6.6%	9.7%
	1.5%	3.9%
	0.4%	2.2%
	0.5%	0.8%
	0.0%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	11.3%	13.6%
	11.3%	13.6%
	12.0%	13.6%
	9.1%	13.2%
	15.1%	14.8%
	12.0%	13.6%
	10.4%	10.0%
	5.8%	4.7%
	24.6%	12.2%

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