Housing costs in Elbow Lake?
A typical home costs
$162,800, which is 51.8% less expensive than the national average of
$338,100 and 47.4% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Elbow Lake costs
$820 per month, which is 42.7% cheaper than the national average of
$1,430 and 51.2% cheaper than the state average of
$1,240.
Can I afford Elbow Lake?
To live comfortably in Elbow Lake (zip 56531), Minnesota, a minimum annual income of
$31,320 for a family, and
$25,200 for a single person is recommended.
What does A.I. say about Elbow Lake?
The cost of living in 56531 Elbow Lake, MN is relatively low compared to other areas in the country. Rent prices are especially affordable, with the average one bedroom apartment renting for just over $500 per month. Groceries and utilities costs are also quite reasonable, with an average family spending just over $700 per month on these items combined. Other expenses, such as health care and transportation, are also reasonably priced, making it easy for families to stay within their monthly budgets. Overall, Elbow Lake offers a good balance between affordability and quality of life that many people find appealing.