Housing costs in Elgin?
A typical home costs
$284,600, which is 15.8% less expensive than the national average of
$338,100 and 8.0% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Elgin costs
$970 per month, which is 21.8% cheaper than the national average of
$1,240 and 18.6% cheaper than the state average of
$1,150.
Can I afford Elgin?
To live comfortably in Elgin (zip 55932), Minnesota, a minimum annual income of
$54,360 for a family, and
$34,000 for a single person is recommended.
What does A.I. say about Elgin?
The cost of living in 55932 Elgin, MN is relatively low compared to many other similar cities and towns across the United States. The median household income in this area is around $49,000, with the average home value being just under $130,000. Property taxes are also relatively low - averaging about $1,000 per year - making owning a home more affordable than in many other places. The cost of food and other goods is also competitively priced when compared to the rest of the state. All this makes 55932 Elgin an attractive place to live for those seeking economic stability and affordability.