Housing costs in Ely?
A typical home costs
$209,500, which is 38.0% less expensive than the national average of
$338,100 and 32.3% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Ely costs
$920 per month, which is 25.8% cheaper than the national average of
$1,240 and 17.4% cheaper than the state average of
$1,080.
Can I afford Ely?
To live comfortably in Ely (zip 55731), Minnesota, a minimum annual income of
$40,320 for a family, and
$28,400 for a single person is recommended.
What does A.I. say about Ely?
Ely, MN is a great place to live, but it does come with some costs. Like any other city, living in 55731 Ely comes with all the regular expenses such as rent or mortgage, groceries, gas and utilities. Although the cost of living is slightly higher compared to the national average, Ely residents enjoy a unique quality of life with plenty of outdoor activities and small-town charm. The median home price for 55731 Ely is $165,600 which is higher than the median home price nationally at $156,900. The median household income for 55731 Ely is $54,459 which is slightly lower than the national average of $55,322. Groceries are also slightly more expensive in Ely averaging around 10% more than the national average. All in all, living in 55731 Ely can be quite affordable while still providing access to all that this charming community has to offer.