Elko New Market, MN is a small city located in the south-central part of Minnesota. It has a population of 4,800 according to the 2017 census. The rent for a two bedroom home in Elko New Market is $1,610 per month which is significantly more expensive than the US average of $1,430. However, groceries are relatively cheaper in Elko New Market with an index rating of 103 compared to the US national average of 100.
Local businesses in Elko New Market include; Lakeside Auto & Truck Repair, Short Stop Grocery Store, Sully's Grill and Pub and many other retailers, restaurants and bars. Attractions in Elko New Market include; Valley Branch Retreat for camping and glamping experiences, Sand Point Beach Park on Lake Riley for swimming and fishing activities as well as several local parks providing ample opportunities for walking and cycling trails.
Elko New Market has an unemployment rate of 4.1%. The US average is 6.0%.
Elko New Market has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 38.2%, which is higher than the US average of 33.5%.
Tax Rates for Elko New Market
- The Sales Tax Rate for Elko New Market is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Elko New Market is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Elko New Market
- The average income of a Elko New Market resident is $32,435 a year. The US average is $28,555 a year.
- The Median household income of a Elko New Market resident is $138,603 a year. The US average is $69,021 a year.