Elk River, Minnesota is a great place for people looking for affordable living. With a population of approximately 25,000, this city offers plenty of urban amenities without the high prices of larger cities. The average two bedroom rent in Elk River is $1,260 which is much lower than the US average of $1,430. The grocery cost index in Elk River is also lower than the US average at 101 versus 100. This makes it a great place for people who want to stay within budget.
Residents will find plenty of options when it comes to their living needs. The city has a variety of local companies such as Great North Homes, Buffalo Rug & Carpet Inc., and Stellick Electric that provide housing, flooring, and electrical services respectively. Elk River also has several dining establishments like Ming Wah Chinese Buffet & Grill and Johnny A’s Roadhouse Bar & Grill so there are plenty of options to choose from when one wants to eat out.
Elk River provides an affordable cost of living for those looking to save while still having access to local amenities. Its two bedroom rent is lower than the US average and its grocery cost index is slightly lower too making it a great option for those trying to live within budget.
Elk River (zip 55330) has an unemployment rate of 4.9%. The US average is 6.0%.
Elk River (zip 55330) 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 38.1%, which is higher than the US average of 33.5%.
Tax Rates for Elk River (zip 55330)
- The Sales Tax Rate for Elk River (zip 55330) is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Elk River (zip 55330) 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 Elk River (zip 55330)
- The average income of a Elk River (zip 55330) resident is $32,118 a year. The US average is $28,555 a year.
- The Median household income of a Elk River (zip 55330) resident is $98,676 a year. The US average is $69,021 a year.