Elko New Market, Minnesota (zip code: 55020) is a small town in Scott County located about 26 miles south of Minneapolis. It has a population of 3,800 and is a great place to call home. The two bedroom rent in Elko New Market is $1,630, slightly higher than the US average of $1,430; however, the grocery cost index in Elko New Market is 103 versus 100 in the US. So despite the slightly higher rent prices, it works out to be more affordable for those looking to settle down here.
Elko New Market offers something for everyone; there are plenty of activities and attractions nearby like the Elko Speedway where you can take part in NASCAR-sanctioned racing events from spring until fall. There are also several local businesses that make up the town such as Endres Manufacturing and Sela Roofing, Inc., both of which have worked to bring economic growth to the area over the past few decades.
Elko New Market (zip 55020) has an unemployment rate of 4.1%. The US average is 6.0%.
Elko New Market (zip 55020) has seen the job market decrease by -3.7% 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 (zip 55020)
- The Sales Tax Rate for Elko New Market (zip 55020) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Elko New Market (zip 55020) 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 (zip 55020)
- The average income of a Elko New Market (zip 55020) resident is $50,416 a year. The US average is $37,638 a year.
- The Median household income of a Elko New Market (zip 55020) resident is $135,375 a year. The US average is $69,021 a year.