Elko New Market, MN, is a small city in Scott County with a population of around 5,500. The 2 bedroom rent in Elko New Market is $1,490 per month, which is slightly higher than the US average of $1,430. Prices tend to be higher for most things in Elko New Market due to its close proximity to Minneapolis. Grocery costs in Elko New Market are also slightly higher than the US average at 103 on the Cost of Living Index versus 100.
There are many local businesses and services that serve the community such as Kwik Trip for groceries, M&M Auto Repair for auto needs, LA Fitness for fitness and health care programs, and Country Inn & Suites by Radisson for lodging. These businesses help keep the cost of living reasonable despite their location near Minneapolis. Overall Elko New Market provides an affordable cost of living while still being close enough to enjoy all that Minneapolis and other nearby cities have to offer.
Elko New Market (zip 55054) has an unemployment rate of 4.1%. The US average is 6.0%.
Elko New Market (zip 55054) 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 55054)
- The Sales Tax Rate for Elko New Market (zip 55054) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Elko New Market (zip 55054) 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 55054)
- The average income of a Elko New Market (zip 55054) resident is $48,006 a year. The US average is $37,638 a year.
- The Median household income of a Elko New Market (zip 55054) resident is $140,579 a year. The US average is $69,021 a year.