Elbow Lake, MN vs Eveleth, MN

Elbow Lake, MN and Eveleth, MN have a very similar cost of living, with only a 3.9% difference in their overall index. Elbow Lake scores 66 while Eveleth scores 63 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Elbow Lake is $746/month compared to $839/month in Eveleth — a 11% difference. Interestingly, home values tell a different story: while Elbow Lake has cheaper rent, Eveleth actually has lower median home values ($91,800 vs $118,900).

Median household income in Elbow Lake is $56,786 compared to $47,721 in Eveleth (+19%). While Elbow Lake is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elbow Lake spend roughly 15.8% of their income on rent, less than the 21.1% in Eveleth.