Elbow Lake, MN vs Montgomery, MN

There is a significant gap in the cost of living between these two cities. Elbow Lake is 19.2% cheaper than Montgomery. With a cost index of 66 vs 82, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Elbow Lake to Montgomery should plan for substantially higher expenses across most categories.

On the housing front, median rent in Elbow Lake is $746/month compared to $896/month in Montgomery — a 17% difference. Home values follow the same pattern: Elbow Lake is more affordable at $118,900 median vs $218,900.

Median household income in Elbow Lake is $56,786 compared to $74,018 in Montgomery (-23.3%). While Montgomery 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, more than the 14.5% in Montgomery.