Elk River, MN vs Hermantown, MN

Elk River, MN and Hermantown, MN have a very similar cost of living, with only a 0.1% difference in their overall index. Elk River scores 103 while Hermantown scores 103 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 Elk River is $1,269/month compared to $1,375/month in Hermantown — a 8% difference. Home values follow the same pattern: Elk River is more affordable at $338,300 median vs $374,000.

Median household income in Elk River is $99,457 compared to $92,026 in Hermantown (+8.1%). Elk River offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Elk River spend roughly 15.3% of their income on rent, less than the 17.9% in Hermantown.