Elko New Market, MN vs Monticello, MN

The cost of living difference between Elko New Market, MN and Monticello, MN is dramatic. Monticello is 32.9% cheaper than Elko New Market, a gap that translates to thousands of dollars per year in household expenses. Elko New Market has a cost index of 140 while Monticello sits at 105, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Elko New Market is $2,311/month compared to $1,462/month in Monticello — a 58% difference. Home values follow the same pattern: Monticello is more affordable at $298,400 median vs $407,400.

Median household income in Elko New Market is $147,381 compared to $81,563 in Monticello (+80.7%). While Elko New Market is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elko New Market spend roughly 18.8% of their income on rent, less than the 21.5% in Monticello.