Cost of Living in Elizabeth, MN

With a cost of living index of 83, Elizabeth, MN is a very affordable place to live. Living here is 17% cheaper than the national average and in line with the Minnesota state average. Elizabeth is a small community of 154 residents.

Housing costs are the biggest factor in Elizabeth's cost of living. The median monthly rent is $1,333 (1% above the US median of $1,319), and the median home value sits at $114,600 (62% below the national median of $304,900). At current prices, the median home costs roughly 1.8x the median household income — well within traditional affordability guidelines.

The median household income in Elizabeth is $62,500, which is 17% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.