Cost of Living in Elmore, MN

With a cost of living index of 65, Elmore, MN is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 17% below the Minnesota state average of 82. Elmore is a small community of 442 residents.

Housing costs are the biggest factor in Elmore's cost of living. The median monthly rent is $907 (31% below the US median of $1,319), and the median home value sits at $45,800 (85% below the national median of $304,900). At current prices, the median home costs roughly 1.1x the median household income — well within traditional affordability guidelines.

The median household income in Elmore is $40,938, which is 46% lower than the national median of $75,149. Residents spend roughly 27% 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.