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City · 26,793 residents · Sherburne County, Minnesota

Elk River , Minnesota

In Elk River, a typical home is worth $370,100 and typical rent is $1,283 a month. Compared with all of Sherburne County, typical rent is 14% higher.

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  • Typical home value

    $370,100

    2% above the county

    12% above Minnesota

    • Elk River
    • Sherburne
    • Minnesota

  • Typical rent

    $1,283a month

    14% above the county

    About the same as Minnesota

    • Elk River
    • Sherburne
    • Minnesota

  • Typical household income

    $108,741a year

    3% above the county

    22% above Minnesota

    • Elk River
    • Sherburne
    • Minnesota

  • Households that own their home

    79%

    4 points below the county

    7 points above Minnesota

    • Elk River
    • Sherburne
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$398,641
2.3% more than 12 months ago
Typical rent
$1,903 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Elk River is in Sherburne County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Sherburne County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Elk River apart

What this place has that others do not, from public data, most unusual first.

  1. Elk River has the 14th smallest share of rent-burdened renters of the 139 cities in Minnesota with more than 5,000 people (40%).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Elk River

What homes there are in Elk River, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Elk River, but it weighs less than in Sherburne County: 68% against 79%.

Year built

By age, homes in Elk River look like those in Sherburne County: the typical year built is 1997.

Homes in Elk River are smaller: 69% have 3 bedrooms or more; in Sherburne County, 77%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,075 a month

Sherburne County: $2,050 a month

Without a mortgage

$796 a month

Sherburne County: $700 a month

Owners with a mortgage

77%

Sherburne County: 74%

The typical cost for an owner with a mortgage in Elk River is $2,075 a month, near the figure in Sherburne County ($2,050).

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Elk River gained value more slowly than in Sherburne County: 53% since 2015–2019, against 57%.

The typical rent in Elk River rose 24% over the same time; in Sherburne County, it rose 13%.

The typical household income in Elk River rose 21% over that time; home values changed +53% and rent +24%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureElk RiverSherburne CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimate1.5%2.3%3.4%
People per household 2.662.782.432.53
Drive alone 76%75%69%69%
Carpool 5%9%8%9%
Public transit Unreliable estimate1%2%3%
Walk or bike Unreliable estimate1%3%3%
Work from home 16%14%18%15%
Other means Unreliable estimate1%1%2%
Typical commute 20 to 29 minutesUnreliable estimate20 to 29 minutes20 to 29 minutes

A household in Elk River has 2.66 people on average, about the same as in Sherburne County (2.78).

In Elk River, 76% of workers drive alone to work; in Sherburne County, 75%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Elk River?

A typical home is tight for the typical income

We start with a typical home in Elk River, worth $370,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 35% of the typical household income in Elk River, which is $108,741 a year. For that payment to be 28% of income, a household would need to earn about $134,462 a year.

The calculator's FHA and conventional loan limits are those of all of Sherburne County.

Your numbers

Local data
$

Starts at the typical home value in Elk River. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $12,954 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,137

at 7.18% · 30 years

Loan amount
$363,396
Total interest
$522,842
Paid off in
November 2056

Includes $6,250 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,537 a month

  • Tight

    $2,537 to $3,262 a month

    Your payment · 35%

  • Hard

    more than $3,262 a month

Compared with the typical household income in Elk River ($108,741 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,137
Principal & interest$2,462
Property tax$358
Home insurance$154
FHA mortgage insurance (MIP)$164

You need at least $12,954 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Elk River and Sherburne County

Elk River is in Sherburne County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Elk River's own numbers

Typical home value
$370,100
Typical monthly rent
$1,283
Typical yearly household income
$108,741
Households that own their home
79%
Effective property tax rate
1.16%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Sherburne County

FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,734
Price change over 5 years (FHFA)
+42%
Homes in a high flood-risk zone
0.8%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Sherburne County.

Everything about Sherburne County

Buying

Buying a home in Elk River

A typical home in Elk River is worth $370,100: 2% above the county and 12% above Minnesota. With the typical household income in Elk River ($108,741 a year), a typical home costs 3.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Elk River 3.4 years
  • Sherburne 3.4 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Sherburne County

According to FHFA’s house price index, home prices in Sherburne County rose 87% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Sherburne County.

Period County Minnesota U.S.
Last year (2025) +2.1% +2.8% +2.9%
5 years (2020–2025) +42% +37% +47%
10 years (2015–2025) +87% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Elk River next to Sherburne County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Elk River $370,100
  • Sherburne $361,400
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Elk River $1,283
  • Sherburne $1,127
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Elk River $108,741
  • Sherburne $105,466
  • Minnesota $89,062
  • United States $80,734
See the full table
Elk River next to Sherburne County and Minnesota
Measure Elk River Sherburne County Minnesota U.S.
Typical home value $370,100 $361,400 $329,300 $332,700
Typical monthly rent $1,283 $1,127 $1,280 $1,413
Typical yearly household income $108,741 $105,466 $89,062 $80,734
Households that own their home 79% 83% 72% 65%
Typical yearly property tax $4,296 $3,560 $3,357 $3,119
Effective property tax rate 1.16% 0.99% 1.02% 0.94%
Renters with high rent for their income 40% 46% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Sherburne County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Elk River

For a typical $370,100 home in Elk River, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Elk River's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,137a month

    Least cash to close
    Down payment
    $12,954
    Cash to close
    $24,057
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $164

  • Conventional, 5% down $3,070a month

    Down payment
    $18,505
    Cash to close
    $29,608
    Rate
    7.18%
    Mortgage insurance
    PMI · $176

  • Conventional, 20% down, no PMI $2,518a month

    Down payment
    $74,020
    Cash to close
    $85,123
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,860a month

    Down payment
    $55,515
    Cash to close
    $66,618
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Elk River and for Sherburne County.

Property tax

Effective rate in Elk River

1.16%of the home’s value each year

$4,296 a year for the typical owner in Elk River.

  • Elk River 1.16%
  • Sherburne 0.99%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Sherburne County

FEMA does not publish these numbers by city: they are for all of Sherburne County.

Homes in the high-risk zone
0.8%
248
Of those, with NFIP insurance
31%
County Minnesota U.S.
Homes in the high-risk zone 0.8% 0.7% 3.5%
Of those, with NFIP insurance 31% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Elk River

Typical rent in Elk River is $1,283 a month: 14% above the county. In Elk River, 40% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Sherburne County, by unit size. To pay the 2-bedroom one ($1,734 a month) without spending more than 30% of your income, you would need to earn $33.35 an hour working full time.

HUD fair market rent for all of Sherburne County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,265 $24.33 $50,600
1 bedroom $1,427 $27.44 $57,080
2 bedrooms $1,734 $33.35 $69,360
3 bedrooms $2,264 $43.54 $90,560
4 bedrooms $2,538 $48.81 $101,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Elk River

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Elk River is in ZIP code 55330.

For 2 bedrooms it is $1,670: $64 less than the fair market rent for Sherburne County ($1,734).

  • 55330 $1,670$2,180

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Elk River when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Elk River

HUD lists 9 buildings with rents for lower incomes in Elk River. These are the largest.

  • Guardian Angels Homes, Inc. 350 Evans Ave NE, Elk River 55330 103 low-income homes · For older adults (612) 241-4430
  • Dove Tree Apartments 1105 Lions Park Dr NW, Elk River 55330 68 low-income homes · Studio: 1 · 1 bd: 16 · 2 bd: 34 · 3 bd: 17 · In service since 2011
  • Angel Ridge, Inc. 280 Evans Ave NW, Elk River 55330 53 low-income homes · For older adults (763) 241-4430
  • The Depot at Elk River Station XXXXX 172nd Ave NW, Elk River 55330 53 low-income homes · 1 bd: 11 · 2 bd: 26 · 3 bd: 16 · In service since 2012 · For people experiencing homelessness
  • Coachman Ridge Apartments 17250 Twin Lakes Rd, Elk River 55330 53 homes, 52 low-income · 1 bd: 10 · 2 bd: 26 · In service since 2015 · For people with disabilities, families, people experiencing homelessness

See all 25 buildings in Sherburne County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Elk River

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Sherburne County. The nearest ones are below; many serve by phone or online.

A young man and a young woman look something up together on a laptop.

HUD counseling is free or low-cost

Assistance programs in Elk River

No down payment, repair or rent-help program on our list is for Elk River or Sherburne County. The ones below are statewide in Minnesota: they work in Elk River the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Elk River

The HUD-approved agencies closest to the center of Elk River, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Action Partnership of Hennepin County

    7101 Northland Cir N, Brooklyn Park · 19 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (952) 697-1303

  • Anoka County Community Action Program, Inc

    1201 89th Ave NE Ste 345, Blaine · 21 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    763-783-4747x4851

  • Capi USA

    5930 Brooklyn Blvd, Brooklyn Center · 22 miles away · Spanish

    Also serves in Hmong.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 3 more
    (612) 721-0122

All counseling agencies in Minnesota

Help in Spanish near Elk River

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Elk River

HUD lists no housing authority with an office in Sherburne County. One in a neighboring county or the state’s may serve the area.

All housing agencies in Minnesota Source: HUD

Cities

Other cities in Sherburne County

These cities are also in Sherburne County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Sherburne County Housing in Minnesota

Nearby cities

The cities closest to Elk River, with the typical home value.

Neighboring counties

If Sherburne County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Elk River.

All guides
A father holds his baby and his young son by a white picket fence.

Questions

Housing questions about Elk River

Short answers with the numbers for Elk River and all of Sherburne County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Elk River?

The typical home value in Elk River is $370,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Sherburne County it is $361,400.

How much does it cost to rent in Elk River?

Typical rent in Elk River is $1,283 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Sherburne County is $1,734.

What is the FHA loan limit in Elk River?

Elk River uses the FHA limit for all of Sherburne County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.

How much property tax do owners pay in Elk River?

The typical homeowner in Elk River pays $4,296 a year, according to the U.S. Census Bureau. That is 1.16% of the home’s value; in Sherburne County, the rate is 0.99%.

Where can I find free help to buy or rent in Elk River?

We found no HUD-approved counseling agencies with an office in Sherburne County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).