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City · 5,002 residents · Scott County, Minnesota

Elko New Market , Minnesota

In Elko New Market, a typical home is worth $433,100 and typical rent is $2,200 a month. Compared with all of Scott County, typical rent is 40% higher, typical household income is 28% higher, and the share of households that own their home is 12 points higher.

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  • Typical home value

    $433,100

    3% above the county

    32% above Minnesota

    • Elko New Market
    • Scott
    • Minnesota

  • Typical rent

    $2,200a month

    40% above the county

    72% above Minnesota

    • Elko New Market
    • Scott
    • Minnesota

  • Typical household income

    $152,150a year

    28% above the county

    71% above Minnesota

    • Elko New Market
    • Scott
    • Minnesota

  • Households that own their home

    96%

    12 points above the county

    23 points above Minnesota

    • Elko New Market
    • Scott
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$474,728
2.1% more than 12 months ago

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

Elko New Market is in Scott 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 Scott County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Elko New Market apart

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

  1. Elko New Market has the 3rd highest homeownership rate of the 152 cities in Minnesota with more than 5,000 people (96%).

  2. Elko New Market has the 4th highest typical rent of the 148 cities in Minnesota with more than 5,000 people ($2,200).

  3. Nearby, in Northfield, the typical rent is $1,103: 50% less than in Elko New Market ($2,200).

  4. Nearby, in Northfield, the typical home value is $329,400: 24% less than in Elko New Market ($433,100).

  5. The typical household income in Elko New Market is $152,150, 28% more than in Scott County as a whole ($119,314).

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

The homes here

Housing in Elko New Market

What homes there are in Elko New Market, 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 rules in Elko New Market: 90% of homes, more than in Scott County (71%).

Year built

Here half of the homes date from 2005 or later; in Scott County, from 1997 or later.

In Elko New Market, 97% of homes have 3 bedrooms or more, more than in Scott 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

$2,573 a month

Scott County: $2,329 a month

Without a mortgage

$837 a month

Scott County: $773 a month

Owners with a mortgage

84%

Scott County: 72%

The typical cost for an owner with a mortgage in Elko New Market is $2,573 a month, more than in Scott County ($2,329); without one, $837.

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

From 2015–2019 to 2020–2024, the typical home value in Elko New Market rose 45%; in Scott County, it rose 40%.

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

MeasureElko New MarketScott 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 estimate1.7%2.3%3.4%
People per household 3.212.782.432.53
Drive alone 74%71%69%69%
Carpool Unreliable estimate7%8%9%
Public transit Unreliable estimate0%2%3%
Walk or bike Unreliable estimate1%3%3%
Work from home 19%20%18%15%
Other means Unreliable estimate2%1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Elko New Market has 3.21 people, more than in Scott County (2.78).

To get to work, 74% of workers in Elko New Market drive alone; in Scott County, 71%.

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 Elko New Market?

A typical home is tight for the typical income

We start with a typical home in Elko New Market, worth $433,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 29% of the typical household income in Elko New Market, which is $152,150 a year. For that payment to be 28% of income, a household would need to earn about $155,804 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Elko New Market. 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 $15,159 (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

$3,635

at 7.18% · 30 years

Loan amount
$425,255
Total interest
$611,842
Paid off in
November 2056

Includes $7,314 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,550 a month

  • Tight

    $3,550 to $4,565 a month

    Your payment · 29%

  • Hard

    more than $4,565 a month

Compared with the typical household income in Elko New Market ($152,150 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,635
Principal & interest$2,881
Property tax$383
Home insurance$181
FHA mortgage insurance (MIP)$192

You need at least $15,159 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

Elko New Market and Scott County

Elko New Market is in Scott 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).

Elko New Market's own numbers

Typical home value
$433,100
Typical monthly rent
$2,200
Typical yearly household income
$152,150
Households that own their home
96%
Effective property tax rate
1.06%

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

Numbers for all of Scott 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)
+35%
Homes in a high flood-risk zone
0.7%

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 Scott County.

Everything about Scott County

Buying

Buying a home in Elko New Market

A typical home in Elko New Market is worth $433,100: 3% above the county and 32% above Minnesota. With the typical household income in Elko New Market ($152,150 a year), a typical home costs 2.8 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.

  • Elko New Market 2.8 years
  • Scott 3.5 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Scott County

According to FHFA’s house price index, home prices in Scott County rose 66% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) +2.4% +2.8% +2.9%
5 years (2020–2025) +35% +37% +47%
10 years (2015–2025) +66% +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

Elko New Market next to Scott 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
  • Elko New Market $433,100
  • Scott $419,400
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Elko New Market $2,200
  • Scott $1,568
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Elko New Market $152,150
  • Scott $119,314
  • Minnesota $89,062
  • United States $80,734
See the full table
Elko New Market next to Scott County and Minnesota
Measure Elko New Market Scott County Minnesota U.S.
Typical home value $433,100 $419,400 $329,300 $332,700
Typical monthly rent $2,200 $1,568 $1,280 $1,413
Typical yearly household income $152,150 $119,314 $89,062 $80,734
Households that own their home 96% 84% 72% 65%
Typical yearly property tax $4,601 $4,230 $3,357 $3,119
Effective property tax rate 1.06% 1.01% 1.02% 0.94%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Scott 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 Elko New Market

For a typical $433,100 home in Elko New Market, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Elko New Market's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,635a month

    Least cash to close
    Down payment
    $15,159
    Cash to close
    $28,152
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $192

  • Conventional, 5% down $3,556a month

    Down payment
    $21,655
    Cash to close
    $34,648
    Rate
    7.18%
    Mortgage insurance
    PMI · $206

  • Conventional, 20% down, no PMI $2,910a month

    Down payment
    $86,620
    Cash to close
    $99,613
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,311a month

    Down payment
    $64,965
    Cash to close
    $77,958
    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 Elko New Market and for Scott County.

Property tax

Effective rate in Elko New Market

1.06%of the home’s value each year

$4,601 a year for the typical owner in Elko New Market.

  • Elko New Market 1.06%
  • Scott 1.01%
  • 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 Scott County

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

Homes in the high-risk zone
0.7%
343
Of those, with NFIP insurance
19%
County Minnesota U.S.
Homes in the high-risk zone 0.7% 0.7% 3.5%
Of those, with NFIP insurance 19% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Elko New Market

Typical rent in Elko New Market is $2,200 a month: 40% above the county.

HUD publishes a fair market rent for all of Scott 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 Scott 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 Elko New Market

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Elko New Market has 2 ZIP codes with their own.

For 2 bedrooms it runs from $2,150 in 55020 to $2,530 in 55054.

2 of the 2 are above the fair market rent for Scott County ($1,734).

  • 55020 $2,150$2,800
  • 55054 $2,530$3,300

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Elko New Market 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?

Free help

Help to buy or rent in Elko New Market

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.

There is 1 HUD-approved agency with an office in Scott County; 1 says it serves in Spanish.

A man leans over the armchair where a girl is reading a book.

HUD counseling is free or low-cost

Assistance programs in Elko New Market

No down payment, repair or rent-help program on our list is for Elko New Market or Scott County. The ones below are statewide in Minnesota: they work in Elko New Market 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 Elko New Market

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

  • Scott County Community Development Agency

    100 5th Ave E, Shakopee · 18 miles away · Spanish

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 1 more
    (952) 402-9022

  • Dakota County Community Development Agency

    1228 Town Centre Dr, Eagan · 20 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (651) 675-4400

  • Prg, Inc.

    2017 E 38th St, Minneapolis · 26 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (612) 721-7556

Every agency in Scott County All counseling agencies in Minnesota

Help in Spanish near Elko New Market

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 Elko New Market

HUD’s record names them for Elko New Market or Scott County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Scott County Community Development Agency Public housing and Section 8 vouchers (952) 402-9022

All housing agencies in Minnesota Source: HUD

Cities

Other cities in Scott County

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

Everything about Scott County Housing in Minnesota

Nearby cities

The cities closest to Elko New Market, with the typical home value.

Neighboring counties

If Scott 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 Elko New Market.

All guides
A mother holds hands with her two daughters on the beach at sunset.

Questions

Housing questions about Elko New Market

Short answers with the numbers for Elko New Market and all of Scott 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 Elko New Market?

The typical home value in Elko New Market is $433,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Scott County it is $419,400.

How much does it cost to rent in Elko New Market?

Typical rent in Elko New Market is $2,200 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Scott County is $1,734.

What is the FHA loan limit in Elko New Market?

Elko New Market uses the FHA limit for all of Scott 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 Elko New Market?

The typical homeowner in Elko New Market pays $4,601 a year, according to the U.S. Census Bureau. That is 1.06% of the home’s value; in Scott County, the rate is 1.01%.

Where can I find free help to buy or rent in Elko New Market?

There is 1 HUD-approved counseling agency with an office in Scott County. 1 says it serves in Spanish. 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).