Elko New Market, MN demographics:
population, income, and more

Total population
5,002
1.8% year-over-year change
Median household income
$152,150/yr
3.2% year-over-year change
Housing units
1,689
0.4% year-over-year change

Elko New Market population

How many people live in Elko New Market

Elko New Market is home to 5,002 residents, according to the most recent Census data. Gender-wise, 51% of Elko New Market locals are male, and 49% are female.

Total population
5,002
1.8% year-over-year change
Gender ratio
Male
51%
2,552
Female
49%
2,450
Value Percent YoY change
Male 2,552 51% 9.0%
Female 2,450 49% -4.8%
A higher population often means more rental variety and livelier areas. The gender balance—how many men live here compared to women—can reveal a lot about the community and the lifestyles of its residents. Use this info to get a sense of the area's pace and personality.

Age demographics

The median age in Elko New Market is 34, with the population distributed as follows: about 25.9% are children under 15, then 12.2% are in the 15 to 24 age group. Adults between 25 and 44 make up 31.6% of the population, while another 25.7% fall into the 45 to 64 bracket. Finally, around 4.5% are 65 or older.

Median age
33.7
Age breakdown
Under 15
25.9%
15 to 24
12.2%
25 to 44
31.6%
45 to 64
25.7%
Over 65
4.5%
Value Percent YoY change
Under 15 1,297 25.9% 12.6%
15 to 24 612 12.2% 21.2%
25 to 44 1,582 31.6% -1.7%
45 to 64 1,284 25.7% -4.5%
Over 65 227 4.5% -25.3%
The age composition helps you get insight into who lives in the area. A younger population might mean a more active, fast-paced vibe, while an older one could suggest a quieter, slower lifestyle. If there's a balanced makeup, you’re likely to find a variety of services, housing types, and community spaces that cater to different life stages.

Racial makeup

In Elko New Market, 94.2% of the population are US-born citizens, while 4.5% have gained naturalized citizenship. At the same time, 1.2% of residents are non-citizens. As for race, 79.8% of locals are Caucasian, 9.7% are African American and 1.4% have Asian roots. There’s also a share of 7.5% that includes residents with two or more races.

Citizenship
U.S.-born citizens
94.2%
Non-U.S.-born citizens
4.5%
Non-citizens
1.2%
Value Percent YoY change
U.S.-born citizens 4,714 94.2% 1.6%
Non-U.S.-born citizens 226 4.5% 15.9%
Non-citizens 62 1.2% -23.5%
Racial breakdown
White
79.8%
Black or African American
9.7%
American Indian and Alaska Native
0%
Asian
1.4%
Native Hawaiian and other Pacific Islander
0%
Two or more races
7.5%
Other
1.5%
Value Percent
White 3,992 79.8%
Black or African American 485 9.7%
American Indian and Alaska Native 2 0%
Asian 70 1.4%
Two or more races 377 7.5%
Other 76 1.5%

Households in Elko New Market

A peek inside Elko New Market households

Elko New Market has 1,557 households, with an average of 3 members in each. Of these, 91.2% are families, while the remaining 8.8% are made up of individuals living alone or with non-relatives, such as roommates.

Households stats

Total households
1,557
-1.3% year-over-year change
Average people per household
3
Non-family households
137
Family households
1,420
Value Percent YoY change
Non-family households 137 8.8% -11.6%
Family households 1,420 91.2% -0.2%
The mix between family and non-family households gives a glimpse into daily life. A higher percentage of families might mean more parks and schools, while more non-family setups can mean flexible housing and diverse living styles. For renters, this can signal what kinds of homes are common and can help you figure out if the area matches your lifestyle.

Housing in Elko New Market

The housing landscape of Elko New Market

Elko New Market's housing consists of 1,689 units, with 89.6% being detached single-family homes ideal for those wanting space. Attached options, including duplexes and townhouses, make up 8.4% and offer a more compact, shared living style.

Housing units
1,689
0.4% year-over-year change
Housing types
Value Percent
1 unit, detached 1,513 89.6%
1 unit, attached 141 8.4%
5 to 9 units 16 1%
50 or more units 19 1.1%
Homes built since 2020
73
231.8% year-over-year change

The age of buildings in Elko New Market

In Elko New Market, the median construction year is 2005. Most development happened in the second half of the 20th century. Then, 62.5% of homes were added from 2000 to 2009, 13.6% between 2010 and 2019, and 4.3% are part of the newest wave of development.

Construction year breakdown by decade
Value Percent YoY change
Built in 1939 or earlier 47 2.8% -24.2%
Built between 1960 and 1969 61 3.6% -20.8%
Built between 1970 and 1979 105 6.2% -23.4%
Built between 1980 and 1989 32 1.9% 146.2%
Built between 1990 and 1999 86 5.1% -12.2%
Built between 2000 and 2009 1,055 62.5% 3.5%
Built between 2010 and 2019 230 13.6% -2.1%
Built in 2020 or later 73 4.3% 231.8%
As a renter, knowing when homes were built helps you understand the potential condition and design of rental units. Newer builds may have more contemporary layouts, while older homes can offer character or larger lots, depending on the area.

Elko New Market occupancy rates

Out of the 1,557 occupied housing units in Elko New Market, 95.5% are owner-occupied, while 4.5% are lived in by tenants. Meanwhile, 7.8% of all homes on the local market sit vacant.

Occupied housing units
1,557
-1.3% year-over-year change
Occupancy breakdown
Renter occupied
70
Owner occupied
1,487
Value Percent YoY
change
Renter occupied 70 4.5% -23.1%
Owner occupied 1,487 95.5% 0.0%
Unoccupied housing units
7.8%
Unoccupied housing units refer to homes that are currently without residents—whether they're waiting for renters or owners, used seasonally, or simply unclaimed. A higher share of empty homes may mean more housing availability, while a low number can reflect a tighter market with more competition. This, along with the renter-vs.-owner mix, helps paint a clearer picture of what types of housing and services are likely to be available in the area.

Elko New Market housing costs

Housing costs in Elko New Market come to a median of $2,348 per month, while tenants specifically pay a median gross rent of $2,200.

Median housing costs per month
$2,348/month
This figure sums up typical monthly housing costs for all households in the area. If you own, it includes mortgage payments in addition to property taxes, insurance and HOA fees. If you rent, it accounts for rent plus extras like utilities. It’s useful for seeing how local living expenses stack up compared to other places.
Median gross rent in Elko New Market
$2,200/month
Gross rent gives a more complete look at what renters actually pay, including not just base rent, but also utilities and fees. It’s a key number for evaluating rental affordability in your area of interest and understanding how it compares to nearby locations.

Education in Elko New Market

Elko New Market education at a glance

About 20.8% of the population in Elko New Market went to high school, while 20.7% pursued college studies. Another 17.3% earned an associate degree and 24.8% hold a bachelor’s. Meanwhile, 15.3% went even further, earning a master’s or doctorate.

Education level
Value Percent YoY change
No high school 35 1% -2.8%
High school diploma 702 20.8% 2.8%
College diploma 699 20.7% -3.5%
Associate degree 584 17.3% -16.0%
Bachelor's degree 836 24.8% -0.1%
Graduate degree 516 15.3% 1.0%
A community’s education mix can offer insights into the local economy and housing market. Higher levels of education often align with more job opportunities and stable incomes, which can increase demand for homes and influence both rent prices and rental availability.

Income in Elko New Market

How much people earn in Elko New Market

The average annual household income in Elko New Market was $167,599 in 2024, the most recent annual data available, according to the U.S. Census Bureau. This marked a +1.6% change from the previous year. At the same time, the median income stood at $152,150, reflecting a +3.2% shift over the same period.

Average household income in Elko New Market
$167,599/year
1.6% year-over-year change
Median household income in Elko New Market
$152,150/year
3.2% year-over-year change

Elko New Market income by age

In Elko New Market, households led by residents aged 25 to 44 — usually in the early to mid stages of their careers — have a median income of $152,400. Those with someone between 45 and 64 in charge, often well established professionally, earn $166,048 overall. Overall, 98.9% of the locals in this community live above the poverty line.

Income breakdown by age
Value YoY change
25 - 44 $152,400 2.0%
45 - 64 $166,048 -8.9%
Over 65 $72,007 -14.7%
Above poverty level
4,900
Below poverty level
53
Value Percent YoY
change
Above poverty level 4,900 98.9% 1.1%
Below poverty level 53 1.1% 2,550.0%

Average renter income in Elko New Market

To get a better sense of what renters earn on average in Elko New Market, their median household income was $115,592 according to 2022 Census data. In addition, the rent-to-income ratio in the area, at 22.8%, shows what portion of their earnings goes toward housing expenses.

Renter median household income
$115,592
Rent-to-income ratio
22.8%
Understanding the rent-to-income ratio can help renters gauge if local housing costs align with their earnings. A ratio under 30% usually signals affordability, while exceeding this mark means rent is taking a larger-than-recommended bite out of income. That could make it harder for you to cover other costs like transportation, healthcare, or child care.

Employment in Elko New Market

Workforce and job types in Elko New Market

The job market in Elko New Market is powered by 2,873 working residents, spread across a range of industries and roles. 87.1% of the working population are employed in professional or administrative positions, while 12.9% are in hands-on or service-based jobs. Also, 5.8% run their own businesses, 69.1% are employed by private companies, and 16.5% work in the public sector.

Workforce demographics

Working population
2,873
-0.3% year-over-year change
White collar
2,503
Blue collar
370
Value Percent YoY change
White collar 2,503 87.1% -0.5%
Blue collar 370 12.9% 0.8%
Employer type
Self employees
5.8%
Private companies
69.1%
Governmental workers
16.5%
Not for profit companies
8.6%
Value Percent YoY change
Self employees 168 5.8% -19.6%
Private companies 1,986 69.1% 1.4%
Governmental workers 473 16.5% 4.2%
Not for profit companies 246 8.6% -5.8%

Transportation in Elko New Market

How people get around in Elko New Market

Commuting methods vary: 80.1% of residents travel by personal vehicle and 0.8% prefer to walk, while the remaining share relies on public transit or on two wheelers to get from A to B.

Means of transportation
Value Percent YoY change
Car 2,284 80.1% 1.1%
Bus or trolleybus 1 0% 0.0%
Walk 22 0.8% 69.2%
Understanding how locals get to work can help you plan your own routine. High car usage might mean you’ll need a vehicle, while strong public transit or walkability could save you the hassle. Commute times also play a big role in quality of life—shorter trips can give you more time for the things you enjoy.

What is the median and average household income in Elko New Market by zipcode?

Zipcode Population Number of households Median income Average income
55020 4,115 1,368 $131,071 $160,866
55054 2,831 881 $157,096 $169,178

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FAQs about Elko New Market demographics 

What is the total population of Elko New Market?

Elko New Market has a total population of 5,002 residents, according to the latest release from the U.S. Census Bureau: the 2019-2023 American Community Survey (ACS) 5-year estimates. This figure changed by +1.8% compared to a year ago.

What is the gender ratio in Elko New Market?

The gender ratio in Elko New Market is as follows:
  • 51% males (2,552 residents)
  • 49% females (2,450 residents)

What is the median age in Elko New Market?

The median age in Elko New Market is 33.7.

What is the age distribution of the population in Elko New Market?

The age distribution in Elko New Market is as follows:
  • Under 15: 25.9% (1,297 residents)
  • Ages 15-24: 12.2% (612 residents)
  • Ages 25-44: 31.6% (1,582 residents)
  • Ages 45-64: 25.7% (1,284 residents)
  • Over 65: 4.5% (227 residents)

What is the racial and ethnic makeup of Elko New Market?

The racial and ethnic makeup of Elko New Market is as follows:
  • White: 79.8% (3,992 residents)
  • Black or African American: 9.7% (485 residents)
  • American Indian and Alaska Native: 0% (2 residents)
  • Asian: 1.4% (70 residents)
  • Native Hawaiian and Other Pacific Islander: 0% (0 residents)
  • Two or More Races: 7.5% (377 residents)
  • Other: 1.5% (76 residents)

What percentage of the population in Elko New Market are U.S.-born citizens?

U.S.-born citizens represent 94.2% of the population in Elko New Market.

How many housing units are there in Elko New Market?

There are 1,689 housing units in Elko New Market, reflecting a +0.4% change compared to the previous year, according to the latest data from the U.S. Census Bureau.

How many households are in Elko New Market and what is the average household size?

Elko New Market has a total of 1,557 households, with an average of 3 people in each.

What is the median household income in Elko New Market?

Elko New Market has a median household income of $152,150, representing a +3.2% shift from the previous year, according to the U.S. Census Bureau.

What is the job market overview for Elko New Market?

Here’s a detailed breakdown of the local job market:

Job types:
  • White-collar workers: 87.1% (2,503 residents)
  • Blue-collar workers: 12.9% (370 residents)

Places of employment:
  • Self-employed: 5.8% (168 residents)
  • Private companies: 69.1% (1,986 residents)
  • Governmental workers: 16.5% (473 residents)
  • Not-for-profit companies: 8.6% (246 residents)

Data source & methodology

The demographic data on this page was sourced from the latest U.S. Census Bureau release—the 2019–2023 American Community Survey (ACS) 5-year estimates.

The information, issued annually, is compiled and published by the Point2Homes Research Team as soon as new data becomes available.

No representation, guarantee, or warranty is made concerning the accuracy or completeness of modified or aggregated information for particular areas.

Page last updated: September 2025