Elko New Market city, Minnesota Demographics & Population 2026
As of 2026, Elko New Market city, Minnesota has a total population of 4,915, the 154th largest city in Minnesota, with a median household income of $147,381, which is 68% higher than the state average. The poverty rate is 0.0%.
Key Takeaways
- Household income is 68% above the state average — one of the wealthiest communities in Minnesota.
- An exceptionally low poverty rate of 0.0% — among the lowest in Minnesota.
- Near full employment with an unemployment rate of just 0.6%.
Elko New Market city Quick Facts
How Elko New Market city Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 40 | National average: 60
Education
Educational Attainment (Adults 25+)
Elko New Market city Rankings in Minnesota
Explore Minnesota Rankings
Other Cities in Scott County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Shakopee city | 45,002 | $110,989 | 5.1% | $361,400 |
| Savage city | 32,706 | $122,646 | 4.8% | $395,600 |
| Prior Lake city | 27,832 | $130,278 | 2.9% | $429,900 |
| New Prague city | 8,195 | $98,424 | 3.1% | $323,500 |
| Belle Plaine city | 7,401 | $96,831 | 2.7% | $280,400 |
| Jordan city | 6,704 | $110,139 | 6.1% | $319,000 |
| Credit River city | 5,531 | $149,524 | 1.6% | $577,600 |
Cities Similar to Elko New Market city
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Credit River city | 5,531 | $149,524 | $577,600 | 46.5% | 1.6% |
| Nowthen city | 4,539 | $134,491 | $440,200 | 40.3% | 3.6% |
| Lindstrom city | 4,933 | $99,844 | $336,800 | 24.7% | 6.4% |
| Carver city | 5,935 | $144,408 | $427,600 | 61.7% | 1.5% |
| Wayzata city | 4,363 | $125,344 | $1,047,400 | 72.2% | 6.3% |
Population Overview
Elko New Market city is a small community located in Minnesota, within Scott County. The total population is 4,915. It ranks as the 154th most populous out of 913 cities and towns in Minnesota.
Age Demographics
The median age in Elko New Market city is 33.9 years. This is 12% lower than the state median of 38.6 years. With 29.1% of the population under 18, Elko New Market city has a notably young demographic profile, suggesting a family-oriented community.
Economy, Income & Housing
The median household income in Elko New Market city is $147,381. This is 68% higher than the state median of $87,556. Compared to the national median of $78,538, household income here is 88% higher. The poverty rate stands at 0.0%. This is 100% lower than the state poverty rate of 9.2%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 0.6%. This is 84% lower than the state rate of 3.9%. The median home value is $407,400. Housing costs are 33% higher than the state median of $305,500. With a home-value-to-income ratio of just 2.8x, Elko New Market city is one of the most affordable housing markets in the area. 94.2% of occupied housing units are owner-occupied. This homeownership rate is 30% higher than the state average of 72.4%.
Race & Ethnicity
The largest racial or ethnic group in Elko New Market city is White (non-Hispanic), making up 80.7% of the population. Black or African American residents account for 6.7%. The Asian population (1.4%) is well below the state average of 5.0%.
Education
40.4% of residents aged 25 and older hold a bachelor's degree or higher. This is 4% higher than the state rate of 38.8%. Nationally, 35.0% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 95.7%. Notably, 15.7% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Elko New Market city, Minnesota is sourced from the U.S. Census Bureau's American Community Survey (ACS) 5-Year Estimates (2019-2023). The ACS collects data from approximately 3.5 million households annually, providing reliable estimates for communities of all sizes. Comparisons are made against Minnesota state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 913 Census-designated places in Minnesota. For official data, visit data.census.gov.
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Frequently Asked Questions
What is the population of Elko New Market city, Minnesota?
Elko New Market city, Minnesota has a population of 4,915 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Elko New Market city, MN?
The median household income in Elko New Market city is $147,381, which is 88% higher the national median of $78,538.
What is the poverty rate in Elko New Market city, MN?
The poverty rate in Elko New Market city is 0.0%. This means approximately 2 residents live below the federal poverty line.
What is the racial makeup of Elko New Market city, Minnesota?
Elko New Market city's population is 80.7% White, 6.7% Black, 4.9% Hispanic/Latino, and 1.4% Asian.
What is the median home value in Elko New Market city, MN?
The median home value in Elko New Market city is $407,400. The home-value-to-income ratio is 2.8x.
How educated is Elko New Market city, Minnesota?
40.4% of adults (25+) in Elko New Market city hold a bachelor's degree or higher, and 15.7% hold a graduate or professional degree.