Elko New Market, Minnesota Demographics & Population 2026

Population Overview

Elko New Market is a small city located in Minnesota, within Scott County. The total population is 5,002. It ranks as the 152nd most populous out of 914 Census-designated places in Minnesota.

Age Demographics

The median age in Elko New Market is 33.7 years. This is 13% lower than the state median of 38.8 years. With 32.6% of the population under 18, Elko New Market has a notably young demographic profile, suggesting a family-oriented community.

Economy, Income & Housing

The median household income in Elko New Market is $152,150. This is 71% higher than the state median of $89,062. It is also 88% higher than the national median of $80,734. The poverty rate stands at 1.1%. This is 89% lower than the state poverty rate of 9.3%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The survey records no unemployed residents in Elko New Market, which reflects the size of the sample rather than a labor market without joblessness. The median home value is $433,100. Housing costs are 32% higher than the state median of $329,300. With a home-value-to-income ratio of just 2.8x, Elko New Market is one of the most affordable housing markets in the area. 95.5% of occupied housing units are owner-occupied. This homeownership rate is 32% higher than the state average of 72.2%.

Race & Ethnicity

The largest racial or ethnic group in Elko New Market is White (non-Hispanic), making up 78.2% of the population. Black or African American residents account for 9.7%. The Asian population (1.4%) is well below the state average of 5.1%.

Education

42.1% of residents aged 25 and older hold a bachelor's degree or higher. This is 7% higher than the state rate of 39.4%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 95.4%. Notably, 16.7% of adults hold a graduate or professional degree, indicating a highly educated workforce.

Data Sources & Methodology

All demographic data for Elko New Market, Minnesota is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Minnesota state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 914 Census-designated places in Minnesota. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.