The typical owner-occupied home in Elmore is worth about $46,700, 86% below the Minnesota median of $329,300 and 86% below the national median of $332,700. Owners pay a median $938 a year in property taxes, about 2.01% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $41,250 a year, so the median home costs 1.1 times the median income (3.7 times for Minnesota). 78% of occupied homes here are lived in by their owners, and 31% of those owners still have a mortgage.
Elmore at a glance
| Elmore | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $46,700 | $329,300 | $332,700 |
| Median property tax paid per year | $938 | $3,357 | $3,119 |
| Property tax as a share of value | 2.01% | 1.02% | 0.94% |
| Median household income | $41,250 | $89,062 | $80,734 |
| Homes lived in by their owners | 78% | 72% | 65% |
| Owner homes with a mortgage | 31% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,118 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 21.3% | 19.7% | 21.0% |
| Median rent | $1,006 | $1,280 | $1,413 |
| Rent as a share of renters' income | 26.3% | 29.2% | 30.6% |
| Median year homes were built | 1955 | 1979 | 1980 |
| Vacant homes | 4.7% | 9.3% | 10.1% |
| Population | 451 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Elmore
At this week's average 30-year rate of 7.11%, buying the median Elmore home of $46,700 with 20% down costs about $349 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $427, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $14,957 for the 20%-down payment. That payment is 10% of the median Elmore household income of $41,250; at that income and 20% down, the 28% guideline points to a home of about $129,000.
The median rent here is $1,006 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $9,340 |
|---|---|
| Loan amount | $37,360 |
| Principal and interest | $251 |
| Property taxes (2.01% a year) | $78 |
| Homeowners insurance (our estimate, 0.5% a year) | $19 |
| PMI | $0 |
| Total per month | $349 |
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| Down payment | $1,634 |
|---|---|
| Loan amount | $45,854 |
| Principal and interest | $308 |
| Property taxes (2.01% a year) | $78 |
| Homeowners insurance (our estimate, 0.5% a year) | $19 |
| FHA mortgage insurance | $21 |
| Total per month | $427 |
Change the numbers in the calculator
Questions about home buying in Elmore
What is the median home value in Elmore?
About $46,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elmore?
Homeowners pay a median $938 a year, which is about 2.01% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elmore?
For the median home with 20% down at 7.11%, the payment is about $349 a month. Keeping that under 28% of gross income takes about $14,957 a year.
More about Elmore
- Mortgage Refinance in Elmore
- Debt Relief in Elmore
- Home Equity Loans in Elmore
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data