The typical owner-occupied home in Elbow Lake is worth about $126,900, 61% below the Minnesota median of $329,300 and 62% below the national median of $332,700. Owners pay a median $1,500 a year in property taxes, about 1.18% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $59,792 a year, so the median home costs 2.1 times the median income (3.7 times for Minnesota). 69% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Elbow Lake at a glance
| Elbow Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $126,900 | $329,300 | $332,700 |
| Median property tax paid per year | $1,500 | $3,357 | $3,119 |
| Property tax as a share of value | 1.18% | 1.02% | 0.94% |
| Median household income | $59,792 | $89,062 | $80,734 |
| Homes lived in by their owners | 69% | 72% | 65% |
| Owner homes with a mortgage | 55% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,250 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 19.7% | 21.0% |
| Median rent | $742 | $1,280 | $1,413 |
| Rent as a share of renters' income | 27.5% | 29.2% | 30.6% |
| Median year homes were built | 1958 | 1979 | 1980 |
| Vacant homes | 9.4% | 9.3% | 10.1% |
| Population | 1,301 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Elbow Lake
At this week's average 30-year rate of 7.11%, buying the median Elbow Lake home of $126,900 with 20% down costs about $861 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,072, 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 $36,882 for the 20%-down payment. That payment is 17% of the median Elbow Lake household income of $59,792; at that income and 20% down, the 28% guideline points to a home of about $206,000.
The median rent here is $742 a month, so owning the median home costs about $119 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $25,380 |
|---|---|
| Loan amount | $101,520 |
| Principal and interest | $683 |
| Property taxes (1.18% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $53 |
| PMI | $0 |
| Total per month | $861 |
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| Down payment | $4,442 |
|---|---|
| Loan amount | $124,602 |
| Principal and interest | $838 |
| Property taxes (1.18% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $53 |
| FHA mortgage insurance | $56 |
| Total per month | $1,072 |
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Questions about home buying in Elbow Lake
What is the median home value in Elbow Lake?
About $126,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elbow Lake?
Homeowners pay a median $1,500 a year, which is about 1.18% 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 Elbow Lake?
For the median home with 20% down at 7.11%, the payment is about $861 a month. Keeping that under 28% of gross income takes about $36,882 a year.
More about Elbow Lake
- Mortgage Refinance in Elbow Lake
- Debt Relief in Elbow Lake
- Home Equity Loans in Elbow Lake
- 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