The typical owner-occupied home in Elkton is worth about $191,100, 42% below the Minnesota median of $329,300 and 43% below the national median of $332,700. Owners pay a median $2,481 a year in property taxes, about 1.30% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $53,523 a year, so the median home costs 3.6 times the median income (3.7 times for Minnesota). 91% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Elkton at a glance
| Elkton | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $191,100 | $329,300 | $332,700 |
| Median property tax paid per year | $2,481 | $3,357 | $3,119 |
| Property tax as a share of value | 1.30% | 1.02% | 0.94% |
| Median household income | $53,523 | $89,062 | $80,734 |
| Homes lived in by their owners | 91% | 72% | 65% |
| Owner homes with a mortgage | 47% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,250 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 27.5% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1966 | 1979 | 1980 |
| Vacant homes | 7.8% | 9.3% | 10.1% |
| Population | 94 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Elkton
At this week's average 30-year rate of 7.11%, buying the median Elkton home of $191,100 with 20% down costs about $1,315 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,633, 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 $56,361 for the 20%-down payment. That payment is 29% of the median Elkton household income of $53,523; at that income and 20% down, the 28% guideline points to a home of about $181,000.
| Down payment | $38,220 |
|---|---|
| Loan amount | $152,880 |
| Principal and interest | $1,028 |
| Property taxes (1.30% a year) | $207 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| PMI | $0 |
| Total per month | $1,315 |
Change the numbers in the calculator
| Down payment | $6,688 |
|---|---|
| Loan amount | $187,639 |
| Principal and interest | $1,262 |
| Property taxes (1.30% a year) | $207 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| FHA mortgage insurance | $85 |
| Total per month | $1,633 |
Change the numbers in the calculator
Questions about home buying in Elkton
What is the median home value in Elkton?
About $191,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elkton?
Homeowners pay a median $2,481 a year, which is about 1.30% 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 Elkton?
For the median home with 20% down at 7.11%, the payment is about $1,315 a month. Keeping that under 28% of gross income takes about $56,361 a year.
More about Elkton
- Mortgage Refinance in Elkton
- Debt Relief in Elkton
- Home Equity Loans in Elkton
- 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