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Real Estate Prices & Overview

Median real estate price in the City Center of Elk River is $344,567, which is more expensive than 48.7% of the neighborhoods in Minnesota and 46.0% of the neighborhoods in the U.S.

The average rental price in Elk River City Center is currently $1,320, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 78.5% of Minnesota neighborhoods.

Elk River City Center is a suburban neighborhood (based on population density) located in Elk River, Minnesota.

Real estate in the City Center of Elk River, MN is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the City Center neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Elk River City Center, the current vacancy rate is 0.0%, which is a lower rate of vacancies than 100.0% of all neighborhoods in the U.S. This means that the housing supply in Elk River City Center is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

Real Estate

This neighborhood has the distinction of having one of the lowest real estate vacancy rates of any neighborhood in America. With just 0.0% of the real estate vacant, this indicates an exceptionally strong demand for real estate in the Elk River City Center neighborhood, and/or an issue with creating enough supply for the demand. This could have the effect of increasing real estate prices, increasing supply to meet demand, or both.

Diversity

Did you know that the Elk River City Center neighborhood has more Finnish and Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.3% of this neighborhood's residents have Finnish ancestry and 13.2% have Norwegian ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the City Center neighborhood in Elk River are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 48.5% of the neighborhoods in America. In addition, 4.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 67.8% of America's neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Elk River City Center neighborhood, 34.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 27.2% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.8%), and 16.7% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Elk River City Center neighborhood is English, spoken by 94.6% of households. Some people also speak Polish (4.4%).

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the City Center neighborhood in Elk River, MN, residents most commonly identify their ethnicity or ancestry as German (35.1%). There are also a number of people of Norwegian ancestry (13.2%), and residents who report Irish roots (12.5%), and some of the residents are also of Polish ancestry (8.1%), along with some Swedish ancestry residents (4.4%), among others.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Elk River City Center neighborhood spend between 30 and 45 minutes commuting one-way to work (30.7% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (77.9%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (11.6%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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