This is a small community in a single neighborhood.
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What do we mean by a neighborhood?
NeighborhoodScout® uses the official government designation for neighborhoods - the census tract.
Census tracts are small, relatively permanent subdivisions of a county that are defined by the U.S. Census Bureau in conjunction with local authorities all across the country to define real neighborhoods that are bounded to contain areas with homogeneous population characteristics (including economic status, lifestyle, and living conditions). Census tracts usually have 4,000 persons, but can range between 1,500 and 8,000 persons. This is the most fine-grained area for which detailed information is made available from the government, to protect the individual privacy of each of us. Because census tracts are based on population, they vary in size depending on the density of settlement. In urban areas, they are small, and in rural areas they can cover an entire small town or even a few small towns in very rural areas.
Since census tracts are subdivisions of a county, we did a spatial overlay of the census tracts onto city and town boundaries using a geographic information system to properly assign each census tract to its appropriate city or town. Then we named each census tract to the local colloquially recognized neighborhood name for that spot (e.g., Boston, MA (Dorchester). If there was not a name available, we named the census tract by the largest street intersection in the census tract (e.g., Worcester, MA (Lincoln St/Plantation St)
Why we don't use Zip Codes as neighborhoods
Zip codes were developed by the Postal Service for the purpose of delivering mail, but were never intended to define coherent neighborhoods. In addition, Zip Codes can have as many as 10 distinctly different census tracts contained within them. When distinct census tracts are blended together in a single Zip Code, the data reflects their average conditions and often gives a false sense of the area. The result is that potentially great matching neighborhoods can be missed, and erroneous matches can also be produced and delivered to you.
Using census tracts makes great matches possible, and helps people find the areas that are best for them and their families. Because we are committed to providing the highest possible quality and finding the neighborhoods that best meet your criteria, we use census tracts. And, as always, we show you the actual street map of the neighborhood so you know exactly where your best matching neighborhood is located.
What is a Condition Alert?
A condition alert is a condition in the neighborhood that triggers an alert. NeighborhoodScout contains condition alerts to highlight conditions that are extreme, whether good or bad. This helps answer crucial questions about the state of the neighborhood being evaluated, such as:
What are the risks of violent crime here?
Is the risk of home break-ins or other property crimes increasing?
Does real estate here hold its value?
Are the trends in local vacancies or unemployment concerning?
...and dozens more.
Information at a glance that you need to know to invest, appraise or finance a property.
Elko New Market is a very small city located in the state of Minnesota. With a population of 5,024 people and just one neighborhood, Elko New Market is the 160th largest community in Minnesota. There's nothing like the smell of a brand new house, and in Elko New Market, you'll find that a large proportion of houses were recently built. New growth in residential real estate is an indication that people are choosing to move to Elko New Market, and putting down their money on brand new construction. Elko New Market’s real estate is, on average, some of the newest in the nation. Elko New Market does seem to be experiencing an influx of affluent people, because the median household income is $149,881.00.
Elko New Market real estate is some of the most expensive in Minnesota, although Elko New Market house values don't compare to the most expensive real estate in the U.S.
Occupations and Workforce
Elko New Market is a decidedly white-collar city, with fully 89.14% of the workforce employed in white-collar jobs, well above the national average. Overall, Elko New Market is a city of professionals, sales and office workers, and managers. There are especially a lot of people living in Elko New Market who work in sales jobs (13.59%), healthcare (10.16%), and office and administrative support (9.73%).
Also of interest is that Elko New Market has more people living here who work in computers and math than 95% of the places in the US.
Telecommuters are a relatively large percentage of the workforce: 18.65% of people work from home. While this number may seem small overall, as a fraction of the total workforce it is high relative to the nation. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
Setting & Lifestyle
Because of many things, Elko New Market is a great place for families with children to consider. First of all, many other families with children live here, making Elko New Market a place where both parents and children are more likely to develop social ties with other families, as well as find family-oriented services and community. The city’s good public school district and large population of college-educated adults provide an environment conducive to academic values. With regard to real estate, Elko New Market has a high rate of owner-occupied single family homes, which tends to reflect stability in the local community. Finally, Elko New Market’s overall crime rate ranks among the lowest in the country, making it one of the safest places to raise a family.
One downside of living in Elko New Market, however, is that residents on average have to contend with a long commute, spending on average 31.90 minutes every day commuting to work.
Demographics
The citizens of Elko New Market are among the most well-educated in the nation: 43.65% of adults in Elko New Market have a bachelor's degree or even advanced degree, whereas the average US city has 21.84% holding at least a bachelor's degree.
The per capita income in Elko New Market in 2022 was $51,624, which is wealthy relative to Minnesota and the nation. This equates to an annual income of $206,496 for a family of four.
Elko New Market is a somewhat ethnically-diverse city. The people who call Elko New Market home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Elko New Market residents report their race to be White, followed by Black or African-American. Important ancestries of people in Elko New Market include German, Norwegian, Irish, Swedish, and English.
The most common language spoken in Elko New Market is English. Other important languages spoken here include Polish and Spanish.
Notable & Unique Neighborhood Characteristics
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
People
Priests and therapists would like to think they know the secrets to a truly successful marriage, but according to NeighborhoodScout's research, the folks of the neighborhood may actually hold the key. 73.8% of its residents are married, which is a higher percentage than is found in 98.6% of the neighborhoods in America.
In addition, according to NeighborhoodScout's exclusive analysis, is among the best neighborhoods for families in Minnesota. In fact, this neighborhood is more family-friendly than 98.4% of neighborhoods in the entire state of Minnesota. Its combination of top public schools, low crime rates, and owner-occupied single family homes gives this area the look and feel of a "Leave It to Beaver" episode. Many other families also live here, making it easy to socialize and develop a strong sense of community. In addition, the high number of college-educated parents influences the academic success of the local schools. Overall, you will find all of the amenities a family needs to thrive in the neighborhood. In addition to being an excellent choice for families with school-aged children, this neighborhood is also a very good choice for urban sophisticates, highly educated executives and college students.
Real Estate
One way that the neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 97.2% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.
Diversity
Did you know that the neighborhood has more Norwegian and Swedish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.2% of this neighborhood's residents have Norwegian ancestry and 6.9% have Swedish ancestry.
The Neighbors
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the neighborhood in Elko New Market are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 92.7% of the neighborhoods in America. In addition, 2.0% 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 75.3% 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 neighborhood, 47.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 27.7% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (12.6%), and 12.0% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the neighborhood is English, spoken by 93.9% of households.
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 neighborhood in Elko New Market, MN, residents most commonly identify their ethnicity or ancestry as German (36.2%). There are also a number of people of Norwegian ancestry (16.2%), and residents who report Irish roots (12.6%), and some of the residents are also of Swedish ancestry (6.9%), along with some English ancestry residents (6.5%), among others.
Getting to Work
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in neighborhood spend between 30 and 45 minutes commuting one-way to work (38.3% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.
Here most residents (77.4%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
SCOUT’s patented match algorithm identifies the most similar neighborhoods to a subject location, and quantifies the similarity to the subject location. This allows analysts to identify the most similar neighborhoods in a local market area for appraisals, investments, and research.
The algorithm uses 273 neighborhood conditions, identifies the dominant dimensions underlying the conditions and calculates the similarity. This captures the true culture and character of locations, economic conditions, and trends.
The closer to 100% means the locations are nearly identical. 80% is a very good, but not excellent match, and so forth.
