Photo: ShakataGaNai · CC BY-SA 3.0Measured against area pay, Ely costs less to live in than 81% of U.S. towns
It ranks #31 of 273 in Minnesota for affordability. Up 5.8% in a year, 19% below the Minnesota typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Duluth, MN-WI metro area ($72K). How TownRatings grades cost of living
Only 4 sales in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
In dollars, homes in Ely cost less than the Minnesota typical home. But the grade compares costs with what households in the area earn, and Duluth-area incomes are lower too ($72K, against $74K for the typical U.S. town). Property tax takes 0.85% of a home’s value a year (Minnesota: 1.02%), and 58% of renters pay 30% or more of income for housing.
In dollars
- $283Ktypical home, 19% below the Minnesota typical homeZillow, September 2026
- $1,120a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 89prices across the Duluth metro, where the U.S. is 100 (housing 71)BEA Regional Price Parities, 2024
In paychecks the grade
- 2.2 yrsof area income buys the typical home; the typical U.S. town: 3.3$72K, Duluth-area income
- 10%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 58%of renters pay 30%+ of income for housing; across Minnesota: 48%Census 2020–24
- 24%of owners do; the typical U.S. town: 20%Census 2020–24
What Ely’s housing numbers say
New renters pay more than renters already here
HUD puts a standard two-bedroom at about $1,120 a month with utilities, the going rate for someone moving in. Renters already in Ely pay a median of $627. Renting ↓
An older housing stock
Half of Ely’s homes were built before 1942, against 1979 for Minnesota as a whole. Older homes can mean character, and also bigger heating and repair bills, so an inspection matters. Property taxes ↓
About half of renters are stretched
58% of renter households spend 30% or more of their income on rent, against 48% across Minnesota. A standard two-bedroom would take 31% of the median household income. Renting ↓
Values rose faster than Minnesota’s over five years
The typical Ely home is up 32% in five years, against 14% across Minnesota. Price trend ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Ely’s grade
Measured against what households in the area earn, Ely is more affordable than 81% of U.S. towns, #31 of 273 in Minnesota. The share of households paying 30%+ for housing pulls the grade down most; rent holds it up.
Values have outpaced Minnesota: the typical Ely home is up 31.6% in five years, against 14.1% statewide (Zillow).
Up 31.6% in five years
Faster than Minnesota (14.1%).
Show as a table
| January | Ely | Minnesota |
|---|---|---|
| 2017 | $156,000 | $216,000 |
| 2018 | $159,000 | $231,000 |
| 2019 | $167,000 | $245,000 |
| 2020 | $174,000 | $257,000 |
| 2021 | $193,000 | $280,000 |
| 2022 | $226,000 | $311,000 |
| 2023 | $245,000 | $322,000 |
| 2024 | $257,000 | $329,000 |
| 2025 | $264,000 | $338,000 |
| 2026 | $275,000 | $346,000 |
| September 2026 | $283,000 | $349,000 |
A typical Ely home worth $156K in October 2016 is worth about $283K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A year’s rent takes 10% of area income
The calculator starts from the area income the grade uses. Switch to Ely’s own median, or type yours.
That’s $1K short of a typical Ely home.
A two-bedroom rents for about $1,120 a month here, $570 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Ely’s typical property tax (0.85% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,120
Renters already here pay a median of $627, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Duluth, MN-WI MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
5 new homes permitted in 2025
Builders were permitted 5 new homes in Ely in 2025, all single-family houses, worth about $2.1 million to build. That's 1.5 per 1,000 residents, slower than across Minnesota (3.8). Over the past 10 years, Ely has permitted 21 homes in all.
Between the 2010 and 2020 censuses, Ely's population fell by 192 even though 18 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across Minnesota: 2.2 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 3 | 3 | 0 | $1.3 million |
| 2025 | 5 | 5 | 0 | $2.1 million |
| 2024 | 1 | 1 | 0 | $400,000 |
| 2023 | 1 | 1 | 0 | $450,000 |
| 2022 | 2 | 2 | 0 | $1.1 million |
| 2021 | 3 | 3 | 0 | $1.7 million |
| 2020 | 1 | 1 | 0 | $260,000 |
| 2019 | 2 | 2 | 0 | $480,000 |
| 2018 | 4 | 4 | 0 | $1.3 million |
| 2017 | 0 | 0 | 0 | — |
| 2016 | 2 | 2 | 0 | $468,000 |
| 2015 | 5 | 3 | 2 | $900,000 |
| 2014 | 2 | 2 | 0 | $752,000 |
| 2013 | 1 | 1 | 0 | $189,000 |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 2 | 2 | 0 | $483,000 |
| 2010 | 0 | 0 | 0 | — |
| 2009 | 4 | 4 | 0 | $533,000 |
| 2008 | 3 | 3 | 0 | $384,000 |
| 2007 | 5 | 5 | 0 | $640,000 |
| 2006 | 0 | 0 | 0 | — |
| 2005 | 8 | 8 | 0 | $933,000 |
| 2004 | 4 | 4 | 0 | $333,000 |
| 2003 | 2 | 2 | 0 | $220,000 |
| 2002 | 1 | 1 | 0 | $54,000 |
| 2001 | 7 | 7 | 0 | $316,000 |
| 2000 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Property tax runs below the Minnesota norm
The median bill is $1,331 (Minnesota: $3,357), 0.85% of a home’s value a year, against 1.02% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Ely
Only figures published free for the whole country, each labeled with the area it covers: the Duluth, MN-WI metro area, or Minnesota. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 89 | MN 99 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 95 | MN 101 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 87 | MN 91 | metro | BEA, 2024 |
| Other services U.S. = 100 | 92 | MN 100 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Ely and its neighbors
One source per column.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Ely | A− | $283K | $157K | 0.85% | $1,120 |
Questions about the cost of living in Ely
Is Ely expensive to live in?
Measured against what households in the area earn, Ely costs less than 81% of U.S. towns: an A− for cost of living, #31 of 273 in Minnesota. The typical home costs 2.2 years of the median household income of the Duluth, MN-WI metro area ($72K).
How much does a house cost in Ely?
About $283K, Zillow’s typical value for September 2026, up 5.8% in a year. The Minnesota typical home is $349K.
What salary do you need to live in Ely?
To buy the typical home with 20% down at 6.3%, about $72,000 a year, keeping the payment (about $1,690 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $45,000.
How much is rent in Ely?
HUD puts a two-bedroom at about $1,120 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $627 (Census 2020–24).
What are property taxes in Ely?
The median bill is $1,331 a year, 0.85% of the median home value (Minnesota: $3,357, 1.02%), from the Census 2020–24.
Are home prices in Ely going up?
Yes: up 5.8% in the past year and 31.6% in five years, against 14.1% across Minnesota (Zillow).
Neighbors talk housing
What Ely buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.