Cost of Living in Ely, MN
Housing
The housing market plays a significant role in determining the cost of living in Ely, MN.
- Housing Index: 110.0 / 100
- Median Home Price is: $211,000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1280 per month
Considering a move to Ely, MN? The housing index is at 110.0, which indicates that housing costs are higher than the national average. With a median home price of 211000, purchasing a home may demand careful financial consideration. If you prefer renting, the average rent for a 2-bedroom apartment is 1200 and for a 2-bedroom house, it's 1280. Comparatively, you'll want to evaluate these costs in relation to your income and lifestyle to ensure they align with your budget and living preferences.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Ely, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $230 per month
Living in Ely, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $230 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Ely is a financially viable option for your relocation.