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Real Estate Prices & Overview

Elk River Southwest median real estate price is $361,380, which is more expensive than 57.5% of the neighborhoods in Minnesota and 52.4% of the neighborhoods in the U.S.

The average rental price in Elk River Southwest is currently $1,867, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 64.0% of the neighborhoods in Minnesota.

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

Elk River Southwest real estate 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 Elk River Southwest neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

Home and apartment vacancy rates are 7.5% in Elk River Southwest. NeighborhoodScout analysis shows that this rate is lower than 50.7% of the neighborhoods in the nation, approximately near the middle range for vacancies.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Elk River, the Elk River Southwest neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

Of particular note, 12.8% of the people in the Elk River Southwest neighborhood currently reside in a correction facility, held due to punishment for a crime.

Diversity

Did you know that the Elk River Southwest neighborhood has more Swedish and Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.0% of this neighborhood's residents have Swedish ancestry and 13.0% have Norwegian 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 Elk River Southwest neighborhood in Elk River are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 69.3% of the neighborhoods in America. In addition, 6.9% 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 58.8% 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 Southwest neighborhood, 33.3% of the working population is employed in manufacturing and laborer occupations. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 32.4% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (21.1%), and 13.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Elk River Southwest neighborhood is English, spoken by 90.8% of households. Some people also speak Spanish (3.1%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Elk River Southwest neighborhood in Elk River, MN, residents most commonly identify their ethnicity or ancestry as German (30.0%). There are also a number of people of Norwegian ancestry (13.0%), and residents who report Swedish roots (8.0%), and some of the residents are also of Irish ancestry (7.2%), along with some English ancestry residents (5.4%), 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 Southwest neighborhood spend between 15 and 30 minutes commuting one-way to work (26.9% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (86.5%) 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 (5.5%) . 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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