Report: Elk River 10th in real estate affordability

by Joni Astrup

Associate Editor

Elk River ranks 10th on a list of the most affordable real estate markets in Minnesota.

That’s according to a recent report from Coldwell Banker Real Estate.

Elk River ranks 10th in affordability out of 42 cities in Minnesota included in the report. Orono is the most expensive place to live, and Owatonna is the most affordable.

A four-bedroom, two bathroom home in Orono lists for $1.25 million, compared to $145,646 in Owatonna and $221,896 in Elk River, according to the 2013 Home Listing Report.

The average nationally is $301,414. Malibu, Calif., is the most expensive place to live, with an average home listing at $2.16 million.

Cleveland, Ohio, came in as the most affordable market. A four-bedroom, two-bathroom house there lists for $63,729.

The 2013 Home Listing Report surveyed more than 1,900 markets and 52,000 listings.

Other findings in the report:

•Elk River ranks No. 823 in affordability out of the 1,997 markets included in the report.

•Orono is the eighth most expensive housing market in the U.S.

•California holds 13 of the top 25 spots for the most expensive markets in the United States.

•Sixty percent of the 25 most affordable markets are in the Midwest.

Most affordable real estate markets in Minnesota

1. Owatonna…….$145,646

2. Willmar…………$165,072

3. Moorhead…….$166,569

4. St. Cloud……….$167,552

5. Albert Lea……..$170,929

6. Duluth………….$189,713

7. Mankato……….$204,234

8. Bemidji…………$208,927

9. Pine City………..$219,318

10. Elk River………$221,896

Source: 2013 Home Listing Report from Coldwell Banker Real Estate

 

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