ZIP Code 55020 — Elko New Market city, MN Demographics & Data

ZIP code 55020 covers Elko New Market, MN in Scott County with a population of about 4,391.

At a glance, the area shows median age of 34.1 versus a U.S. median of about 38.9.

It sits in telephone area code 952; U.S. House district MN-2; the MINNEAPOLIS - ST. PAUL media market.

Median household income in ZIP 55020 is about $127,159 — about 69% above the U.S. median ($75,149).

On socioeconomic markers, US5 shows a poverty rate of 3.2%; unemployment rate near 1.3%; 37.9% of adults with a bachelor’s degree or higher (about 4.2 points above the national share (33.7%)).

Labor and commute patterns include leading industry context around Healthcare, Finance and insurance, and Manufacturing; about 16.6% of workers reporting work-from-home (about 1.4 points above the U.S. share (15.2%)); a mean commute of about 180.0 minutes (U.S. average near 26.8).

Median home value is about $452,700 — about 30% above the U.S. median home value ($348,079).

Housing tenure and rents show owner-occupancy near 99.3% (about 33.9 points above the national owner-occupancy rate (65.4%)).

To comfortably buy a median-priced home in ZIP 55020 in Elko New Market, MN, a household would need roughly $125,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,908. That is roughly in line with the local median household income ($127,159). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

FEMA’s National Risk Index rates natural-hazard risk for Elko New Market city, MN as Relatively Low (composite score 76.6), which is elevated versus much of the country. The strongest component scores on US5 are flood (73.0) and wildfire (52.0). These scores are county-linked NRI values published for planning context — all ZIP codes in the same county share the same composite score on US5. Useful when comparing insurance and disaster exposure across areas, not a substitute for a parcel-level flood or fire determination.

Climate normals for Elko New Market city, MN show little to no average snow and around 32.3 inches of annual precipitation.

IRS migration statistics show a net inflow of about 312 for ZIP 55020 (Elko New Market city, MN) on US5’s published series — a signal of people/tax filers moving in relative to those leaving. Inflows often track job growth, housing demand, or lifestyle migration; treat the figure as a directional indicator rather than a precise headcount.