Income & Economy in Ely city, MN (55731)
Median Income
$62,900
*Adjusted for inflation (2023 dollars)
IRS Net Migration
+376
Wealth inflow
Population
5,292
Unemployment
2.3%
1.5pp below US avg
IRS migration statistics show a net inflow of about 376 for ZIP 55731 (Ely 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.
Historical Trends in 55731 (2020–Present)
Since 2020, population declined 8.3%, median income rose 10.7% (inflation-adjusted), home values decreased 7.2%.
Economy & Jobs key statistics
| Income & Jobs | |
|---|---|
| Median household income | $62,900 |
| Unemployment | 2.3% |
| Establishments | 252 |
| Employees | 1,449 |