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Ely city, MN

ZIP 55731 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55731

Median Home Value
$202,900
Median Rent
$566
Affordability Snapshot
$56,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,303/mo PITI).

11%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.2x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

29.9 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55731 in Ely city, MN, a household would need roughly $56,000 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 $1,303. That sits below the local median household income ($62,900), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 43% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
75.5%+15% vs US avg
x
Vacancy Rate
43.4%+322% vs US avg
x
Broadband Access
88.5%+2% vs US avg
x
4+ Bedrooms
1.5%-90% vs US avg
x
Built Pre-1939
6.2%-52% vs US avg
x
Built Post-2014
0.6%-92% vs US avg
x
Rent Burden >30%
32.9%-34% vs US avg
x
Mortgage-Free
55.5%+45% vs US avg
x
$202,900
Home Value
$566
Rent
1971
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached83.7%
  • 1-unit attached0.7%
  • 2-9 units6.1%
  • 10+ units6.9%
  • Mobile home & other2.6%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$202,900
Median rent$566
Owner-occupied75.5%
Vacant43.4%
Price-to-income3.2x
Est. income to buy$56,000