Affordable

What Salary Do You Need to Live in Ely?

To afford a 2-bedroom in Ely, you need to earn at least $27,120/year based on estimated fair market rent data. The median household income here is $47,095, which means the typical resident is $19,975 above the threshold.

Census ACS Data Pop. 3,265

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$475	$1,583	$19,000	$-28,095
1 Bedroom	$563	$1,877	$22,520	$-24,575
2 Bedroom BENCHMARK	$678	$2,260	$27,120	$-19,975
3 Bedroom	$827	$2,757	$33,080	$-14,015
4 Bedroom	$1,017	$3,390	$40,680	$-6,415

Affordability Breakdown

Where the required salary line crosses above Ely's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$47,095

Annual household

2BR Required Salary

$27,120

Under 30% rule

Income Gap

+$19,975

Surplus

Verdict

Affordable

Ratio: 17.3%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Ely

Your Annual Salary

Pre-filled with Ely's median household income

Max monthly rent you can afford$1,177

Studio

$475/mo

1 BR

$563/mo

2 BR

$678/mo

3 BR

$827/mo

4 BR

$1,017/mo

Your salary is $0 above the median income in Ely.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Ely's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Ely

Living in Ely is well within reach for most median-income earners. With a $19,975 cushion between what residents earn and what a 2-bedroom requires, households in Ely typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Ely, a studio at $475/month offers an even more aggressive savings rate. Even a 3-bedroom at $827/month remains accessible for dual-income households earning above $33,080.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $40,680 would position you well — though many residents in Ely manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Ely, Minnesota.

With a total population of 3,265, the city supports an active civilian workforce of 1,679 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $27,120 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

1,679

Active civilian employees in Ely

Frequently Asked Questions About Renting in Ely

What salary do I need to live in Ely, Minnesota?

To afford a 2-bedroom in Ely under the 30% rule, you need an annual salary of at least $27,120. The median household income in Ely is $47,095.

Can I afford a 2-bedroom in Ely on $47,095?

The affordability verdict for Ely is "Affordable". The rent-to-income ratio is 17.3%, meaning median earners have a $19,975 surplus.

What is the average rent in Ely compared to median income?

The median gross rent in Ely is $563/month. With a median household income of $47,095, residents spend approximately 17.3% of their income on rent.

What salary do I need for a studio in Ely?

A studio in Ely rents for approximately $475/month. Under the 30% rule, you need an annual salary of $19,000 to afford this.

Is Ely considered an affordable place to live?

Based on the surplus of $19,975 and an affordability verdict of "Affordable", Ely is considered a affordable rental market when comparing the required 2-bedroom salary of $27,120 to the local median household income.

How Ely Compares

Other cities in Minnesota with salary requirements