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Most Affordable with Top Schools!

Elko New Market ranks as one of 'most affordable with top schools' communities in country

The City of Elko New Market was recently ranked one of the top communities in the country for offering both affordable housing and top-rated schools, according to research by HomeUnion, an online real estate investment management firm. The 55020 zip code within the southern Twin Cities suburb ranked 14thin the nation for its median home prices of $209,000 and the ranking of Lakeville Area Public Schools in the 80thpercentile by the National Center for Education Statistics. In addition to Lakeville Area Public Schools, Elko New Market is also served by New Prague Area Public Schools.

“It’s ironic that while our community has received this national recognition and has a quality of life that is so highly rated by our residents, many are not familiar with our city,” said Thomas Terry, city administrator of Elko New Market. “A choice of two excellent school districts and desirable single-family homes within reach of most home buyers are just two of the community’s positive attributes. Elko New Market is a growing, tight-knit community with easy access to either downtown, and offers would-be residents small-town living minutes from big-city amenities.”

HomeUnion determined its rankings based on median home prices in 31 major metro areas and schools ranked in the 80th percentile or higher by the National Center for Education Statistics.

Elko New Market is a Scott County community located just 28 miles south of downtown Minneapolis. As of 2014, it had 4,472 residents. Both the 55020 and 55054 zip codes that serve Elko New Market ranked among the 10 wealthiest zip codes in the Twin Cities in the most recent ranking published by The Minneapolis/St. Paul Business Journal. According to the 2014 American Community Survey, the median annual household income in Elko New Market was $97,100. Forty-eight percent of the households in the community are married couples with children.

Lakeville Area Public Schools, a district of 10,800 students, has a 95 percent graduation rate and an average ACT score of 24.1. New Prague Senior High, which has a 96 percent graduation rate, received a silver medal in the Best High School rankings by U.S. News & World Report.