Real Estate Investing in Ely, Minnesota
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Should you buy in Ely, MN? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 43.1% of homes vacant — above national norms.
What’s happening in Ely, MN?
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Market Trends — Ely, MN
Home Value History
Investing in Ely Real Estate
Ely, MN covers 2 ZIP codes and a population but the investment metrics here are sluggish — this is not a market to enter casually.
Ely is the kind of market where the cap rate on paper and the cap rate realized tend to diverge. decisively out-of-state investors should be especially careful with the assumptions they carry in.
Transaction volume in Ely has thinned in a way that amplifies price discovery risk. Turning to rents, investors without local context should treat every number on the page with skepticism.
Distressed-leaning demographics in Ely — soft income growth, high rent burden, population shifts — are among the reasons the ★★★☆☆ rating sits where it does.
Best ZIP codes in Duluth, MN-WI
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Landlord Ground Truth
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ZIP Codes in Ely, MN
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View PlansFrequently Asked Questions About Ely, MN
How does Ely, MN stack up for property investment?
The 3.0/5 investability rating in Ely, MN reflects its $213K prices and $968/mo rents. Investors generally consider it a solid option within MN.
Are rents high in Ely, MN?
Average rent in Ely, MN is approximately $968/mo per month. Against $213K home values that yields a reasonable rent-to-price ratio.
What is the typical vacancy rate in Ely, MN?
Rental vacancy in Ely, MN is elevated. Investors should budget normal turnover but not chronic empty units.
Where do home prices stand in Ely, MN?
Typical homes in Ely, MN go for around $213K. The 5-year CAGR of 0.0% stable price movement.
Is Ely, MN suited for a house hack?
House hacking in Ely, MN is reasonable to execute. Prices around $213K and rents of $968/mo solid owner-occupant economics.
Community Ratings
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