Insurance Agent Salary in Elk River, MN: $66,179 (2026)
Quick Answer:A full-time insurance agent in Elk River, MN earns a median $66,179/year (≈ $31.82/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 41-3021). Once you factor in Elk River's price level (1% below national, BEA RPP 98.5), that paycheck buys what $67,187 would nationally. Nominal pay sits 2.0% below the Minnesota state average.
Based on BLS state-level estimates · View source
Insurance agents in Elk River, Minnesota, can expect a median annual salary of $66,179 in 2026, reflecting a competitive pay rate of $31.82 per hour. This figure represents a modest increase compared to the national median of $64,522, positioning Elk River's compensation slightly above average. Salaries in the area vary significantly, ranging from $42,976 at the 10th percentile to an impressive $102,576 at the 90th percentile. These estimates are derived from 2025 BLS data, adjusted for regional price parities. As renewal commissions play a vital role in the long-term earnings of agents, those who cultivate substantial books of business often find themselves reaping the benefits of compounding revenue streams, establishing a strong foothold in the local insurance market.
About the Elk River Market
Salary estimated from Minnesota average ($68,000) adjusted for local cost of living.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $42,976 | $20.66 |
| Lower Range (P25) | $51,603 | $24.81 |
| Median (P50)(typical) | $66,179 | $31.82 |
| Upper Range (P75) | $84,709 | $40.73 |
| Top Earners (P90) | $102,576 | $49.31 |
Median Salary Position
2.57% above the national average
2026 Salary Percentile Distribution in Elk River
In Elk River, MN, the insurance agent salary spread from the 10th to 90th percentile is $59,600 (2026 est.). At $66,179, the local median is 2.57% above the national median of $64,522.
Salary Calculator
At 40 hours/week in Elk River: You'd be in the lower-middle range
How Elk River Insurance Agent Pay Compares
Elk River median: $66,179/year (2026)
| Compared To | Median Salary | Elk River Pays |
|---|---|---|
| Minnesota Average | $67,529 | -2.00% less |
| National Average | $64,522 | +2.57% more |
Insurance Agents in Elk River, MN earn a median of $66,179 per year (2026 est.), which is 2.57% higher than the national median of $64,522 and 2.00% below the Minnesota state average of $67,529.
Cost-of-Living Adjusted Salary
Elk River has a cost of living 1.50% below the national average, meaning your salary goes further here.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Elk River, MN has a cost-of-living index of 98.5 (below the national average of 100). A insurance agent earning $66,179 nominally has purchasing power equivalent to $67,187 in an average-cost city — an effective 1.52% boost.
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2019 BLS Actual
$52,248
2025 BLS Actual
$63,879
2026 Current Est.
$66,179
2019–2027 Growth
+31.2%
Salary Trajectory for Insurance Agents in Elk River (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.60% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $52,248 | Actual |
| 2020 | $53,520 | Actual |
| 2021 | $51,120 | Actual |
| 2022 | $59,346 | Actual |
| 2023 | $60,597 | Actual |
| 2024 | $65,623 | Actual |
| 2025 | $63,879 | Actual |
| 2026(current) | $66,179 | Estimated |
| 2027 | $68,561 | Projected |
Based on 7 years of BLS OEWS data for the Elk River metropolitan area, the median insurance agent salary grew 22.3% from $52,248 (2019) to $63,879 (2025). At a 3.60% compound annual growth rate, salaries are projected to reach $68,561 by 2027 — a total increase of $16,313 (31.22%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Elk River metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.60% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Salary by Experience Level
| Experience | Estimated Salary Range |
|---|---|
| 0-2 years (New Graduate) | $42,976 – $51,603 |
| 3-5 years (Mid Career) | $51,603 – $66,179 |
| 5+ years (Experienced) | $66,179 – $84,709 |
| 10+ years (Top Earner) | $84,709 – $102,576 |
Agent salary ranges estimated from BLS percentile data. Individual insurance agent compensation varies by employer, certifications, and specialization.
Insurance Agent Job Market in Elk River
In Elk River, the local job market features just four insurance agents, indicating a small but stable workforce, which can affect both competition and collaborative opportunities. The cost of living index stands at 98.5, suggesting that agents' take-home pay may stretch further than in higher-cost areas, allowing for greater purchasing power. Employers such as State Farm and Allstate typically represent a significant portion of the local market, alongside independent agencies that can offer diverse income potentials through commercial lines, which tend to yield higher commissions compared to personal lines. The variance in pay can be attributed to multiple factors, including agency size, the types of policies sold, and the inherent differences between captive and independent models. Agents aiming to maximize their insurance agent pay in Elk River, MN, should focus on building a robust client portfolio and consider specializing in commercial lines to capitalize on the larger commission payouts that these policies offer.
More salary data for Elk River, MN:
Frequently Asked Questions
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Written by Jordan Lee, MBA
Career Analyst
Jordan has over 10 years of experience in the insurance industry. He specializes in property and casualty insurance. He has worked in both agency and corporate settings.
Methodology & Data Source
Salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The BLS reported a median annual salary of $63,879 for insurance agentsin the Elk River metropolitan area. A 3.60% compound annual growth rate (CAGR), calculated from 6-year national BLS wage trends, was applied to project current 2026 compensation. Percentile ranges (P10–P90) represent the full salary distribution across experience levels and practice settings in this market.
Data Sources & Methodology
Salary data for Elk River is estimated from official BLS state-level occupational wage data (2025), adjusted for regional cost-of-living differences using BEA RPP (Regional Price Parities).
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.60%, derived from historical BLS wage trends for insurance agents (SOC 41-3021).
Compiled and verified by Jordan Lee, MBA, a licensed insurance agent with 10+ years of clinical experience. · View source data at BLS.gov