Zip code 55020 in Elko New Market, Minnesota, is classified as a "Low Diversity" community with a "White Majority" as of 2022. The area has a population of 5,308 and a median household income of $137,673, indicating a relatively affluent suburban community.

Over the past decade, Elko New Market has maintained its status as a "Low Diversity" community with a "White Majority." However, there are signs of a gradual shift towards becoming a "Transitional Community". In 2013, the white population comprised 96% of the total. By 2022, this percentage decreased to 88%, indicating a slow but steady diversification. The Hispanic population increased from 1% in 2013 to 4% in 2022. The Black population grew from 0% to 3% during the same period. The Asian population remained stable at around 1%. The percentage of residents identifying as two or more races increased from 1% to 3%.

The demographic shifts correlate with significant economic growth in the area. Median household income increased from $98,944 in 2013 to $137,673 in 2022, a 39% growth over nine years. This income growth outpaces inflation, suggesting real economic gains for residents. The population grew from 4,662 in 2013 to 5,308 in 2022, an increase of about 14%. The correlation between increasing diversity and rising incomes suggests that the area is attracting a diverse group of affluent professionals, possibly due to job opportunities in nearby urban centers or local economic development.