[4] The first European-American house was built at Elk Falls in 1870, and a post office was opened that same year.

[6] Two early settlers in the rural community were the widow Prudence Crandall (who took back her maiden name after her husband died), an educator from Connecticut who had established the Canterbury Female Boarding School in the 1830s for African-American girls and young women; and her brother Hezekiah.

[8] The 2020 United States census counted 113 people, 54 households, and 34 families in Elk Falls.

There were 55 housing units at an average density of 75.7 per square mile (29.2/km2).

27.8% of households consisted of individuals and 16.7% had someone living alone who was 65 years of age or older.

The racial makeup of the city was 92.5% White, 1.9% Native American, 0.9% Asian, and 4.7% from two or more races.

35.2% of all households were made up of individuals, and 22.2% had someone living alone who was 65 years of age or older.

27.5% of all households were made up of individuals, and 11.8% had someone living alone who was 65 years of age or older.

There were 6.7% of families and 2.9% of the population living below the poverty line, including no under eighteens and none of those over 64.

The community is served by West Elk USD 282 public school district.