Though the small town had two stores, two barber shops, a doctor’s office, a dentist, a drug store and a feed store, the population had begun to fall by 1927, having only 269 residents.

When Kansas Highway 160 was built through Elk Falls in 1957, the traffic on the old steel bridge dwindled to almost nothing. And, when the Elk River experienced a dramatic flood in 1976, most of the wooden planks making up the bridge floor were taken with the turbulent waters. The old bridge was no longer feasible for repair or vehicular traffic and the Elk County Commissioners voted to condemn the bridge and closed it. However, plans to destroy the bridge were fortunately delayed and in 1983, the bridge was preserved as a foot bridge.  In 1992, the bridge was made a historical site by the Kansas State Historical Society and in 1994 was placed on the National Register of Historic Sites.

Today, while Elk Falls describes itself as a living ghost town, it also has to say: “We ain’t dead yet!” Not the typical tourist destination, this off the beaten path town, has done its absolute best to stay alive. This is a place where the visitor can slow down, feel the soothing tranquility of the Falls, relax, and see a bit of history without the frenzied pace of a city.

Several years ago, an Elk Falls resident got an idea to draw tourists by calling it the world's largest living ghost town. Evidently, at the time of this idea, some of the people really appreciated it, while others weren’t so happy, preferring to remain anonymous in the dying town.  However, the idea caught hold. Numerous artists and craftsmen began to converge on the dying town and within a few short years, the ghost town was drawing thousands of visitors each year.

Though many of the artists and performers have since moved on and Elk Falls is once again making good on its "ghost town" claim, its falls are still running and an old attraction known as the Rock Garden, built in the 1930's, is currently being restored and will eventually be the home of Elk Falls Pottery, an establishment that has been thriving for three decades.

"The Falls" can be seen at the east end of Montgomery Street, about three blocks east of the main street in Elk Falls.