Cost of Living in Lake Elmo, MN
Population 12,504 · Minnesota · Data vintage 2023
(100 = US avg)
Lake Elmo's housing market reflects its status as a high-earning metro: $589,000 for a typical home, 93% above the US median, paired with household incomes around $153,407 that put it in the upper third of the state. The labor market has been unusually tight, with unemployment around 2.3% — below most comparable cities in the state.
Geographically, Lake Elmo sits roughly 10 miles east of St. Paul. Median home values run roughly 110% higher than St. Paul's $280,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lake Elmo
The median home value in Lake Elmo is $588,900 — 93% above the national median of $305,000. Median rent runs $2,204/month, 68% higher than the national median of $1,314/month. The median household income of $153,407/year is 106% higher than the US median of $74,580. The local unemployment rate is 2.3%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Lake Elmo has a cost of living index of 183 versus the US average of 100, meaning it is 83% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Lake Elmo, MN?
Lake Elmo has a cost index of 183 (100 = national average). It is 83% above the national average.
What is average rent in Lake Elmo, MN?
The median gross rent in Lake Elmo is $2,204 per month based on 2023 Census data.
What is the average home price in Lake Elmo?
The median home value in Lake Elmo is $588,900 according to Zillow and Census data.
What is the median income in Lake Elmo?
The median household income in Lake Elmo is $153,407 per year (2023 ACS 5-year estimates).
What is the sales tax in Lake Elmo, MN?
The combined state and local sales tax rate in Lake Elmo is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Lake Elmo, MN affordable?
Lake Elmo is above average in cost of living, with an index of 183 — about 83% higher than the national average.
Lake Elmo at a Glance
- Population
- 12,504
- Median Income
- $153,407
- Home Value
- $588,900
- Median Rent
- $2,204/mo
- Unemployment
- 2.3%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
Cities in other states with comparable housing costs