States › Minnesota › Lake Elmo

Is Lake Elmo, MN expensive to live in?

CheapRent takes 19 cents of every $1 people earn here.
🏠 Rent per month (2026)$2,66252% higher than U.S. average
💵 Families earn per year (2026)$165,732about $13,811/month · 90% higher than U.S. average
🔑 House price$597,00079% higher than U.S. average

Rent is higher than in 89% of U.S. cities. Household incomes are higher than in 93% of U.S. cities. A typical house costs about 3.6 years of household income. Most homes (93.5%) are owned, so rentals can be hard to find. It is a highly educated city: 61.9% of adults have a college degree.

How much money do I need?

To rent here comfortably, you should earn about $106,480 a year. That is $51 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

No. Rent here is more expensive than in most of Minnesota. It is number 147 of 150 cities from cheapest to most expensive.

Lake Elmo
$2,662
Mounds View
$1,768
Waconia
$1,471
Vadnais Heights
$1,663
Rogers
$2,248
North St. Paul
$1,359
Cloquet
$1,032

How much do households earn in Lake Elmo?

Under $25k
7.6%
$25k–50k
10.2%
$50k–100k
19.3%
$100k–150k
23.4%
$150k+
37.4%

Share of households by yearly income. 60.8% of households earn $100,000 or more.

How expensive is Lake Elmo overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Lake Elmo, so the Minnesota figure is shown.

Taxes and bills in Lake Elmo

🏛️ Property tax$4,841a year · 0.81% of home value · U.S. $3,119
⚡ Electric bill$214a month (typical) · U.S. $156

Life in Lake Elmo

Commute to work22.8 minU.S.: 26.4 min
College degree61.9%U.S.: 35.7%
Own their home93.5%U.S.: 65.2%
Below poverty line4.8%U.S.: 12.5%
Unemployment2.3%U.S.: 5.2%

Is it cheaper to rent or buy in Lake Elmo?

Renting is cheaper right now: about $1,480 a month less.

Renting
$2,662
Owning
$4,142

Owning assumes a typical $597,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $59,700 for the down payment.

Frequently asked questions

What is the average rent in Lake Elmo, MN?

Renting in Lake Elmo costs a median of about $2,662 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Lake Elmo?

To keep rent under 30% of income, you need about $106,480 a year, or $51 an hour at a full-time job.

Is Lake Elmo cheap or expensive?

Lake Elmo is rated Cheap: rent takes 19.3% of the typical household income of $165,732. It ranks 147th cheapest of 150 Minnesota cities we track.

How much are property taxes in Lake Elmo?

The median homeowner in Lake Elmo pays $4,841 a year in property taxes, about 0.81% of the median home value.

Is Lake Elmo more expensive than the national average?

Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Lake Elmo?

The median home value in Lake Elmo is $597,000, about 3.6 times the typical yearly household income.

13,140 people live in Lake Elmo. Numbers are typical (middle) values.