Lake Elmo, MN
Population 12,504 · Minnesota
About Lake Elmo, MN
Lake Elmo is a mid-sized city located in Minnesota with a population of 12,504 residents according to the latest US Census Bureau American Community Survey data. The median household income is $153,407 per year, which is 104% above the national median of $75,149. The median age of 40.2 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake Elmo features a median home value of $588,900, which is 140% above the national median of $244,900. This places Lake Elmo in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,204, 90% above the national average of $1,163/month. Of the 4,747 total housing units, 92% are owner-occupied (4,224 units) and 8% are renter-occupied (351 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Elmo shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Elmo have an average one-way commute time of 23.3 minutes.
Education & Demographics
61.7% of Lake Elmo residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 3.9% White, 0.1% Hispanic or Latino, 0.0% Black or African American, and 0.1% Asian residents, with 5.0% of the population being foreign-born.
How Lake Elmo Ranks in Minnesota
Cost of Living in Lake Elmo, MN
Compared to national averages, Lake Elmo has a median household income of $153,407 (104% above the national median of $75,149). Home values average $588,900, which is 140% above the national median. Monthly rent at $2,204 is 90% above the US average of $1,163. Within Minnesota, Lake Elmo's income is 107% above the state average of $74,221, and home values are 188% above the state median of $204,472.
Why Live in Lake Elmo, MN?
Lake Elmo offers a strong local economy with a median household income of $153,407, well above the national average, and a strong job market with an unemployment rate of just 2.3%, and a well-educated community where 61.7% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.3%, better than the national average, and short commute times averaging just 23.3 minutes.
Potential considerations include a competitive housing market where the typical home costs $588,900. However, Lake Elmo’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Elmo has a population of 12,504 with a median age of 40.2 years. Compare Lake Elmo with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lake Elmo
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| North St. Paul | 12,511 | $81,641 | $286,600 | Compare |
| Cloquet | 12,582 | $63,854 | $200,100 | Compare |
| Vadnais Heights | 12,789 | $91,946 | $334,500 | Compare |
| Big Lake | 12,115 | $113,333 | $291,700 | Compare |
| St. Peter | 12,085 | $65,042 | $238,700 | Compare |
| Mounds View | 12,992 | $90,148 | $294,500 | Compare |
| East Bethel | 11,995 | $114,583 | $343,200 | Compare |
| Waconia | 13,223 | $104,929 | $407,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lake Elmo With Other Cities
Frequently Asked Questions about Lake Elmo
What is the population of Lake Elmo, MN?
The population of Lake Elmo, MN is 12,504 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Lake Elmo?
The median household income in Lake Elmo, MN is $153,407 per year, which is 104% above the national median of $75,149.
What is the median home value in Lake Elmo?
The median home value in Lake Elmo, MN is $588,900, which is 140% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Elmo?
The median monthly rent in Lake Elmo, MN is $2,204, which is 90% above the national average of $1,163/month.
What is the unemployment rate in Lake Elmo?
The unemployment rate in Lake Elmo, MN is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Elmo, MN a good place to live?
Lake Elmo offers above-average incomes, a competitive housing market, and a strong job market. With a population of 12,504 and a median age of 40.2, the city appeals to a broad range of residents.
How educated is Lake Elmo, MN?
61.7% of residents in Lake Elmo aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lake Elmo?
Key cost-of-living indicators for Lake Elmo, MN: median home value is $588,900 (140% above national), median rent is $2,204/month, and median household income is $153,407. The home-value-to-income ratio is 3.8x, a moderate figure by national standards.
What is the poverty rate in Lake Elmo?
The poverty rate in Lake Elmo, MN is 4.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lake Elmo, MN?
Lake Elmo's population is 3.9% White, 0.1% Hispanic or Latino, 0.0% Black or African American, 0.1% Asian, and 1.4% two or more races. 5.0% of residents are foreign-born.