Lake Elmo, MN
Population 12,504 · Minnesota
About Lake Elmo, MN
Lake Elmo is a mid-sized city in Minnesota with a population of 12,504 residents. The median household income is $153,407 per year, which is above the national average. The median age in Lake Elmo is 40.2 years.
Housing in Lake Elmo has a median home value of $588,900 and median monthly rent of $2,204. Of the 4,747 total housing units, the majority are owner-occupied, with 4,224 owner-occupied and 351 renter-occupied units.
The unemployment rate in Lake Elmo is 2.3% and the poverty rate is 4.3%. 61.7% of residents hold a bachelor's degree or higher. The average commute time is 23.3 minutes.
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.
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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 Census data.
What is the median household income in Lake Elmo?
The median household income in Lake Elmo, MN is $153,407 per year.
What is the median home value in Lake Elmo?
The median home value in Lake Elmo, MN is $588,900.
What is the average rent in Lake Elmo?
The median monthly rent in Lake Elmo, MN is $2,204.
What is the unemployment rate in Lake Elmo?
The unemployment rate in Lake Elmo, MN is 2.3%.