Lake Elmo, MN Cost Of Living
Cost Of Living In Lake Elmo, MN Summary
Cost of living in Lake Elmo research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Lake Elmo is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Lake Elmo is 125, with 100 being the average.
The cost of living index in Lake Elmo is 1.2x higher than the national average.
Lake Elmo ranks as the #138 cheapest in Minnesota out of 147.
Lake Elmo ranks as the #5,043 cheapest out of 6,412 in the US.
The median home value in Lake Elmo is $475,400.
The median income in Lake Elmo is $159,509.
Table Of Contents
Lake Elmo's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Lake Elmo, MN?
According to the most recent data on the cost of living, Lake Elmo has an overall cost of living index of 125, which is 1.2x higher than the national index of 100.
Compared to Minnesota, Lake Elmo has a cost of living index that's 1.3x higher than Minnesota's index of 95.
The standard of living in Lake Elmo ranks as #138 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Lake Elmo ranks as the #9 most expensive place in the North Star State.
For more reading on life in Lake Elmo, check out:
- Living In Lake Elmo
- Search Homes For Sale In Lake Elmo, MN
In Minnesota
In America
Lake Elmo Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Lake Elmo. Here is how it fairs on each of the criteria:
The Services index in Lake Elmo is 112.
The Groceries index in Lake Elmo is 104.
The Health index in Lake Elmo is 101.
The Housing index in Lake Elmo is 177.
The Transportation index in Lake Elmo is 102.
The Utilities index in Lake Elmo is 96.
| Living Expense | Lake Elmo | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 125 | 95 | 100 | |
| Services | 112 | 101 | 100 | |
| Groceries | 104 | 98 | 100 | |
| Health | 101 | 111 | 100 | |
| Housing | 177 | 83 | 100 | |
| Transportation | 102 | 98 | 100 | |
| Utilities | 96 | 95 | 100 | |
Lake Elmo, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Lake Elmo is $475,400.
The Median Rent in Lake Elmo is $1,189.
The Median Income in Lake Elmo is $159,509.
The Home Value To Income in Lake Elmo is 3.0x.
The Rent To Monthly Income in Lake Elmo is 0.09x.
| Statistic | Lake Elmo | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $475,400 | $250,200 | $244,900 |
| Median Rent | $1,189 | $1,081 | $1,163 |
| Median Income | $159,509 | $77,706 | $69,021 |
| Home Value To Income | 3.0x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.09x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Lake Elmo, MN Costs By Category
Detailed Lake Elmo Services Costs Vs. Minnesota
Detailed Lake Elmo Groceries Costs Vs. Minnesota
Detailed Lake Elmo Health Costs Vs. Minnesota
Detailed Lake Elmo Transportation Costs Vs. Minnesota
Detailed Lake Elmo Utilities Costs Vs. Minnesota
Lake Elmo SnackAbility
/10
Cost Of Living In Cities Around Lake Elmo
The cost of living varies in the cities and towns around Lake Elmo. Here's a quick look at the cost of living in the most populous nearby places:
Woodbury, MN has a cost of living index of 122, 1.0x Lake Elmo.
Eagan, MN has a cost of living index of 112, 0.9x Lake Elmo.
Cottage Grove, MN has a cost of living index of 111, 0.9x Lake Elmo.
| City | Population | Cost Of Living | Vs. Lake Elmo |
|---|---|---|---|
| Woodbury, MN | 74,014 | 122 | 1.0x |
| Eagan, MN | 68,205 | 112 | 0.9x |
| Cottage Grove, MN | 38,582 | 111 | 0.9x |
| Richfield, MN | 36,899 | 104 | 0.8x |
| Oakdale, MN | 28,019 | 108 | 0.9x |
| Shoreview, MN | 26,871 | 110 | 0.9x |
| Rosemount, MN | 25,513 | 113 | 0.9x |
| Stillwater, MN | 19,243 | 113 | 0.9x |
| Hugo, MN | 15,541 | 112 | 0.9x |
| North St. Paul, MN | 12,395 | 101 | 0.8x |
