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Affordable
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These days, finding an affordable place to live in the Lake Elmo area can be challenging. Home prices in Lake Elmo are now at a median cost of $597,355, higher than the Minnesota average of $345,793.
The average cost of rent is $3,066/mo in Lake Elmo, primarily driven by the current value of real estate in the Lake Elmo area. In Lake Elmo, 5.63% of households rent, and 30.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lake Elmo is $13,682 per month. Households that rent pay about 22.41% of their income on rent here. Lake Elmo’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Oakdale, MN: less expensive homes
- Pine Springs, MN: less expensive homes
- Landfall, MN: less expensive homes
- Oak Park Heights, MN: less expensive homes
- Willernie, MN: less expensive homes
- North St. Paul, MN: less expensive homes
- Woodbury, MN: less expensive homes
- Stillwater, MN: less expensive homes
- Mahtomedi, MN: less expensive homes
- Bayport, MN: less expensive homes
Cities with Similar Populations
- Panthersville, GA: less expensive homes
- New Prague, MN: less expensive homes
- Newark, NY: less expensive homes
- Newaygo, MI: less expensive homes
- North St. Paul, MN: less expensive homes
- Oak Grove, MO: less expensive homes
- Oatfield, OR: equally priced homes
- Oneida, NY: less expensive homes
- Pacific, MO: less expensive homes
- Pagosa Springs, CO: less expensive homes
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