Lake Elmo renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Lake Elmo is about $1,213 per month. This puts it in the 87th percentile compared to the state average cost of rent, which is $1,169. Households in Lake Elmo have a median income of $13,946 per month so the average renter in Lake Elmo is spending roughly 9% of their earnings on housing.
Nationally, and in Lake Elmo, home values are the data point most closely correlated with the cost of rent. The median price of a home in Lake Elmo is $499,191 right now, which is higher than nearby cities, meaning that rents in Lake Elmo also tend to be higher versus these nearby cities.
Higher rent prices are common in the eastern parts of Lake Elmo while lower rent rates are often available in southeastern areas.
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