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 132, which is 1.3x 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 101.
The standard of living in Lake Elmo ranks as #144 most affordable out of the 151 places we measured in Minnesota. By definition, that implies Lake Elmo ranks as the #7 most expensive place in the North Star State.
For more reading on life in Lake Elmo, check out:
Lake Elmo Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Lake Elmo. Here is how it fares on each of the criteria:
The Services index in Lake Elmo is 101.
The Groceries index in Lake Elmo is 99.
The Health index in Lake Elmo is 206.
The Housing index in Lake Elmo is 97.
The Transportation index in Lake Elmo is 105.
The Utilities index in Lake Elmo is 98.
| Living Expense | Lake Elmo | Minnesota | National Average |
|---|---|---|---|
| Overall | 132 | 101 | 100 |
| Services | 101 | 101 | 100 |
| Groceries | 99 | 99 | 100 |
| Health | 206 | 99 | 100 |
| Housing | 97 | 101 | 100 |
| Transportation | 105 | 103 | 100 |
| Utilities | 98 | 101 | 100 |
Lake Elmo Cost Of Living Compared To Minnesota Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Minnesota, check out:
Protect your home budget Compare home warranties in Lake Elmo Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Lake Elmo is $618,480.
The Median Rent in Lake Elmo is $2,407.
The Median Income in Lake Elmo is $153,669.
The Home Value To Income in Lake Elmo is 4.0x.
The Rent To Monthly Income in Lake Elmo is 0.19x.
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
Lake Elmo SnackAbility
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 120, 0.9x Lake Elmo.
Eagan, MN has a cost of living index of 117, 0.9x Lake Elmo.
Cottage Grove, MN has a cost of living index of 115, 0.9x Lake Elmo.
| City | Population | Cost Of Living | Vs. Lake Elmo |
|---|---|---|---|
| Woodbury, MN | 78,305 | 120 | 0.9x |
| Eagan, MN | 68,000 | 117 | 0.9x |
| Cottage Grove, MN | 40,992 | 115 | 0.9x |
| Richfield, MN | 36,642 | 106 | 0.8x |
| Oakdale, MN | 28,585 | 109 | 0.8x |
| Rosemount, MN | 27,562 | 117 | 0.9x |
| Shoreview, MN | 26,714 | 116 | 0.9x |
| Stillwater, MN | 19,355 | 113 | 0.9x |
| Hugo, MN | 16,340 | 115 | 0.9x |
| North St. Paul, MN | 12,570 | 105 | 0.8x |
