Cost Of Living in Lake Elmo, MN

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Lake Elmo	Minnesota	National
Cost of living	128	99	100
Goods & Services	96	100	100
Groceries	99	98	100
Health care	101	109	100
Housing	203	100	100
Transportation	98	97	100
Utilities	94	93	100

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Cost Of Living Quick Facts

The cost of living in Lake Elmo is 30% higher than the Minnesota average
The cost of living in Lake Elmo is 28% higher than the national average
Lake Elmo housing is 103% higher than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$159,375	$13,281	$3,719	$4,782
Renters	$35,431	$2,953	$827	$1,063

The affordability of the housing market in Lake Elmo, MN as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lake Elmo homeowners, the median income is $159,375. This indicates that a monthly maximum of $3,719 should be spent by homeowners on all housing related costs. Renters have a median income of $35,431. This indicates that renters would have a maximum of $827 for their rent related monthly costs.

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

Goods & Services

Item	Lake Elmo	National avg.	Difference
Haircut	$28.67	$24.26	18.2%
Beauty Salon	$34.55	$45.56	24.2%
Toothpaste	$3.75	$3.70	1.4%
Shampoo	$1.30	$1.28	1.5%
Movie	$13.47	$12.13	11.0%
Bowling	$21.50	$18.00	19.4%

Groceries

Item	Lake Elmo	National avg.	Difference
Ground Beef	$5.49	$5.84	5.9%
Fried Chicken	$1.35	$1.57	14.2%
Milk	$4.63	$4.67	0.8%
Potatoes	$4.98	$4.93	0.8%
Pizza	$12.49	$12.09	3.3%
Beer	$9.36	$10.41	10.1%

Health Care

Item	Lake Elmo	National avg.	Difference
Optometrist	$145.44	$125.68	15.7%
Doctor	$229.08	$135.78	68.7%
Dentist	$108.67	$113.29	4.1%
Ibuprofen	$10.36	$10.65	2.7%
Lipitor	$599.08	$468.60	27.8%

Housing

Item	Lake Elmo	National avg.	Difference
Home Price	$433,500.00	$184,700.00	134.7%
Avg. Mortgage Payment	$1,941.44	$2,346.69	17.3%
Apartment Rent	$1,209.00	$949.00	27.4%

Transportation

Item	Lake Elmo	National avg.	Difference
Gasoline	$3.38	$3.46	2.5%
Tire Balancing	$61.74	$59.92	3.0%

Utilities

Item	Lake Elmo	National avg.	Difference
All Electricity	$175.38	$193.99	9.6%
Phone	$187.39	$192.25	2.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Houlton, WI	105	97	3.3%
Landfall, MN	796	70	30.3%
South End, MN	65	75	25.2%
St. Anthony city (Stearns County), MN	106	80	19.7%
Somerset, WI	2,842	98	1.9%
Lake Elmo, MN	9,071	128	28.4%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Ogden, NC	9,071	119	19.4%
Presque Isle, ME	9,072	95	5.5%
Champlain, ON	9,072	n/a
Grinnell, IA	9,069	90	10.1%
Charlotte, MI	9,069	84	16.0%
Lake Elmo, MN	9,071	128	28.4%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Lake Elmo, MN