Lake Elmo, MN is a beautiful small town located just east of Minneapolis. It has a population of 8,069 people and is known for its friendly atmosphere and high quality of life. The rent for a 2 bedroom in Lake Elmo is significantly lower than the US average at $1,370 compared to $1,430. Additionally, groceries are slightly more expensive in Lake Elmo with a grocery cost index of 107 versus 100 in the US. Lake Elmo has several great local companies including Hanson's Garden Center, Lindquist Ford Sales Inc., and Action Garage Door Co Inc., plus many others. All in all, the expense of living is relatively low in Lake Elmo when taking into account housing costs and grocery costs.
Lake Elmo has an unemployment rate of 3.9%. The US average is 6.0%.
Lake Elmo has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.4%, which is higher than the US average of 33.5%.
Tax Rates for Lake Elmo
- The Sales Tax Rate for Lake Elmo is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Lake Elmo is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lake Elmo
- The average income of a Lake Elmo resident is $46,053 a year. The US average is $28,555 a year.
- The Median household income of a Lake Elmo resident is $159,509 a year. The US average is $69,021 a year.