Lake Elmo, MN (zip code 55042) is a pleasant community located just 15 miles northeast of St. Paul in Washington County. It offers numerous amenities such as local parks, lakeshore recreation, and a variety of businesses ranging from professional services to retail stores. Popular companies in the area include Lake Elmo Bank, Elite Force Security LLC, and Starbucks. As far as cost of living goes, it's quite affordable with an average two bedroom rent price of $1,350 compared to the U.S. average of $1,430. Grocery costs are also relatively lower with a grocery cost index of 107 versus 100 across the U.S., making Lake Elmo an attractive option for those looking for an affordable place to live close to major metropolitan areas.
Lake Elmo (zip 55042) has an unemployment rate of 3.9%. The US average is 6.0%.
Lake Elmo (zip 55042) has seen the job market decrease by -3.7% 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 (zip 55042)
- The Sales Tax Rate for Lake Elmo (zip 55042) is 7.1%. The US average is 7.3%.
- The Income Tax Rate for Lake Elmo (zip 55042) 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 (zip 55042)
- The average income of a Lake Elmo (zip 55042) resident is $73,946 a year. The US average is $37,638 a year.
- The Median household income of a Lake Elmo (zip 55042) resident is $161,618 a year. The US average is $69,021 a year.