The typical owner-occupied home in Lake Elmo is worth about $597,000, 81% above the Minnesota median of $329,300 and 79% above the national median of $332,700. Owners pay a median $4,841 a year in property taxes, about 0.81% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $153,669 a year, so the median home costs 3.9 times the median income (3.7 times for Minnesota). 94% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Lake Elmo at a glance
| Lake Elmo | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $597,000 | $329,300 | $332,700 |
| Median property tax paid per year | $4,841 | $3,357 | $3,119 |
| Property tax as a share of value | 0.81% | 1.02% | 0.94% |
| Median household income | $153,669 | $89,062 | $80,734 |
| Homes lived in by their owners | 94% | 72% | 65% |
| Owner homes with a mortgage | 63% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,839 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 19.7% | 21.0% |
| Median rent | $2,407 | $1,280 | $1,413 |
| Rent as a share of renters' income | 49.0% | 29.2% | 30.6% |
| Median year homes were built | 2004 | 1979 | 1980 |
| Vacant homes | 3.7% | 9.3% | 10.1% |
| Population | 13,140 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Lake Elmo
At this week's average 30-year rate of 7.11%, buying the median Lake Elmo home of $597,000 with 20% down costs about $3,865 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,859, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $165,625 for the 20%-down payment. That payment is 30% of the median Lake Elmo household income of $153,669; at that income and 20% down, the 28% guideline points to a home of about $554,000.
The median rent here is $2,407 a month, so owning the median home costs about $1,458 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $119,400 |
|---|---|
| Loan amount | $477,600 |
| Principal and interest | $3,213 |
| Property taxes (0.81% a year) | $403 |
| Homeowners insurance (our estimate, 0.5% a year) | $249 |
| PMI | $0 |
| Total per month | $3,865 |
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| Down payment | $20,895 |
|---|---|
| Loan amount | $586,187 |
| Principal and interest | $3,943 |
| Property taxes (0.81% a year) | $403 |
| Homeowners insurance (our estimate, 0.5% a year) | $249 |
| FHA mortgage insurance | $264 |
| Total per month | $4,859 |
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Questions about home buying in Lake Elmo
What is the median home value in Lake Elmo?
About $597,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Elmo?
Homeowners pay a median $4,841 a year, which is about 0.81% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Lake Elmo?
For the median home with 20% down at 7.11%, the payment is about $3,865 a month. Keeping that under 28% of gross income takes about $165,625 a year.
More about Lake Elmo
- Mortgage Refinance in Lake Elmo
- Debt Relief in Lake Elmo
- Home Equity Loans in Lake Elmo
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data