Cost of Living in Lake elmo, MN
Housing
The housing market plays a significant role in determining the cost of living in Lake elmo, MN.
- Housing Index: 103 / 100
- Median Home Price is: $450,000
- Average Rent (2 BR Apartment): $1560 per month
- Average Rent (2 BR House): $1696 per month
When considering a move to Lake elmo, MN, the housing market presents a mixed picture. With a housing index of 103, this area trends above the national average, suggesting a competitive marketplace. The median home price stands at 450000, which reflects a solid investment in property. However, renters should note the average rent for a 2-bedroom apartment is approximately 1560 and can increase to 1696 for a house. These figures highlight the need for careful budgeting, especially if renting. Historical trends show appreciation in home values, making it a potentially wise investment long-term.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Lake elmo, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $233 per month
Living in Lake elmo, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $233 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Lake elmo is a financially viable option for your relocation.