Quick facts: Lake elmo, MN

Quick Facts

102.8
Cost of Living
above US average
13,449
Population
1.86
Crime Rate per 1000
below US average
$158,269
Median Income
above US average
$665,990
Median House Price
above US average
$2312.0
Average Rent
above US average
4%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $158,269.

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Income Needed to Buy

βœ— Stretch
$209k/year
Based on $665,990 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $209k vs median $158,269
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Income Needed to Rent

βœ“ Affordable
$99k/year
Based on $2312.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($158,269) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lake elmo, MN

Lake Elmo is a charming suburban city located in Washington County, Minnesota, just east of Saint Paul. Known for its scenic landscapes and small-town atmosphere, the city features a blend of residential neighborhoods and beautiful nature areas. The area is rich in parks and recreational opportunities, including the popular Lake Elmo Park Reserve, which offers hiking, biking, skiing, and camping. The community is characterized by its family-friendly environment, with excellent schools and various local events that foster a strong sense of community. Lake Elmo has seen growth in recent years, with new businesses and housing developments enhancing its appeal while maintaining its tranquil ambiance. In terms of accessibility, Lake Elmo is conveniently located near major highways, providing residents with easy access to the Twin Cities metropolitan area. This makes it an attractive option for those seeking a peaceful living environment while being close to urban amenities. Overall, Lake Elmo embodies a blend of natural beauty and suburban convenience, making it a desirable place to live in Minnesota.

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