As of 2025 the population of Lake Elmo is 14,422. The population is expected to grow to 15,717 by 2030 - a growth rate of 1.73%.
The median age of Lake Elmo residents is 43.
The diversity index of Lake Elmo is 42.6, meaning that there is a 43% chance that any two people selected out of 100 residents will be of different race or ethnicity from one another.
The average household income in Lake Elmo is $221,258 and projected to be $243,027 in 2030. Per capita income is $80,417, projected to be $89,323 in 2030. 14.85% of households – 2,142 – have an income of $200,000 or higher. Average net worth is $3,493,661 and the average disposable income is $152,609.
There are 5,657 housing units in Lake Elmo; 4,606 are owner-occupied, 635 are rented, and 416 are vacant. The average home value is $633,099, with 1,931 homes built in 2010 or later, and 204 built in 1939 or earlier.
There are 378 businesses in Lake Elmo, employing 3,227 workers and pulling from a labor force of 6,198 age 16 and above. 2,048 workers commute into Lake Elmo from outside the county or state. Key industries for the area include:
4,011 residents both live and work in/around Lake Elmo. The average travel time is 23.3 minutes. 2.59% people have a commute of less than 5 minutes while 0.47% commute 90 minutes or more each way. Of commuters, 3,539 drive alone, 389 carpool, and 34 take public transportation. 96 use other modes of transport such as motorcycle, bicycle, walking, etc. 2,140 residents work from home.
1,389 members of the workforce hold a high school diploma or GED. 824 have associates degrees, 3,867 have bachelor’s degrees, and 2,386 hold a graduate or professional degree.
