As of 2024 the population of Lake Elmo is 14,235. The population is expected to grow to 15,042 by 2029 - a growth rate of 1.11%.
The median age of Lake Elmo residents is 42.
The diversity index of Lake Elmo is 42.1, meaning that there is a 42% 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 $229,408 and projected to be $253,737 in 2029. Per capita income is $82,322, projected to be $91,717 in 2029. 15.57% of households – 2,217 – have an income of $200,000 or higher. Average net worth is $3,359,445 and the average disposable income is $142,309.
There are 5,518 housing units in Lake Elmo; 4,552 are owner-occupied, 556 are rented, and 410 are vacant. The average home value is $626,807, with 1,535 homes built in 2010 or later, and 205 built in 1939 or earlier.
There are 364 businesses in Lake Elmo, employing 3,523 workers and pulling from a labor force of 5,894 age 16 and above. 2,315 workers commute into Lake Elmo from outside the county or state. Key industries for the area include:
3,386 residents both live and work in/around Lake Elmo. The average travel time is 24.9 minutes. 1.39% people have a commute of less than 5 minutes while 0.62% commute 90 minutes or more each way. Of commuters, 3,696 drive alone, 368 carpool, and 70 take public transportation. 98 use other modes of transport such as motorcycle, bicycle, walking, etc. 1,662 residents work from home.
1,426 members of the workforce hold a high school diploma or GED. 637 have associates degrees, 3,671 have bachelor’s degrees, and 2,313 hold a graduate or professional degree.
