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City · 13,140 residents · Washington County, Minnesota

Lake Elmo , Minnesota

In Lake Elmo, a typical home is worth $597,000. Compared with all of Washington County, the typical home value is 41% higher, typical household income is 33% higher, and the share of households that own their home is 12 points higher.

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  • Typical home value

    $597,000

    41% above the county

    81% above Minnesota

    • Lake Elmo
    • Washington
    • Minnesota

  • Typical household income

    $153,669a year

    33% above the county

    73% above Minnesota

    • Lake Elmo
    • Washington
    • Minnesota

  • Households that own their home

    94%

    12 points above the county

    21 points above Minnesota

    • Lake Elmo
    • Washington
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$643,791
3.4% more than 12 months ago
Typical rent
$2,758 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Lake Elmo is in Washington County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Washington County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake Elmo apart

What this place has that others do not, from public data, most unusual first.

  1. Lake Elmo has the 3rd largest share of rent-burdened renters of the 139 cities in Minnesota with more than 5,000 people (79%).

  2. Nearby, in North St. Paul, the typical home value is $298,500: 50% less than in Lake Elmo ($597,000).

  3. The typical home in Lake Elmo is worth $597,000, 41% more than in Washington County as a whole ($422,000).

  4. Lake Elmo has the 8th highest typical household income of the 152 cities in Minnesota with more than 5,000 people ($153,669).

  5. Lake Elmo has the 9th highest homeownership rate of the 152 cities in Minnesota with more than 5,000 people (94%).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lake Elmo

What homes there are in Lake Elmo, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Lake Elmo, 8 in 10 homes are single-family detached houses; in Washington County, 7.

In Lake Elmo there are many mobile homes: 12% of homes; in Washington County, 2%.

Year built

The typical home in Lake Elmo was built in 2004, 12 years after the typical one in Washington County.

In Lake Elmo, 89% of homes have 3 bedrooms or more, more than in Washington County (71%).

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,839 a month

Washington County: $2,275 a month

Without a mortgage

$1,010 a month

Washington County: $809 a month

Owners with a mortgage

63%

Washington County: 69%

Owning costs more in Lake Elmo: with a mortgage, the typical cost is $2,839 a month; in Washington County, $2,275. Without one, $1,010.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Lake Elmo gained value more slowly than in Washington County: 40% since 2015–2019, against 46%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLake ElmoWashington CountyMinnesotaUnited States
Rental vacancy Unreliable estimate5.3%5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimate1.5%2.3%3.4%
People per household 2.782.582.432.53
Drive alone 57%66%69%69%
Carpool Unreliable estimate8%8%9%
Public transit Unreliable estimate1%2%3%
Walk or bike Unreliable estimate1%3%3%
Work from home 37%24%18%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

Households in Lake Elmo are bigger: 2.78 people on average; in Washington County, 2.58.

Many people here do not commute at all: 37% work from home; in Washington County, 24%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lake Elmo?

A typical home costs more than the typical income allows

We start with a typical home in Lake Elmo, worth $597,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 38% of the typical household income in Lake Elmo, which is $153,669 a year. For that payment to be 28% of income, a household would need to earn about $209,435 a year. Note: at that price the loan is above the FHA limit for Washington County ($552,000), so FHA would not insure it; the payment is only a reference.

The calculator's FHA and conventional loan limits are those of all of Washington County.

Your numbers

Local data
$

Starts at the typical home value in Lake Elmo. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $20,895 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$4,887

at 7.18% · 30 years

Loan amount
$586,187
Total interest
$843,385
Paid off in
November 2056

Includes $10,082 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,586 a month

  • Tight

    $3,586 to $4,610 a month

  • Hard

    more than $4,610 a month

    Your payment · 38%

Compared with the typical household income in Lake Elmo ($153,669 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$4,887
Principal & interest$3,971
Property tax$403
Home insurance$249
FHA mortgage insurance (MIP)$264

This loan is over the FHA limit

You'd borrow $576,105, but the FHA limit for a one-unit home in Lake Elmo is $552,000. You'd need a bigger down payment or a different loan.

You need at least $20,895 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lake Elmo and Washington County

Lake Elmo is in Washington County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lake Elmo's own numbers

Typical home value
$597,000
Typical yearly household income
$153,669
Households that own their home
94%
Effective property tax rate
0.81%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Washington County

FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,734
Price change over 5 years (FHFA)
+35%
Homes in a high flood-risk zone
0.6%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Washington County.

Everything about Washington County

Buying

Buying a home in Lake Elmo

A typical home in Lake Elmo is worth $597,000: 41% above the county and 81% above Minnesota. With the typical household income in Lake Elmo ($153,669 a year), a typical home costs 3.9 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lake Elmo 3.9 years
  • Washington 3.7 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Washington County

According to FHFA’s house price index, home prices in Washington County rose 69% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Washington County.

Period County Minnesota U.S.
Last year (2025) +1.8% +2.8% +2.9%
5 years (2020–2025) +35% +37% +47%
10 years (2015–2025) +69% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lake Elmo next to Washington County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lake Elmo $597,000
  • Washington $422,000
  • Minnesota $329,300
  • United States $332,700
Typical yearly household income
  • Lake Elmo $153,669
  • Washington $115,345
  • Minnesota $89,062
  • United States $80,734
See the full table
Lake Elmo next to Washington County and Minnesota
Measure Lake Elmo Washington County Minnesota U.S.
Typical home value $597,000 $422,000 $329,300 $332,700
Typical yearly household income $153,669 $115,345 $89,062 $80,734
Households that own their home 94% 81% 72% 65%
Typical yearly property tax $4,841 $4,164 $3,357 $3,119
Effective property tax rate 0.81% 0.99% 1.02% 0.94%
Renters with high rent for their income 79% 51% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Washington County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lake Elmo

For a typical $597,000 home in Lake Elmo, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Elmo's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $4,887a month

    Above the FHA limit for Washington County ($552,000)
    Down payment
    $20,895
    Cash to close
    $38,805
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $264

  • Conventional, 5% down $4,777a month

    Least cash to close
    Down payment
    $29,850
    Cash to close
    $47,760
    Rate
    7.18%
    Mortgage insurance
    PMI · $284

  • Conventional, 20% down, no PMI $3,887a month

    Down payment
    $119,400
    Cash to close
    $137,310
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $4,439a month

    Down payment
    $89,550
    Cash to close
    $107,460
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lake Elmo and for Washington County.

Property tax

Effective rate in Lake Elmo

0.81%of the home’s value each year

$4,841 a year for the typical owner in Lake Elmo.

  • Lake Elmo 0.81%
  • Washington 0.99%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Washington County

FEMA does not publish these numbers by city: they are for all of Washington County.

Homes in the high-risk zone
0.6%
580
Of those, with NFIP insurance
22%
County Minnesota U.S.
Homes in the high-risk zone 0.6% 0.7% 3.5%
Of those, with NFIP insurance 22% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake Elmo

The Census Bureau publishes no typical rent for Lake Elmo. Below are the fair market rents for Washington County. In Lake Elmo, 79% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Washington County, by unit size. To pay the 2-bedroom one ($1,734 a month) without spending more than 30% of your income, you would need to earn $33.35 an hour working full time.

HUD fair market rent for all of Washington County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,265 $24.33 $50,600
1 bedroom $1,427 $27.44 $57,080
2 bedrooms $1,734 $33.35 $69,360
3 bedrooms $2,264 $43.54 $90,560
4 bedrooms $2,538 $48.81 $101,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lake Elmo

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Elmo is in ZIP code 55042.

For 2 bedrooms it is $1,810: $76 more than the fair market rent for Washington County ($1,734).

  • 55042 $1,810$2,370

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lake Elmo when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lake Elmo

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Washington County; none says it serves in Spanish.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in Lake Elmo

No down payment, repair or rent-help program on our list is for Lake Elmo or Washington County. The ones below are statewide in Minnesota: they work in Lake Elmo the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Lake Elmo

The HUD-approved agencies closest to the center of Lake Elmo, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Washington County Community Development Agency

    7645 Currell Blvd, Woodbury · 5 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (651) 202-2822

  • Comunidades Latinas Unidas en Servicio-Clues

    797 7th St E, Saint Paul · 8 miles away · Spanish

    • Mortgage delinquency workshops
    • Budget and financial counseling
    • and 3 more
    (651) 379-4200

  • Minnesota Homeownership Center

    1000 Payne Avenue, Saint Paul · 8 miles away

    (651) 659-9336

Every agency in Washington County All counseling agencies in Minnesota

Help in Spanish near Lake Elmo

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lake Elmo

HUD’s record names them for Lake Elmo or Washington County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Washington County Cda Public housing and Section 8 vouchers (651) 458-0936

All housing agencies in Minnesota Source: HUD

Cities

Other cities in Washington County

These cities are also in Washington County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Washington County Housing in Minnesota

Nearby cities

The cities closest to Lake Elmo, with the typical home value.

Neighboring counties

If Washington County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lake Elmo.

All guides
A mother holds hands with her two daughters on the beach at sunset.

Questions

Housing questions about Lake Elmo

Short answers with the numbers for Lake Elmo and all of Washington County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lake Elmo?

The typical home value in Lake Elmo is $597,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Washington County it is $422,000.

What is the FHA loan limit in Lake Elmo?

Lake Elmo uses the FHA limit for all of Washington County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.

How much property tax do owners pay in Lake Elmo?

The typical homeowner in Lake Elmo pays $4,841 a year, according to the U.S. Census Bureau. That is 0.81% of the home’s value; in Washington County, the rate is 0.99%.

Where can I find free help to buy or rent in Lake Elmo?

There is 1 HUD-approved counseling agency with an office in Washington County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).