Lake Elmo is a somewhat small city located in the state of Minnesota. With a population of 13,449 people and two associated neighborhoods, Lake Elmo is the 94th largest community in Minnesota. There's nothing like the smell of a brand new house, and in Lake Elmo, you'll find that a large proportion of houses were recently built. New growth in residential real estate is an indication that people are choosing to move to Lake Elmo, and putting down their money on brand new construction. Lake Elmo’s real estate is, on average, some of the newest in the nation. Lake Elmo does seem to be experiencing an influx of affluent people, because the median household income is $158,269.00.

Lake Elmo home prices are not only among the most expensive in Minnesota, but Lake Elmo real estate also consistently ranks among the most expensive in America.

Also of interest is that Lake Elmo has more people living here who work in computers and math than 95% of the places in the US.

One interesting thing about the economy is that relatively large numbers of people worked from their home: 28.20% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.

Because of many things, Lake Elmo is a very good place for families to consider. With an enviable combination of good schools, low crime, college-educated neighbors who tend to support education because of their own experiences, and a high rate of home ownership in predominantly single-family properties, Lake Elmo really has some of the features that families look for when choosing a good community to raise children. Is Lake Elmo perfect? Of course not, and if you like frenetic nightlife, it will be far from your cup of tea. But overall this is a solid community, with many things to recommend it as a family-friendly place to live.

If knowledge is power, Lake Elmo is a pretty powerful place. 60.71% of the adults in Lake Elmo have earned a 4-year college degree, masters degree, MD, law degree, or even PhD. Compare that to the national average of 21.84% for all cities and towns.

The per capita income in Lake Elmo in 2022 was $79,640, which is wealthy relative to Minnesota and the nation. This equates to an annual income of $318,560 for a family of four.

Lake Elmo is a somewhat ethnically-diverse city. The people who call Lake Elmo home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Lake Elmo residents report their race to be White, followed by Black or African-American. Important ancestries of people in Lake Elmo include German, Irish, English, Norwegian, and Swedish.

The most common language spoken in Lake Elmo is English. Other important languages spoken here include Italian and Spanish.