Lake Elmo has the 2805th largest population in the United States. The population grew by 4.4% from 2010 to 2015, which was faster than the national average. Lake Elmo is part of the Minneapolis metro area. Unemployment in the Minneapolis area is 3%, which is lower than the national average, and is getting better. Minneapolis has the 14th largest local economy in the US, and a high cost of living. The average pay for jobs in Lake Elmo is above average at $53,450, and the median cost of a home in Lake Elmo is $373,000, which is above the national average. 46% of workers in Lake Elmo hold a bachelors degree or higher (above average), and 96% of workers have a high school degree (above average). Driving to work is especially common in Lake Elmo. 82% of Lake Elmo workers drive to work alone, 2% take public transit, 8% carpool, and 6% walk. People in Lake Elmo spend an average of 23 minutes commuting to work, which is shorter than the national average of 26 minutes.