Lake Elmo North median real estate price is $704,028, which is more expensive than 97.0% of the neighborhoods in Minnesota and 85.1% of the neighborhoods in the U.S.
The average rental price in Lake Elmo North is currently $1,943, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 65.6% of the neighborhoods in Minnesota.
Lake Elmo North is a suburban neighborhood (based on population density) located in Lake Elmo, Minnesota.
Lake Elmo North real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the Lake Elmo North neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Real estate vacancies in Lake Elmo North are 5.2%, which is lower than one will find in 67.0% of American neighborhoods. Demand for real estate in Lake Elmo North is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
If you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 1.2% of America's neighborhoods are wealthier than the Lake Elmo North neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe. As one would expect in a considerably wealthy neighborhood such as this, Lake Elmo North also has one of the lowest ratings of child poverty in the nation.
In addition, a majority of the adults in the Lake Elmo North neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Minnesota by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 98.3% of the neighborhoods in Minnesota. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for families with school-aged children and urban sophisticates.
Also, astoundingly, NeighborhoodScout's research reveals that this single neighborhood has a higher concentration of married couples living here than 95.7% of all U.S. neighborhoods. Whether they have school-aged children or not, married couples are the rule in the Lake Elmo North neighborhood. If you are a married couple, you may find many people here with a similar lifestyle, and perhaps common interests. But if you are single, you might not find many other singles here.
One way that the Lake Elmo North neighborhood really stands out, is that it has more large 4, 5, or additional bedroom homes and real estate than 95.6% of the neighborhoods in America. When you walk or drive around this neighborhood, you'll instantly notice the size of the homes here which definitely makes a strong visual statement.
Did you know that the Lake Elmo North neighborhood has more Swedish and Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.7% of this neighborhood's residents have Swedish ancestry and 11.0% have Norwegian ancestry.
Lake Elmo North is also pretty special linguistically. Significantly, 6.3% of its residents five years old and above primarily speak Italian at home. While this may seem like a small percentage, it is higher than 95.2% of the neighborhoods in America.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the Lake Elmo North neighborhood in Lake Elmo are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 98.8% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the Lake Elmo North neighborhood, 66.5% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 17.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.0%), and 7.4% in manufacturing and laborer occupations.
The most common language spoken in the Lake Elmo North neighborhood is English, spoken by 95.8% of households. Some people also speak Italian (6.3%).
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the Lake Elmo North neighborhood in Lake Elmo, MN, residents most commonly identify their ethnicity or ancestry as German (33.7%). There are also a number of people of Irish ancestry (22.2%), and residents who report Norwegian roots (11.0%), and some of the residents are also of Swedish ancestry (8.7%), along with some English ancestry residents (8.3%), among others.
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Lake Elmo North neighborhood spend between 15 and 30 minutes commuting one-way to work (42.8% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (73.8%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.