Andover, MN vs Lake Elmo, MN

There is a significant gap in the cost of living between these two cities. Andover is 18.3% cheaper than Lake Elmo. With a cost index of 124 vs 152, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Andover to Lake Elmo should plan for substantially higher expenses across most categories.

On the housing front, median rent in Andover is $1,827/month compared to $2,204/month in Lake Elmo — a 17% difference. Home values follow the same pattern: Andover is more affordable at $389,200 median vs $588,900.

Median household income in Andover is $131,528 compared to $153,407 in Lake Elmo (-14.3%). The higher salaries in Lake Elmo partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Andover spend roughly 16.7% of their income on rent, less than the 17.2% in Lake Elmo.