Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$165,696+7.0% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 18% have cut their price
Income needed to buy, per year$35,920About 0.7× the local median income ($48,557): affordable for a typical household
Days on market67 daysSlower than a year ago: buyers have time to negotiate
The typical home in Lake County, MI is worth $165,696, up 7.0% from a year ago. That is well below what local incomes have historically supported: fair value is about $199,676, so the area is 17.0% undervalued. It is a balanced market: homes take about 67 days to sell, listings are up 21% from a year ago, 18% of listings have had a price cut. A household needs about $35,920 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $48,557. In the latest IRS figures, 221 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$165,696
Change in 1 year
+7.0%
Overvalued %
−17.0%
Show 6 more
Fair home value
$199,676
Change in 5 years
+23.6%
Home value to income
3.4×
Monthly mortgage payment (20% down)
$898
Income needed to afford it
$35,920
Property tax rate
1.09%
Rent and investing
HUD Fair Market Rent, 2 bedrooms
$1,069
Market activity
Listings vs a year ago
+20.9%
Days on market
67
Listings with a price cut
18.4%
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Homes for sale
110
Pending sales per 100 listings
27
Asking price per sq ft
$179
People and jobs
Median household income
$48,557
Population change (1 year)
+1.3%
Unemployment rate
7.4%
Show 4 more
Population
13,182
Income adjusted for cost of living
$54,558
Net moves in (IRS)
+221
Cost of living (US = 100)
89.0
Schools, risk and environment
School rating (1 to 10)
2.0
FEMA hazard risk score (0 to 100)
22.0
Flood risk score
40.6
Show 3 more
Wildfire risk score
43.5
Walkability (1 to 20)
4.5
Road, rail and air noise
52 dB
Questions people ask
Is Lake County, MI overvalued?
Home prices in Lake County, MI are well below what local incomes have historically supported: fair value is about $199,676, so the area is 17.0% undervalued.
Is Lake County, MI a buyer's or seller's market?
Lake County, MI is a balanced market: homes take about 67 days to sell, listings are up 21% from a year ago, 18% of listings have had a price cut.
Are home prices going down in Lake County, MI?
Home values in Lake County, MI are up 7.0% over the last year.
How much do you need to earn to buy a home in Lake County, MI?
A household needs about $35,920 a year to afford the typical home in Lake County, MI at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $48,557.