What income do you need to buy a house in Lake Mills, IA?

It takes about $52,000/yr to afford the typical Lake Mills, IA home ($170K, +10.0% past year) at today's rates. Starter homes run around $104K. See if you can afford a house in Lake Mills (2026 data) — free, no signup.

Market snapshot (2026-07)

• Income needed to buy the typical home: about $52,000/yr (28% front-end ratio, 20% down, 6.76% 30-yr fixed, IA property tax and insurance)
• Typical home value: $170K (Zillow ZHVI, 2026-07)
• 1-year change: +10.0%
• Bottom 35% of homes: $104K
• Top 35% of homes start around: $279K
• Median household income: $62K
• Price-to-income ratio: 2.7
• Estimated payment on the typical home: $883/mo principal & interest (20% down, 6.76% 30-yr fixed)

Nearby housing markets

• Albert Lea, MN — typical home $182K
• Clear Lake, IA — typical home $341K
• Mason City, IA — typical home $161K
• Austin, MN — typical home $193K
• Algona, IA — typical home $187K
• Waseca, MN — typical home $255K

The most affordable cities to buy a house in Iowa

Home values are Zillow Group public data (ZHVI, updated monthly); income and population are US Census Bureau ACS 5-year estimates. Estimates only — not financial advice.

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