Market Overview
Home Prices in Lake Mills, IA
The median home value in Lake Mills, IA is $172,506 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 11.2% compared to a year ago and up 2.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake Mills are priced58% below average. Lake Mills is part of the Mason City, IA metro area.
Over the past five years, Lake Mills home values have risen by approximately22.2%, reflecting strong long-term appreciation in this market.
Price History
Lake Mills Home Price Trend
City Comparison
Lake Mills vs. National Median
At $172,506, homes in Lake Mills cost 58% below the national median of $410,000. This makes Lake Mills a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lake Mills?
20% Down Payment
$34,501
on $172,506
Monthly P&I
$900/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,143/mo
incl. taxes & insurance
Income Needed
$45,720
gross annual (30% rule)
10% Down Option
$17,251
+ PMI applies
Loan Amount (20% dn)
$138,005
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lake Mills, IA?
The median home value in Lake Mills is $172,506 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 11.2% year-over-year.
How much have home prices changed in Lake Mills?
Over the past year, home values in Lake Mills have increased by 11.2%. Over five years, prices have risen approximately 22.2%.
How much do I need to earn to buy a home in Lake Mills?
To comfortably afford the median home price of $172,506 with a 20% down payment ($34,501) at today's rates (6.8%), you'd need a gross annual income of approximately $45,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake Mills compare to the national average home price?
The national median home value is approximately $410,000. At $172,506, homes in Lake Mills are 58% below the national average.
What metro area is Lake Mills part of?
Lake Mills is part of the Mason City, IA metropolitan area. Home prices and market conditions can vary across the broader metro region.