Market Overview
Home Prices in Lake, MI
The median home value in Lake, MI is $385,816 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.6% compared to a year ago and up 3.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake are priced6% below average. Lake is part of the Niles, MI metro area.
Over the past five years, Lake home values have risen by approximately34.8%, reflecting strong long-term appreciation in this market.
Price History
Lake Home Price Trend
2020
$236,561
$237K
—
2021
$286,316
$286K
+21.0%
2022
$325,529
$326K
+13.7%
2023
$333,147
$333K
+2.3%
2024
$350,051
$350K
+5.1%
2025
$361,975
$362K
+3.4%
2026
$385,816
$386K
+6.6%
City Comparison
Lake vs. National Median
🏠 Lake
$385,816
National Median
$410,000
At $385,816, homes in Lake cost 6% below the national median of $410,000. This makes Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lake?
20% Down Payment
$77,163
on $385,816
Monthly P&I
$2,012/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,555/mo
incl. taxes & insurance
Income Needed
$102,200
gross annual (30% rule)
10% Down Option
$38,582
+ PMI applies
Loan Amount (20% dn)
$308,653
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, MI?
The median home value in Lake is $385,816 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.6% year-over-year.
How much have home prices changed in Lake?
Over the past year, home values in Lake have increased by 6.6%. Over five years, prices have risen approximately 34.8%.
How much do I need to earn to buy a home in Lake?
To comfortably afford the median home price of $385,816 with a 20% down payment ($77,163) at today's rates (6.8%), you'd need a gross annual income of approximately $102,200. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake compare to the national average home price?
The national median home value is approximately $410,000. At $385,816, homes in Lake are 6% below the national average.
What metro area is Lake part of?
Lake is part of the Niles, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.