Lake County, Michigan home prices
Typical home $165,696 · +7.0% in a year · property tax 1.09%
The typical home in Lake County is worth $165,696, 37% less than the Michigan typical home ($263,760). Values changed +7.0% in the past year and +23.6% over five years. Homeowners here pay a median 1.09% of their home's value in property tax each year ($1,802 on the typical home), versus 1.17% statewide.
Mortgage on the typical Lake County home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $33,139 | $132,557 | $892 | $0 | $233 | $1,125 | $48,200 |
| 10% down | $16,570 | $149,127 | $1,003 | $62 | $233 | $1,298 | $55,600 |
| 5% down | $8,285 | $157,412 | $1,059 | $66 | $233 | $1,357 | $58,200 |
| 3.5% down (FHA) | $5,799 | $162,695 | $1,094 | $73 | $233 | $1,401 | $60,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.09% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in Michigan.
Michigan counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Arenac County | $170,538 | +8.7% | 1.13% |
| Clare County | $159,525 | +8.8% | 1.11% |
| Iosco County | $172,299 | +4.4% | 0.96% |
| Montmorency County | $174,570 | +2.5% | 0.86% |
| Saginaw County | $175,096 | +5.4% | 1.49% |
| Wayne County | $175,631 | +0.8% | 1.63% |
| Baraga County | $177,789 | +14.6% | 1.22% |
| Iron County | $153,417 | +12.3% | 1.34% |
| Crawford County | $179,733 | +3.1% | 1.06% |
| Gratiot County | $180,252 | +6.2% | 1.24% |
Frequently asked questions
What is the average home price in Lake County, MI?
The typical home value in Lake County is $165,696 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Lake County?
About $48,200 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Lake County?
The median effective rate is 1.09% of home value a year (Census ACS 2024 5-year estimates).