Lake, MI housing market
The typical Lake home is worth about $376,000, up 6.9% in a year, 41% above the Michigan typical home.
Home values, sales, trends and how Lake compares with the towns next door — updated as new data is published.
Lake at a glance
Typical home value, 2016–2026
Show as a table
| January | Lake | Michigan |
|---|---|---|
| 2017 | $195,000 | $144,000 |
| 2018 | $200,000 | $155,000 |
| 2019 | $214,000 | $165,000 |
| 2020 | $223,000 | $175,000 |
| 2021 | $253,000 | $194,000 |
| 2022 | $288,000 | $217,000 |
| 2023 | $318,000 | $230,000 |
| 2024 | $333,000 | $241,000 |
| 2025 | $350,000 | $253,000 |
| 2026 | $365,000 | $262,000 |
| August 2026 | $376,000 | $266,000 |
17 new homes permitted in 2025
Builders were permitted 17 new homes in Lake in 2025, all single-family houses, worth about $6.5 million to build. That's 5.1 per 1,000 residents, faster than across Michigan (2.3). Over the past 10 years, Lake has permitted 119 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Lake gained 344 residents while 60 new homes were permitted: about 5.7 new residents per new home. Population grew faster than building, so existing homes filled up: a sign of tight supply. Across Michigan: 1.2 new residents per new home.
How Lake ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 16 | 16 | 0 | $5.8 million |
| 2025 | 17 | 17 | 0 | $6.5 million |
| 2024 | 11 | 11 | 0 | $4.4 million |
| 2023 | 14 | 14 | 0 | $10.7 million |
| 2022 | 8 | 8 | 0 | $2.6 million |
| 2021 | 23 | 23 | 0 | $5.8 million |
| 2020 | 9 | 9 | 0 | $3.2 million |
| 2019 | 8 | 8 | 0 | $2.8 million |
| 2018 | 10 | 10 | 0 | $3.5 million |
| 2017 | 10 | 10 | 0 | $3.5 million |
| 2016 | 9 | 9 | 0 | $4.2 million |
| 2015 | 5 | 5 | 0 | $1.2 million |
| 2014 | 6 | 6 | 0 | $1.9 million |
| 2013 | 3 | 3 | 0 | $469,000 |
| 2012 | 3 | 3 | 0 | $480,000 |
| 2011 | 4 | 4 | 0 | $1.3 million |
| 2010 | 2 | 2 | 0 | $510,000 |
| 2009 | 7 | 7 | 0 | $1.3 million |
| 2008 | 4 | 4 | 0 | $1.4 million |
| 2007 | 7 | 7 | 0 | $2.5 million |
| 2006 | 8 | 8 | 0 | $1.6 million |
| 2005 | 12 | 12 | 0 | $2.1 million |
| 2004 | 11 | 11 | 0 | $1.9 million |
| 2003 | 14 | 14 | 0 | $2 million |
| 2002 | 24 | 24 | 0 | $4.1 million |
| 2001 | 13 | 13 | 0 | $2.2 million |
| 2000 | 13 | 13 | 0 | $2.2 million |
How Lake ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Lake and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Lake | $376K | +6.9% | $1,320 | 17 | $83,241 |
| Bridgman | $325K | +6.6% | $1,380 | 0 | $66,603 |
| Lincoln | — | +4.9%† | $1,360 | 16 | $98,228 |
| Baroda | $261K | +4.6% | $1,250 | 8 | $75,337 |
| Chikaming | — | +10.6%† | $1,160 | 37 | $83,908 |
† FHFA price index change, where Zillow has no home value for the town.
4.5 years of income
The typical Lake home costs about 4.5 years of the town's median household income, more than across Michigan (3.7 years).
How Lake ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,320
HUD's Fair Market Rent for a two-bedroom in Lake is $1,320 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Lake pay a median of $1,234. A two-bedroom takes about 19% of the town's median household income.
Studio $910 · 4 bedrooms $1,760
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49101, 49106, 49125, 49127; Niles, MI MSA), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.