A typical Lake home is worth roughly $188,000
Home prices around Lake have risen about 97% over the past 5 years. Builders were permitted 3 new homes in 2025.
What kind of housing town is Lake?
Read from the numbers below. The page puts what stands out first.
98% of Lake households own their home
Half of Lake’s homes were built before 1972.
Michigan: 73% own.
U.S. Census Bureau, American Community Survey 2020-2024 · figures for a place this size carry wide margins of error.
A typical home costs 2.6 years of income
Less than across Michigan (3.7 years). Try your own numbers below.
That covers a typical Lake home, with $80K to spare.
A two-bedroom rents for about $970 a month here, $220 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Lake’s typical property tax (1.33% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
Home prices up 97% in 5 years
The federal house price index for the ZIP codes around Lake rose 97% over the past 5 years, faster than across Michigan (52%). Last year prices rose 3%.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Lake, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
A two-bedroom rents for about $970
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Huron County, MI): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
3 new homes permitted in 2025
Builders were permitted 3 new homes in Lake in 2025, all single-family houses. Over the past 10 years, Lake has permitted 25 homes in all.
Between the 2010 and 2020 censuses, Lake's population fell by 198 even though 27 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. 65% of Lake's homes are seasonal or vacation homes, which adds housing without adding residents. Across Michigan: 1.2 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 2 | 2 | 0 | $349,000 |
| 2025 | 3 | 3 | 0 | $524,000 |
| 2024 | 3 | 3 | 0 | $378,000 |
| 2023 | 6 | 6 | 0 | $1.2 million |
| 2022 | 3 | 3 | 0 | $530,000 |
| 2021 | 2 | 2 | 0 | $273,000 |
| 2020 | 0 | 0 | 0 | — |
| 2019 | 3 | 3 | 0 | $850,000 |
| 2018 | 2 | 2 | 0 | $467,000 |
| 2017 | 3 | 3 | 0 | $610,000 |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 4 | 4 | 0 | $666,000 |
| 2014 | 1 | 1 | 0 | $144,000 |
| 2013 | 8 | 8 | 0 | $1.4 million |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 3 | 3 | 0 | $653,000 |
| 2010 | 3 | 3 | 0 | $262,000 |
| 2009 | 2 | 2 | 0 | $256,000 |
| 2008 | 3 | 3 | 0 | $548,000 |
| 2007 | 4 | 4 | 0 | $1.3 million |
| 2006 | 5 | 5 | 0 | $463,000 |
| 2005 | 9 | 9 | 0 | $1.1 million |
| 2004 | 15 | 15 | 0 | $2.4 million |
| 2003 | 18 | 18 | 0 | $1.7 million |
| 2002 | 12 | 12 | 0 | $1.1 million |
| 2001 | 21 | 21 | 0 | $1.4 million |
| 2000 | 16 | 16 | 0 | $1.9 million |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Lake vs. its neighbors
Lake is the 2nd least expensive of 3 neighboring towns. Tap one to see its housing page.
Compare more
Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.
Neighbors talk housing
What Lake buyers, sellers and renters are saying.
Your answer becomes a post in Town Square.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. 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. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.