Lake Mills, WI—53551
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Mills, WI
As of Oct '25, the median home price in Lake Mills, WI is $408,000, with a year-over-year change of 3.1%. This indicates that home prices in Lake Mills, WI are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $408,000 | 3.1% |
| Single Family | $413,000 | 2.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $294,000 | 2.4% |
3 Bed | $395,000 | 3.1% |
4 Bed | $457,000 | 3.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake Mills, WI
As of July '25, Rentcast reports the average rent in Lake Mills, WI is $2,090, with a year-over-year rent change of 20.1%. Per bedroom, the median rent as of July '25 in Lake Mills, WI is 1-bedrooms: $1,170, 2-bedrooms: $2,560, 3-bedrooms: $2,500. The most common rental property sizes in Lake Mills, WI are 2-bedroom and 1-bedroom, accounting for 49.3% and 27.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,780 | $2,090 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,050 | $1,170 |
| 2 Bed Rent | $2,700 | $2,560 |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Lake Mills, WI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Mills, WI is 31. This is a decrease of -37.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $477,000 | 17.0% |
Listing Count | 31 | -12.0% |
| Listings as % of Homes | 0.5% | -12.0% |
Days on Market | 31 | -37.0% |
Demographics — Lake Mills, WI
As of the latest ACS Survey released in 2023, Lake Mills, WI has a population of 9,480, which has increased by 9.0% over the past 5 years. Lake Mills, WI is a moderately popular place for families, as children make up 23.5% of the population. The area has a moderately educated workforce, with 44.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,480 | 9.0% |
% Under 18 | 23.5% | -2.5% |
% Seniors | 17.6% | 13.5% |
% WFH | 14.7% | 149.2% |
% w/ College Degree | 44.9% | 24.0% |
As of the latest ACS Survey released in 2023, Lake Mills, WI is a predominantly white area, with 90.0% of the population identifying as white. The white population has grown by 4.4% in the last 5 years. The second most common race or ethnicity in Lake Mills, WI is hispanic, making up 6.2% of the population. Foreign-born residents account for 2.2% of the population in Lake Mills, WI, and this percentage has decreased by 61.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.0% | 4.4% |
% Black | 0.9% | 50.0% |
% Hispanic | 6.2% | -43.6% |
% Asian | 0.3% | -40.0% |
% Foreign Born | 2.2% | -61.4% |
Mortgage and Risk — Lake Mills, WI
According to HUD data as of 2023, there were 230 mortgage originations in Lake Mills, WI, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Lake Mills, WI. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 230 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Lake Mills, WI
Lake Mills, WI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 63 |
Total Units Section 8 | 0 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$120 | $1,050 | $930 |
| 2 Bedroom | -$1,510 | $2,700 | $1,190 |
| 3 Bedroom | -$930 | $2,500 | $1,570 |
| 4 Bedroom | N/A | N/A | $1,580 |
Affordability — Lake Mills, WI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $408,000 |
| Median Household Income | $89,800 |