Lake City, MN—55041
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake City, MN
As of Oct '25, the median home price in Lake City, MN is $313,000, with a year-over-year change of 3.6%. This indicates that home prices in Lake City, MN are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $313,000 | 3.6% |
| Single Family | $313,000 | 3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $276,000 | 3.0% |
3 Bed | $316,000 | 3.6% |
4 Bed | $407,000 | 4.6% |
| 5 Bed | $515,000 | 7.1% |
% of Housing Stock
Rental Trends — Lake City, MN
As of July '25, Rentcast reports the average rent in Lake City, MN is $1,780, with a year-over-year rent change of 6.6%. Per bedroom, the median rent as of July '25 in Lake City, MN is 2-bedrooms: $1,550, 3-bedrooms: $2,150, 4-bedrooms: $1,500. The most common rental property sizes in Lake City, MN are 1-bedroom and 3-bedroom, accounting for 36.2% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $1,780 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $795 | $1,550 |
| 3 Bed Rent | $2,000 | $2,150 |
| 4 Bed Rent | $1,500 | $1,500 |
% of Rental Stock
Property Listings — Lake City, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake City, MN is 67. This is a increase of 83.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $437,000 | 3.0% |
Listing Count | 40 | 26.0% |
| Listings as % of Homes | 0.3% | 26.0% |
Days on Market | 67 | 83.0% |
Demographics — Lake City, MN
As of the latest ACS Survey released in 2023, Lake City, MN has a population of 7,530, which has decreased by -3.4% over the past 5 years. Lake City, MN is a moderately popular place for families, as children make up 20.0% of the population. The area has a moderately educated workforce, with 30.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,530 | -3.4% |
% Under 18 | 20.0% | 4.7% |
% Seniors | 26.9% | 6.3% |
% WFH | 11.4% | 111.1% |
% w/ College Degree | 30.7% | 22.8% |
As of the latest ACS Survey released in 2023, Lake City, MN is a predominantly white area, with 94.2% of the population identifying as white. The white population has shrunk by 0.6% in the last 5 years. The second most common race or ethnicity in Lake City, MN is asian, making up 1.1% of the population. Foreign-born residents account for 2.1% of the population in Lake City, MN, and this percentage has decreased by 16.0% 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 | 94.2% | -0.6% |
% Black | 0.7% | -41.7% |
% Hispanic | 1.1% | -65.6% |
% Asian | 1.1% | 450.0% |
% Foreign Born | 2.1% | -16.0% |
Mortgage and Risk — Lake City, MN
According to HUD data as of 2023, there were 123 mortgage originations in Lake City, MN, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Lake City, MN. Investor activity is low, as 3.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 123 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Lake City, MN
Lake City, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 123 |
Total Units Section 8 | 122 |
% Rentals under Section 8 | 20.0% |
% Occupied Section 8 | 89.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,050 |
| 2 Bedroom | $385 | $795 | $1,180 |
| 3 Bedroom | -$440 | $2,000 | $1,560 |
| 4 Bedroom | $480 | $1,500 | $1,980 |
Affordability — Lake City, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $313,000 |
| Median Household Income | $83,700 |