Lake of the Woods, IN
Population 658 · Indiana
About Lake of the Woods, IN
Lake of the Woods is a small community located in Indiana with a population of 658 residents according to the latest US Census Bureau American Community Survey data. The median household income is $64,375 per year, which is 14% below the national median of $75,149. The median age of 54.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Lake of the Woods features a median home value of $189,600, which is 23% below the national median of $244,900. This positions Lake of the Woods in a moderately priced market relative to the rest of the country. Median monthly rent is $1,020, 12% below the national average of $1,163/month. Of the 432 total housing units, 64% are owner-occupied (203 units) and 36% are renter-occupied (116 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Lake of the Woods shows an unemployment rate of 11.2%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake of the Woods have an average one-way commute time of 25.7 minutes.
Education & Demographics
14.8% of Lake of the Woods residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 2.1% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.4% of the population being foreign-born.
Cost of Living in Lake of the Woods, IN
Compared to national averages, Lake of the Woods has a median household income of $64,375 (14% below the national median of $75,149). Home values average $189,600, which is 23% below the national median. Monthly rent at $1,020 is 12% below the US average of $1,163. Within Indiana, Lake of the Woods's income is 7% below the state average of $69,330, and home values are 16% above the state median of $163,409.
Why Live in Lake of the Woods, IN?
Lake of the Woods offers affordable housing with a median home value of $189,600, below the US average of $244,900, and rent that’s lower than the national average at $1,020/month, and a low poverty rate of 6.4%, better than the national average.
Potential considerations include median household income ($64,375) that falls below the national average. However, Lake of the Woods’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake of the Woods has a population of 658 with a median age of 54.4 years. Compare Lake of the Woods with other cities to see how it stacks up, or explore all cities in Indiana.
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Cities in Indiana with a similar population size.
Demographics
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Economy & Education
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Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Lake of the Woods
What is the population of Lake of the Woods, IN?
The population of Lake of the Woods, IN is 658 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Indiana.
What is the median household income in Lake of the Woods?
The median household income in Lake of the Woods, IN is $64,375 per year, which is 14% below the national median of $75,149.
What is the median home value in Lake of the Woods?
The median home value in Lake of the Woods, IN is $189,600, which is 23% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake of the Woods?
The median monthly rent in Lake of the Woods, IN is $1,020, which is 12% below the national average of $1,163/month.
What is the unemployment rate in Lake of the Woods?
The unemployment rate in Lake of the Woods, IN is 11.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake of the Woods, IN a good place to live?
Lake of the Woods offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 658 and a median age of 54.4, the city appeals to established professionals and retirees.
How educated is Lake of the Woods, IN?
14.8% of residents in Lake of the Woods aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Lake of the Woods?
Key cost-of-living indicators for Lake of the Woods, IN: median home value is $189,600 (23% below national), median rent is $1,020/month, and median household income is $64,375. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake of the Woods?
The poverty rate in Lake of the Woods, IN is 6.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lake of the Woods, IN?
Lake of the Woods's population is 2.1% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 1.4% of residents are foreign-born.