Lake City, IA
Population 1,652 · Iowa
About Lake City, IA
Lake City is a small town located in Iowa with a population of 1,652 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 46.9 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 City features a median home value of $103,300, which is 58% below the national median of $244,900. This makes Lake City one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $761, 35% below the national average of $1,163/month. Of the 739 total housing units, 75% are owner-occupied (490 units) and 25% are renter-occupied (162 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake City shows an unemployment rate of 1.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 13.2%, above the national average of 12.4%. Workers in Lake City have an average one-way commute time of 15.7 minutes, one of the shorter commutes in the region.
Education & Demographics
21.1% of Lake City 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 3.8% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.2% Asian residents, with 0.4% of the population being foreign-born.
Cost of Living in Lake City, IA
Compared to national averages, Lake City has a median household income of $64,375 (14% below the national median of $75,149). Home values average $103,300, which is 58% below the national median. Monthly rent at $761 is 35% below the US average of $1,163. Within Iowa, Lake City's income is 5% below the state average of $67,947, and home values are 22% below the state median of $132,237.
Why Live in Lake City, IA?
Lake City offers affordable housing with a median home value of $103,300, below the US average of $244,900, and rent that’s lower than the national average at $761/month, and a strong job market with an unemployment rate of just 1.8%. Additionally, the city features short commute times averaging just 15.7 minutes.
Potential considerations include median household income ($64,375) that falls below the national average. However, Lake City’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake City has a population of 1,652 with a median age of 46.9 years. Compare Lake City with other cities to see how it stacks up, or explore all cities in Iowa.
Similar Cities Near Lake City
Cities in Iowa with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Manson | 1,653 | $70,893 | $118,800 | Compare |
| Prairie City | 1,649 | $78,269 | $177,400 | Compare |
| Akron | 1,660 | $59,706 | $145,300 | Compare |
| Stuart | 1,642 | $62,500 | $152,300 | Compare |
| Nashua | 1,634 | $63,750 | $117,300 | Compare |
| Shell Rock | 1,634 | $70,556 | $159,100 | Compare |
| Guttenberg | 1,675 | $49,613 | $183,800 | Compare |
| Urbana | 1,628 | $112,672 | $224,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Iowa
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lake City With Other Cities
Frequently Asked Questions about Lake City
What is the population of Lake City, IA?
The population of Lake City, IA is 1,652 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Iowa.
What is the median household income in Lake City?
The median household income in Lake City, IA is $64,375 per year, which is 14% below the national median of $75,149.
What is the median home value in Lake City?
The median home value in Lake City, IA is $103,300, which is 58% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake City?
The median monthly rent in Lake City, IA is $761, which is 35% below the national average of $1,163/month.
What is the unemployment rate in Lake City?
The unemployment rate in Lake City, IA is 1.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake City, IA a good place to live?
Lake City offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,652 and a median age of 46.9, the city appeals to established professionals and retirees.
How educated is Lake City, IA?
21.1% of residents in Lake City 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 City?
Key cost-of-living indicators for Lake City, IA: median home value is $103,300 (58% below national), median rent is $761/month, and median household income is $64,375. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake City?
The poverty rate in Lake City, IA is 13.2%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Lake City, IA?
Lake City's population is 3.8% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.2% Asian, and 0.1% two or more races. 0.4% of residents are foreign-born.