Lake Mills, IA
Population 2,054 · Iowa
About Lake Mills, IA
Lake Mills is a small town located in Iowa with a population of 2,054 residents according to the latest US Census Bureau American Community Survey data. The median household income is $70,333 per year, which is 6% below the national median of $75,149. The median age of 43.8 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 Mills features a median home value of $127,100, which is 48% below the national median of $244,900. This makes Lake Mills one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $615, 47% below the national average of $1,163/month. Of the 999 total housing units, 67% are owner-occupied (624 units) and 33% are renter-occupied (306 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Mills shows an unemployment rate of 2.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 15.9%, above the national average of 12.4%. Workers in Lake Mills have an average one-way commute time of 15.7 minutes, one of the shorter commutes in the region.
Education & Demographics
17.3% of Lake Mills 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 7.4% White, 0.0% Hispanic or Latino, 0.3% Black or African American, and 0.3% Asian residents, with 1.9% of the population being foreign-born.
Cost of Living in Lake Mills, IA
Compared to national averages, Lake Mills has a median household income of $70,333 (6% below the national median of $75,149). Home values average $127,100, which is 48% below the national median. Monthly rent at $615 is 47% below the US average of $1,163. Within Iowa, Lake Mills's income is 4% above the state average of $67,947, and home values are 4% below the state median of $132,237.
Why Live in Lake Mills, IA?
Lake Mills offers affordable housing with a median home value of $127,100, below the US average of $244,900, and rent that’s lower than the national average at $615/month, and a strong job market with an unemployment rate of just 2.9%. Additionally, the city features short commute times averaging just 15.7 minutes.
Potential considerations include median household income ($70,333) that falls below the national average. However, Lake Mills’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Mills has a population of 2,054 with a median age of 43.8 years. Compare Lake Mills with other cities to see how it stacks up, or explore all cities in Iowa.
Similar Cities Near Lake Mills
Cities in Iowa with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Dallas Center | 2,058 | $88,750 | $231,100 | Compare |
| Audubon | 2,069 | $41,389 | $92,800 | Compare |
| Monroe | 2,074 | $81,488 | $173,500 | Compare |
| Ely | 2,033 | $102,262 | $275,800 | Compare |
| Toledo | 2,079 | $56,719 | $124,000 | Compare |
| Colfax | 2,089 | $82,878 | $160,500 | Compare |
| Epworth | 1,991 | $73,571 | $229,200 | Compare |
| Lamoni | 2,121 | $52,300 | $107,900 | 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 Mills With Other Cities
Frequently Asked Questions about Lake Mills
What is the population of Lake Mills, IA?
The population of Lake Mills, IA is 2,054 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 Mills?
The median household income in Lake Mills, IA is $70,333 per year, which is 6% below the national median of $75,149.
What is the median home value in Lake Mills?
The median home value in Lake Mills, IA is $127,100, which is 48% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Mills?
The median monthly rent in Lake Mills, IA is $615, which is 47% below the national average of $1,163/month.
What is the unemployment rate in Lake Mills?
The unemployment rate in Lake Mills, IA is 2.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Mills, IA a good place to live?
Lake Mills offers a moderate cost of living, affordable housing, and a strong job market. With a population of 2,054 and a median age of 43.8, the city appeals to a broad range of residents.
How educated is Lake Mills, IA?
17.3% of residents in Lake Mills 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 Mills?
Key cost-of-living indicators for Lake Mills, IA: median home value is $127,100 (48% below national), median rent is $615/month, and median household income is $70,333. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Mills?
The poverty rate in Lake Mills, IA is 15.9%, 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 Mills, IA?
Lake Mills's population is 7.4% White, 0.0% Hispanic or Latino, 0.3% Black or African American, 0.3% Asian, and 0.0% two or more races. 1.9% of residents are foreign-born.