Lake Mills, IA
Population 2,054 · Iowa
About Lake Mills, IA
Lake Mills is a small community in Iowa with a population of 2,054 residents. The median household income is $70,333 per year, which is above the national average. The median age in Lake Mills is 43.8 years.
Housing in Lake Mills has a median home value of $127,100 and median monthly rent of $615. Of the 999 total housing units, the majority are owner-occupied, with 624 owner-occupied and 306 renter-occupied units.
The unemployment rate in Lake Mills is 2.9% and the poverty rate is 15.9%. 17.3% of residents hold a bachelor's degree or higher. The average commute time is 15.7 minutes.
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 Census data.
What is the median household income in Lake Mills?
The median household income in Lake Mills, IA is $70,333 per year.
What is the median home value in Lake Mills?
The median home value in Lake Mills, IA is $127,100.
What is the average rent in Lake Mills?
The median monthly rent in Lake Mills, IA is $615.
What is the unemployment rate in Lake Mills?
The unemployment rate in Lake Mills, IA is 2.9%.