Walloon Lake, MI
Population 258 · Michigan
About Walloon Lake, MI
Walloon Lake is a small community located in Michigan with a population of 258 residents according to the latest US Census Bureau American Community Survey data. The median household income is $84,250 per year, which is 12% above the national median of $75,149. The median age of 49.9 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 Walloon Lake features a median home value of $260,000, which is 6% above the national median of $244,900. This positions Walloon Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 190 total housing units, 72% are owner-occupied (80 units) and 28% are renter-occupied (31 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Walloon Lake shows an unemployment rate of 1.7%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 3.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Walloon Lake have an average one-way commute time of 21.1 minutes.
Education & Demographics
46.5% of Walloon Lake residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 3.1% White, 0.8% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Walloon Lake, MI
Compared to national averages, Walloon Lake has a median household income of $84,250 (12% above the national median of $75,149). Home values average $260,000, which is 6% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Michigan, Walloon Lake's income is 28% above the state average of $66,017, and home values are 42% above the state median of $183,391.
Why Live in Walloon Lake, MI?
Walloon Lake offers a strong local economy with a median household income of $84,250, well above the national average, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 1.7%. Additionally, the city features a well-educated community where 46.5% of residents hold a bachelor’s degree or higher, and a low poverty rate of 3.1%, better than the national average, and short commute times averaging just 21.1 minutes.
Walloon Lake has a population of 258 with a median age of 49.9 years. Compare Walloon Lake with other cities to see how it stacks up, or explore all cities in Michigan.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Walloon Lake
What is the population of Walloon Lake, MI?
The population of Walloon Lake, MI is 258 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Michigan.
What is the median household income in Walloon Lake?
The median household income in Walloon Lake, MI is $84,250 per year, which is 12% above the national median of $75,149.
What is the median home value in Walloon Lake?
The median home value in Walloon Lake, MI is $260,000, which is 6% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Walloon Lake?
The median monthly rent in Walloon Lake, MI is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Walloon Lake?
The unemployment rate in Walloon Lake, MI is 1.7%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Walloon Lake, MI a good place to live?
Walloon Lake offers above-average incomes, a competitive housing market, and a strong job market. With a population of 258 and a median age of 49.9, the city appeals to established professionals and retirees.
How educated is Walloon Lake, MI?
46.5% of residents in Walloon Lake aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Walloon Lake?
Key cost-of-living indicators for Walloon Lake, MI: median home value is $260,000 (6% above national), median rent is $0/month, and median household income is $84,250. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Walloon Lake?
The poverty rate in Walloon Lake, MI is 3.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Walloon Lake, MI?
Walloon Lake's population is 3.1% White, 0.8% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.