Lake Mills, WI
Population 6,391 · Wisconsin
About Lake Mills, WI
Lake Mills is a small town located in Wisconsin with a population of 6,391 residents according to the latest US Census Bureau American Community Survey data. The median household income is $87,039 per year, which is 16% above the national median of $75,149. The median age of 40.2 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake Mills features a median home value of $282,400, which is 15% above the national median of $244,900. This positions Lake Mills in a moderately priced market relative to the rest of the country. Median monthly rent is $1,095, 6% below the national average of $1,163/month. Of the 2,800 total housing units, 69% are owner-occupied (1,697 units) and 31% are renter-occupied (777 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Mills shows an unemployment rate of 0.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Mills have an average one-way commute time of 25.2 minutes.
Education & Demographics
45.0% of Lake Mills 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 5.7% White, 2.5% Hispanic or Latino, 0.0% Black or African American, and 0.8% Asian residents, with 3.0% of the population being foreign-born.
How Lake Mills Ranks in Wisconsin
Cost of Living in Lake Mills, WI
Compared to national averages, Lake Mills has a median household income of $87,039 (16% above the national median of $75,149). Home values average $282,400, which is 15% above the national median. Monthly rent at $1,095 is 6% below the US average of $1,163. Within Wisconsin, Lake Mills's income is 20% above the state average of $72,579, and home values are 37% above the state median of $205,802.
Why Live in Lake Mills, WI?
Lake Mills offers a strong local economy with a median household income of $87,039, well above the national average, and rent that’s lower than the national average at $1,095/month, and a strong job market with an unemployment rate of just 0.5%. Additionally, the city features a well-educated community where 45.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 4.9%, better than the national average.
Lake Mills has a population of 6,391 with a median age of 40.2 years. Compare Lake Mills with other cities to see how it stacks up, or explore all cities in Wisconsin.
Similar Cities Near Lake Mills
Cities in Wisconsin with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Elm Grove | 6,428 | $133,304 | $468,000 | Compare |
| Twin Lakes | 6,351 | $85,800 | $257,000 | Compare |
| Waupaca | 6,314 | $52,586 | $177,600 | Compare |
| Slinger | 6,173 | $99,457 | $337,700 | Compare |
| Rib Mountain | 6,134 | $87,054 | $237,700 | Compare |
| Fox Point | 6,746 | $140,818 | $414,900 | Compare |
| Sturtevant | 6,787 | $84,479 | $231,000 | Compare |
| Edgerton | 5,924 | $84,185 | $243,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Wisconsin
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, WI?
The population of Lake Mills, WI is 6,391 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Wisconsin.
What is the median household income in Lake Mills?
The median household income in Lake Mills, WI is $87,039 per year, which is 16% above the national median of $75,149.
What is the median home value in Lake Mills?
The median home value in Lake Mills, WI is $282,400, which is 15% above 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, WI is $1,095, which is 6% below the national average of $1,163/month.
What is the unemployment rate in Lake Mills?
The unemployment rate in Lake Mills, WI is 0.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Mills, WI a good place to live?
Lake Mills offers above-average incomes, a competitive housing market, and a strong job market. With a population of 6,391 and a median age of 40.2, the city appeals to a broad range of residents.
How educated is Lake Mills, WI?
45.0% of residents in Lake Mills 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 Lake Mills?
Key cost-of-living indicators for Lake Mills, WI: median home value is $282,400 (15% above national), median rent is $1,095/month, and median household income is $87,039. The home-value-to-income ratio is 3.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Mills?
The poverty rate in Lake Mills, WI is 4.9%, 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 Mills, WI?
Lake Mills's population is 5.7% White, 2.5% Hispanic or Latino, 0.0% Black or African American, 0.8% Asian, and 1.1% two or more races. 3.0% of residents are foreign-born.