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Affordable
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These days, finding an affordable place to live in the Lake City area can be challenging. Home prices in Lake City are now at a median cost of $199,530, lower than the Michigan average of $250,415.
The average cost of rent is $989/mo in Lake City, primarily driven by the current value of real estate in the Lake City area. In Lake City, 16.08% of households rent, and 49.70% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Lake City is $5,359 per month. Households that rent pay about 18.45% of their income on rent here. Lake City’s most expensive areas are in the western regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- McBain, MI: less expensive homes
- Manton, MI: less expensive homes
- Stittsville, MI: less expensive homes
- Cadillac, MI: less expensive homes
- Prosper, MI: less expensive homes
- Falmouth, MI: less expensive homes
- Vogel Center, MI: less expensive homes
- Merritt, MI: less expensive homes
- Meauwataka, MI: less expensive homes
- Ina, MI: equally priced homes
Cities with Similar Populations
- Mira Monte, CA: higher priced homes
- Moosup, CT: higher priced homes
- Mooresboro, NC: less expensive homes
- Montpelier, VA: higher priced homes
- Montpelier, OH: less expensive homes
- Montevideo, MN: less expensive homes
- Monte Vista, CO: higher priced homes
- Montague, MI: higher priced homes
- Monson, MA: higher priced homes
- Monessen, PA: less expensive homes
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