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City · 6,903 residents · Okaloosa County, Florida

Lake Lorraine , Florida

In Lake Lorraine, a typical home is worth $434,500 and typical rent is $1,654 a month. Compared with all of Okaloosa County, typical household income is 27% higher and the typical home value is 24% higher.

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  • Typical home value

    $434,500

    24% above the county

    21% above Florida

    • Lake Lorraine
    • Okaloosa
    • Florida

  • Typical rent

    $1,654a month

    3% above the county

    About the same as Florida

    • Lake Lorraine
    • Okaloosa
    • Florida

  • Typical household income

    $104,105a year

    27% above the county

    40% above Florida

    • Lake Lorraine
    • Okaloosa
    • Florida

  • Households that own their home

    73%

    5 points above the county

    6 points above Florida

    • Lake Lorraine
    • Okaloosa
    • Florida

Source: U.S. Census Bureau, Average 2020–2024

Lake Lorraine is in Okaloosa County. The FHA loan limit ($603,750 for a one-unit home), the fair market rents and the help on this page are those of all of Okaloosa County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake Lorraine apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Ocean City, the typical home value is $303,900: 30% less than in Lake Lorraine ($434,500).

  2. The typical household income in Lake Lorraine is $104,105, 27% more than in Okaloosa County as a whole ($81,998).

  3. Nearby, in Fort Walton Beach, the typical rent is $1,307: 21% less than in Lake Lorraine ($1,654).

  4. The typical home in Lake Lorraine is worth $434,500, 24% more than in Okaloosa County as a whole ($351,200).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lake Lorraine

What homes there are in Lake Lorraine, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses, standing on their own, make up 70% of homes here, against 64% in Okaloosa County.

Year built

In Lake Lorraine, half of the homes were built before 1981; in Okaloosa County, before 1990.

Homes in Lake Lorraine are bigger: 80% have 3 bedrooms or more; in Okaloosa County, 70%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,239 a month

Okaloosa County: $1,937 a month

Without a mortgage

$587 a month

Okaloosa County: $608 a month

Owners with a mortgage

59%

Okaloosa County: 61%

In Lake Lorraine, 59% of owners have a mortgage, and their typical cost is $2,239 a month, against $1,937 in Okaloosa County. Without one it drops to $587.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Much as in Okaloosa County, the typical home value in Lake Lorraine rose 59% since 2015–2019.

Rents in Lake Lorraine rose at about the same pace as in Okaloosa County: 41% since 2015–2019, against 43%.

The typical household income in Lake Lorraine rose 35%: less than home values (+59%) and rent (+41%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLake LorraineOkaloosa CountyFloridaUnited States
Rental vacancy Unreliable estimate14.3%7.6%5.5%
Homeowner vacancy Unreliable estimate1.4%1.4%0.9%
More than one person per room Unreliable estimate2.3%3.3%3.4%
People per household 2.382.482.512.53
Drive alone 75%77%70%69%
Carpool 12%10%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate2%2%3%
Work from home 9%10%16%15%
Other means Unreliable estimate1%2%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

Much as in Okaloosa County, a household in Lake Lorraine has 2.38 people on average.

To get to work, 75% of workers in Lake Lorraine drive alone; in Okaloosa County, 77%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lake Lorraine?

A typical home costs more than the typical income allows

We start with a typical home in Lake Lorraine, worth $434,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 40% of the typical household income in Lake Lorraine, which is $104,105 a year. For that payment to be 28% of income, a household would need to earn about $148,859 a year.

The calculator's FHA and conventional loan limits are those of all of Okaloosa County.

Your numbers

Local data
$

Starts at the typical home value in Lake Lorraine. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $15,208 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,473

at 7.18% · 30 years

Loan amount
$426,630
Total interest
$613,820
Paid off in
November 2056

Includes $7,338 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,429 a month

  • Tight

    $2,429 to $3,123 a month

  • Hard

    more than $3,123 a month

    Your payment · 40%

Compared with the typical household income in Lake Lorraine ($104,105 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,473
Principal & interest$2,890
Property tax$210
Home insurance$181
FHA mortgage insurance (MIP)$192

You need at least $15,208 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lake Lorraine and Okaloosa County

Lake Lorraine is in Okaloosa County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lake Lorraine's own numbers

Typical home value
$434,500
Typical monthly rent
$1,654
Typical yearly household income
$104,105
Households that own their home
73%
Effective property tax rate
0.58%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Okaloosa County

FHA limit, one-unit home
$603,750
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,908
Price change over 5 years (FHFA)
+47%
Homes in a high flood-risk zone
6.4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Okaloosa County.

Everything about Okaloosa County

Buying

Buying a home in Lake Lorraine

A typical home in Lake Lorraine is worth $434,500: 24% above the county and 21% above Florida. With the typical household income in Lake Lorraine ($104,105 a year), a typical home costs 4.2 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lake Lorraine 4.2 years
  • Okaloosa 4.3 years
  • Florida 4.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Okaloosa County

According to FHFA’s house price index, home prices in Okaloosa County rose 104% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Okaloosa County.

Period County Florida U.S.
Last year (2025) +0.3% −0.5% +2.9%
5 years (2020–2025) +47% +60% +47%
10 years (2015–2025) +104% +127% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lake Lorraine next to Okaloosa County, Florida and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lake Lorraine $434,500
  • Okaloosa $351,200
  • Florida $359,000
  • United States $332,700
Typical monthly rent
  • Lake Lorraine $1,654
  • Okaloosa $1,612
  • Florida $1,669
  • United States $1,413
Typical yearly household income
  • Lake Lorraine $104,105
  • Okaloosa $81,998
  • Florida $74,568
  • United States $80,734
See the full table
Lake Lorraine next to Okaloosa County and Florida
Measure Lake Lorraine Okaloosa County Florida U.S.
Typical home value $434,500 $351,200 $359,000 $332,700
Typical monthly rent $1,654 $1,612 $1,669 $1,413
Typical yearly household income $104,105 $81,998 $74,568 $80,734
Households that own their home 73% 68% 68% 65%
Typical yearly property tax $2,539 $2,011 $2,730 $3,119
Effective property tax rate 0.58% 0.57% 0.76% 0.94%
Renters with high rent for their income 51% 55% 60% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Okaloosa County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lake Lorraine

For a typical $434,500 home in Lake Lorraine, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Lorraine's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,473a month

    Least cash to close
    Down payment
    $15,208
    Cash to close
    $28,243
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $192

  • Conventional, 5% down $3,394a month

    Down payment
    $21,725
    Cash to close
    $34,760
    Rate
    7.18%
    Mortgage insurance
    PMI · $206

  • Conventional, 20% down, no PMI $2,746a month

    Down payment
    $86,900
    Cash to close
    $99,935
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,148a month

    Down payment
    $65,175
    Cash to close
    $78,210
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lake Lorraine and for Okaloosa County.

Property tax

Effective rate in Lake Lorraine

0.58%of the home’s value each year

$2,539 a year for the typical owner in Lake Lorraine.

  • Lake Lorraine 0.58%
  • Okaloosa 0.57%
  • Florida 0.76%

What Florida publishes Homestead exemption (Florida Department of Revenue)

Exemptions and deadlines in Florida

Flood risk in Okaloosa County

FEMA does not publish these numbers by city: they are for all of Okaloosa County.

Homes in the high-risk zone
6.4%
5,078
Of those, with NFIP insurance
74%
County Florida U.S.
Homes in the high-risk zone 6.4% 13% 3.5%
Of those, with NFIP insurance 74% 67% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake Lorraine

Typical rent in Lake Lorraine is $1,654 a month: 3% above the county. In Lake Lorraine, 51% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Okaloosa County, by unit size. To pay the 2-bedroom one ($1,908 a month) without spending more than 30% of your income, you would need to earn $36.69 an hour working full time.

HUD fair market rent for all of Okaloosa County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,421 $27.33 $56,840
1 bedroom $1,706 $32.81 $68,240
2 bedrooms $1,908 $36.69 $76,320
3 bedrooms $2,616 $50.31 $104,640
4 bedrooms $3,189 $61.33 $127,560

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lake Lorraine

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Lorraine is in ZIP code 32579.

For 2 bedrooms it is $2,030: $122 more than the fair market rent for Okaloosa County ($1,908).

  • 32579 $2,030$2,780

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lake Lorraine when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lake Lorraine

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Okaloosa County. The nearest ones are below; many serve by phone or online.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Lake Lorraine

No down payment, repair or rent-help program on our list is for Lake Lorraine or Okaloosa County. The ones below are statewide in Florida: they work in Lake Lorraine the same as in the rest of the state.

Which programs do I qualify for? All programs in Florida

Housing counselors near Lake Lorraine

The HUD-approved agencies closest to the center of Lake Lorraine, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Enterprise Investments, Incorporated

    302 North Barcelona St, Pensacola · 39 miles away

    • Mortgage delinquency workshops
    • Budget and financial counseling
    • and 10 more
    850-595-6234-206

  • Pensacola Habitat for Humanity

    300 W Leonard St, Pensacola · 39 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (850) 434-5456

  • City of Panama City Community Development Corporation

    501 Harrison Ave, Panama City · 57 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (850) 872-7231

All counseling agencies in Florida

Help in Spanish near Lake Lorraine

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lake Lorraine

In HUD’s record, no housing authority with an office in Okaloosa County is named for Lake Lorraine or Okaloosa County.

3 other authorities have an office in Okaloosa County: see the list Source: HUD

Cities

Other cities in Okaloosa County

These cities are also in Okaloosa County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Okaloosa County Housing in Florida

Nearby cities

The cities closest to Lake Lorraine, with the typical home value.

Neighboring counties

If Okaloosa County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lake Lorraine.

All guides
A father and mother walk their son by the hand down the sidewalk.

Questions

Housing questions about Lake Lorraine

Short answers with the numbers for Lake Lorraine and all of Okaloosa County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lake Lorraine?

The typical home value in Lake Lorraine is $434,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Okaloosa County it is $351,200.

How much does it cost to rent in Lake Lorraine?

Typical rent in Lake Lorraine is $1,654 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Okaloosa County is $1,908.

What is the FHA loan limit in Lake Lorraine?

Lake Lorraine uses the FHA limit for all of Okaloosa County (2026): $603,750 for a one-unit home and $1,161,050 for a four-unit home.

How much property tax do owners pay in Lake Lorraine?

The typical homeowner in Lake Lorraine pays $2,539 a year, according to the U.S. Census Bureau. That is 0.58% of the home’s value; in Okaloosa County, the rate is 0.57%.

Where can I find free help to buy or rent in Lake Lorraine?

We found no HUD-approved counseling agencies with an office in Okaloosa County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).