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City · 5,034 residents · Wabasha County, Minnesota

Lake City , Minnesota

In Lake City, a typical home is worth $238,700 and typical rent is $871 a month. Compared with all of Wabasha County, typical household income is 12% lower and the typical home value is 10% lower.

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  • Typical home value

    $238,700

    10% below the county

    28% below Minnesota

    • Lake City
    • Wabasha
    • Minnesota

  • Typical rent

    $871a month

    5% above the county

    32% below Minnesota

    • Lake City
    • Wabasha
    • Minnesota

  • Typical household income

    $72,244a year

    12% below the county

    19% below Minnesota

    • Lake City
    • Wabasha
    • Minnesota

  • Households that own their home

    79%

    4 points below the county

    7 points above Minnesota

    • Lake City
    • Wabasha
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$321,241
2.8% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Lake City is in Wabasha County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Wabasha County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake City apart

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

  1. Lake City has the 13th lowest typical rent of the 148 cities in Minnesota with more than 5,000 people ($871).

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

The homes here

Housing in Lake City

What homes there are in Lake City, 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

In Lake City, 6 in 10 homes are single-family detached houses; in Wabasha County, 8.

Year built

The typical year built in Lake City is 1973, about the same as in Wabasha County (1976).

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

At least 99% of owner-occupied homes in Lake City are worth less than $500,000, below the FHA loan limit for Wabasha County ($541,287).

Monthly rent with utilities

With a mortgage

$1,578 a month

Wabasha County: $1,763 a month

Without a mortgage

$580 a month

Wabasha County: $623 a month

Owners with a mortgage

56%

Wabasha County: 57%

Owning costs less in Lake City: with a mortgage, the typical cost is $1,578 a month; in Wabasha County, $1,763. Without one, $580.

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

The typical home value in Lake City rose 41% since 2015–2019, less than in Wabasha County (44%).

The typical rent in Lake City stayed about the same over that time: the difference is within the Census margin of error.

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 CityWabasha CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimate2.3%2.3%3.4%
People per household 2.132.322.432.53
Drive alone 74%74%69%69%
Carpool 11%9%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate5%3%3%
Work from home 11%11%18%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Lake City has 2.13 people, fewer than in Wabasha County (2.32).

To get to work, 74% of workers in Lake City drive alone; in Wabasha County, 74%.

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 City?

A typical home is tight for the typical income

We start with a typical home in Lake City, worth $238,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 34% of the typical household income in Lake City, which is $72,244 a year. For that payment to be 28% of income, a household would need to earn about $86,808 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Lake City. 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 $8,355 (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

$2,026

at 7.18% · 30 years

Loan amount
$234,376
Total interest
$337,212
Paid off in
November 2056

Includes $4,031 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,686 a month

  • Tight

    $1,686 to $2,167 a month

    Your payment · 34%

  • Hard

    more than $2,167 a month

Compared with the typical household income in Lake City ($72,244 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,026
Principal & interest$1,588
Property tax$233
Home insurance$100
FHA mortgage insurance (MIP)$106

You need at least $8,355 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 City and Wabasha County

Lake City is in Wabasha County, Minnesota. 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 City's own numbers

Typical home value
$238,700
Typical monthly rent
$871
Typical yearly household income
$72,244
Households that own their home
79%
Effective property tax rate
1.17%

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

Numbers for all of Wabasha County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
Price change over 5 years (FHFA)
+53%

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 Wabasha County.

Everything about Wabasha County

Buying

Buying a home in Lake City

A typical home in Lake City is worth $238,700: 10% below the county and 28% below Minnesota. With the typical household income in Lake City ($72,244 a year), a typical home costs 3.3 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 City 3.3 years
  • Wabasha 3.2 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Wabasha County

According to FHFA’s house price index, home prices in Wabasha County rose 93% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) +5.2% +2.8% +2.9%
5 years (2020–2025) +53% +37% +47%
10 years (2015–2025) +93% +71% +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 City next to Wabasha County, Minnesota and the U.S.

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

Typical home value
  • Lake City $238,700
  • Wabasha $264,400
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Lake City $871
  • Wabasha $830
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Lake City $72,244
  • Wabasha $82,007
  • Minnesota $89,062
  • United States $80,734
See the full table
Lake City next to Wabasha County and Minnesota
Measure Lake City Wabasha County Minnesota U.S.
Typical home value $238,700 $264,400 $329,300 $332,700
Typical monthly rent $871 $830 $1,280 $1,413
Typical yearly household income $72,244 $82,007 $89,062 $80,734
Households that own their home 79% 83% 72% 65%
Typical yearly property tax $2,781 $2,785 $3,357 $3,119
Effective property tax rate 1.17% 1.05% 1.02% 0.94%
Renters with high rent for their income 46% 38% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Wabasha 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 City

For a typical $238,700 home in Lake City, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake City's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,026a month

    Least cash to close
    Down payment
    $8,355
    Cash to close
    $15,516
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $106

  • Conventional, 5% down $1,982a month

    Down payment
    $11,935
    Cash to close
    $19,096
    Rate
    7.18%
    Mortgage insurance
    PMI · $113

  • Conventional, 20% down, no PMI $1,626a month

    Down payment
    $47,740
    Cash to close
    $54,901
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,847a month

    Down payment
    $35,805
    Cash to close
    $42,966
    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 City and for Wabasha County.

Property tax

Effective rate in Lake City

1.17%of the home’s value each year

$2,781 a year for the typical owner in Lake City.

  • Lake City 1.17%
  • Wabasha 1.05%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Wabasha County

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

FEMA’s maps count no homes in the high-risk zone in Wabasha County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake City

Typical rent in Lake City is $871 a month: 5% above the county. In Lake City, 46% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Wabasha County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Wabasha 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 $894 $17.19 $35,760
1 bedroom $931 $17.90 $37,240
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,328 $25.54 $53,120
4 bedrooms $1,512 $29.08 $60,480

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 City

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake City is in ZIP code 55041.

For 2 bedrooms it is $1,180: $166 more than the fair market rent for Wabasha County ($1,014).

  • 55041 $1,180$1,560

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 City 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?

Low-income apartments

Low-income apartments in Lake City

HUD lists one building with rents for lower incomes in Lake City.

  • Pepin Apartments 1005A W Marion St, Lake City 55041 49 homes, 48 low-income · For older adults (800) 450-4501

See all 5 buildings in Wabasha County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Lake City

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 Wabasha County. The nearest ones are below; many serve by phone or online.

A man leans over the armchair where a girl is reading a book.

HUD counseling is free or low-cost

Assistance programs in Lake City

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

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Lake City

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

  • Three Rivers Community Action, Inc.

    1414 Northstar Dr, Zumbrota · 22 miles away · Spanish

    Also serves in other languages.

    • Pre-purchase counseling
    • Homebuyer education workshops
    (507) 696-4025

  • Washington County Community Development Agency

    7645 Currell Blvd, Woodbury · 47 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (651) 202-2822

  • Dakota County Community Development Agency

    1228 Town Centre Dr, Eagan · 51 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (651) 675-4400

All counseling agencies in Minnesota

Help in Spanish near Lake City

1 of the 3 agencies on this list says it serves 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 City

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

One other authority has an office in Wabasha County: see the list Source: HUD

Cities

Nearby cities

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

Everything about Wabasha County Housing in Minnesota

Neighboring counties

If Wabasha 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 City.

All guides
A mother smiles as she carries her young daughter on her shoulders (black and white).

Questions

Housing questions about Lake City

Short answers with the numbers for Lake City and all of Wabasha 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 City?

The typical home value in Lake City is $238,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Wabasha County it is $264,400.

How much does it cost to rent in Lake City?

Typical rent in Lake City is $871 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Wabasha County is $1,014.

What is the FHA loan limit in Lake City?

Lake City uses the FHA limit for all of Wabasha County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Lake City?

The typical homeowner in Lake City pays $2,781 a year, according to the U.S. Census Bureau. That is 1.17% of the home’s value; in Wabasha County, the rate is 1.05%.

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

We found no HUD-approved counseling agencies with an office in Wabasha 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).