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City · 6,470 residents · Jefferson County, Wisconsin

Lake Mills , Wisconsin

In Lake Mills, a typical home is worth $317,100 and typical rent is $1,209 a month. Compared with all of Jefferson County, typical rent is 17% higher, the typical home value is 16% higher, and the share of households that own their home is 6 points lower.

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  • Typical home value

    $317,100

    16% above the county

    19% above Wisconsin

    • Lake Mills
    • Jefferson
    • Wisconsin

  • Typical rent

    $1,209a month

    17% above the county

    11% above Wisconsin

    • Lake Mills
    • Jefferson
    • Wisconsin

  • Typical household income

    $91,027a year

    9% above the county

    17% above Wisconsin

    • Lake Mills
    • Jefferson
    • Wisconsin

  • Households that own their home

    67%

    6 points below the county

    1 points below Wisconsin

    • Lake Mills
    • Jefferson
    • Wisconsin

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

Market now, with Zillow data

Zillow data
Typical home value
$430,830
4.3% more than 12 months ago

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

Lake Mills is in Jefferson 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 Jefferson County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake Mills apart

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

  1. Nearby, in Fort Atkinson, the typical home value is $211,800: 33% less than in Lake Mills ($317,100).

  2. Nearby, in Fort Atkinson, the typical rent is $961: 21% less than in Lake Mills ($1,209).

  3. The typical rent in Lake Mills is $1,209 a month, 17% more than in Jefferson County as a whole ($1,035).

  4. The typical home in Lake Mills is worth $317,100, 16% more than in Jefferson County as a whole ($274,100).

  5. 67% of households in Lake Mills own their home, against 73% in Jefferson County.

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

The homes here

Housing in Lake Mills

What homes there are in Lake Mills, 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 are the majority in Lake Mills (59%), but less so than in Jefferson County (72%).

Year built

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

$1,901 a month

Jefferson County: $1,730 a month

Without a mortgage

$738 a month

Jefferson County: $691 a month

Owners with a mortgage

61%

Jefferson County: 62%

The typical cost for an owner with a mortgage in Lake Mills is $1,901 a month, more than in Jefferson County ($1,730); without one, $738.

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

Since 2015–2019, homes in Lake Mills gained value faster than in Jefferson County: 60% against 44%.

Rents in Lake Mills rose at about the same pace as in Jefferson County: 24% since 2015–2019, against 21%.

The typical household income in Lake Mills rose 30% over that time; home values changed +60% and rent +24%.

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 MillsJefferson CountyWisconsinUnited States
Rental vacancy Unreliable estimate4.5%4.5%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.5%0.9%
More than one person per room Unreliable estimate1.3%1.7%3.4%
People per household 2.492.372.332.53
Drive alone 82%77%74%69%
Carpool Unreliable estimate8%7%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate3%3%3%
Work from home 15%11%13%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate20 to 29 minutes10 to 19 minutes20 to 29 minutes

On average, a household in Lake Mills has 2.49 people, more than in Jefferson County (2.37).

In Lake Mills, 15% of workers work from home, more than in Jefferson County (11%).

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 Mills?

A typical home costs more than the typical income allows

We start with a typical home in Lake Mills, worth $317,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 37% of the typical household income in Lake Mills, which is $91,027 a year. For that payment to be 28% of income, a household would need to earn about $119,510 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Lake Mills. 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 $11,099 (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

$2,789

at 7.18% · 30 years

Loan amount
$311,356
Total interest
$447,968
Paid off in
November 2056

Includes $5,355 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,124 a month

  • Tight

    $2,124 to $2,731 a month

  • Hard

    more than $2,731 a month

    Your payment · 37%

Compared with the typical household income in Lake Mills ($91,027 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,789
Principal & interest$2,109
Property tax$407
Home insurance$132
FHA mortgage insurance (MIP)$140

You need at least $11,099 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 Mills and Jefferson County

Lake Mills is in Jefferson County, Wisconsin. 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 Mills's own numbers

Typical home value
$317,100
Typical monthly rent
$1,209
Typical yearly household income
$91,027
Households that own their home
67%
Effective property tax rate
1.54%

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

Numbers for all of Jefferson County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,209
Price change over 5 years (FHFA)
+56%
Homes in a high flood-risk zone
2.4%

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 Jefferson County.

Everything about Jefferson County

Buying

Buying a home in Lake Mills

A typical home in Lake Mills is worth $317,100: 16% above the county and 19% above Wisconsin. With the typical household income in Lake Mills ($91,027 a year), a typical home costs 3.5 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 Mills 3.5 years
  • Jefferson 3.3 years
  • Wisconsin 3.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Jefferson County

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

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

Period County Wisconsin U.S.
Last year (2025) +5.3% +5.4% +2.9%
5 years (2020–2025) +56% +57% +47%
10 years (2015–2025) +93% +96% +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 Mills next to Jefferson County, Wisconsin and the U.S.

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

Typical home value
  • Lake Mills $317,100
  • Jefferson $274,100
  • Wisconsin $266,500
  • United States $332,700
Typical monthly rent
  • Lake Mills $1,209
  • Jefferson $1,035
  • Wisconsin $1,087
  • United States $1,413
Typical yearly household income
  • Lake Mills $91,027
  • Jefferson $83,750
  • Wisconsin $77,485
  • United States $80,734
See the full table
Lake Mills next to Jefferson County and Wisconsin
Measure Lake Mills Jefferson County Wisconsin U.S.
Typical home value $317,100 $274,100 $266,500 $332,700
Typical monthly rent $1,209 $1,035 $1,087 $1,413
Typical yearly household income $91,027 $83,750 $77,485 $80,734
Households that own their home 67% 73% 68% 65%
Typical yearly property tax $4,892 $4,005 $3,792 $3,119
Effective property tax rate 1.54% 1.46% 1.42% 0.94%
Renters with high rent for their income 39% 39% 44% 51%

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

For a typical $317,100 home in Lake Mills, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Mills's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,789a month

    Least cash to close
    Down payment
    $11,099
    Cash to close
    $20,612
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $140

  • Conventional, 5% down $2,730a month

    Down payment
    $15,855
    Cash to close
    $25,368
    Rate
    7.18%
    Mortgage insurance
    PMI · $151

  • Conventional, 20% down, no PMI $2,258a month

    Down payment
    $63,420
    Cash to close
    $72,933
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,551a month

    Down payment
    $47,565
    Cash to close
    $57,078
    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 Mills and for Jefferson County.

Property tax

Effective rate in Lake Mills

1.54%of the home’s value each year

$4,892 a year for the typical owner in Lake Mills.

  • Lake Mills 1.54%
  • Jefferson 1.46%
  • Wisconsin 1.42%

What Wisconsin publishes Lottery and Gaming Credit for your primary residence (Wisconsin Department of Revenue)

Exemptions and deadlines in Wisconsin

Flood risk in Jefferson County

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

Homes in the high-risk zone
2.4%
729
Of those, with NFIP insurance
17%
County Wisconsin U.S.
Homes in the high-risk zone 2.4% 1.4% 3.5%
Of those, with NFIP insurance 17% 19% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake Mills

Typical rent in Lake Mills is $1,209 a month: 17% above the county. In Lake Mills, 39% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Jefferson County, by unit size. To pay the 2-bedroom one ($1,209 a month) without spending more than 30% of your income, you would need to earn $23.25 an hour working full time.

HUD fair market rent for all of Jefferson 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 $842 $16.19 $33,680
1 bedroom $958 $18.42 $38,320
2 bedrooms $1,209 $23.25 $48,360
3 bedrooms $1,635 $31.44 $65,400
4 bedrooms $1,652 $31.77 $66,080

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 Mills

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Mills is in ZIP code 53551.

For 2 bedrooms it is $1,320: $111 more than the fair market rent for Jefferson County ($1,209).

  • 53551 $1,320$1,790

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 Mills 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 Mills

HUD lists 2 buildings with rents for lower incomes in Lake Mills. These are the largest.

  • Rock Lake Manor 228 Water St, Lake Mills 53551 63 low-income homes · Run by Lake Mills Housing Authority · Average payment: $473 a month (920) 648-5064
  • Lake Mills Town Homes 809 Cherokee Path, Lake Mills 53551 17 low-income homes · 3 bd: 17 · In service since 1994

See all 25 buildings in Jefferson County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Lake Mills

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.

There is 1 HUD-approved agency with an office in Jefferson County; none says it serves in Spanish.

A man smiles on a bench outside his apartment building.

HUD counseling is free or low-cost

Assistance programs in Lake Mills

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

Which programs do I qualify for? All programs in Wisconsin

  • WHEDA Easy Close Advantage DPA

    Statewide in Wisconsin

    Wisconsin state agency second mortgage for the down payment: up to 6% of the price, over 10 years with a monthly payment and the same rate as the WHEDA first mortgage. Offered by Wisconsin Housing and Economic Development Authority (WHEDA).

    Repayable

    See the program Official page

  • WHEDA Capital Access DPA

    Statewide in Wisconsin

    Limited funds remain, per the source

    $7,500 loan from the Wisconsin state agency for the down payment and closing costs, over 30 years, at 0% and with no monthly payments, alongside a WHEDA mortgage; limited funds, first come, first served. Offered by Wisconsin Housing and Economic Development Authority (WHEDA).

    Deferred

    See the program Official page

Housing counselors near Lake Mills

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

  • Jefferson County at Home

    874 Collins Rd, Jefferson · 7 miles away

    • Home improvement and repairs
    • Pre-purchase counseling
    • and 2 more
    (920) 674-7500

  • Movin' Out, Inc.

    902 Royster Oaks Dr, Madison · 21 miles away · Spanish

    Also serves in Hmong.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 5 more
    (608) 518-4446

  • Urban League of Greater Madison

    2222 S Park St Ste 200, Madison · 25 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 4 more
    (608) 729-1200

Every agency in Jefferson County All counseling agencies in Wisconsin

Help in Spanish near Lake Mills

2 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 Mills

HUD’s record names them for Lake Mills or Jefferson County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

2 other authorities have an office in Jefferson County: see the list Source: HUD

Cities

Other cities in Jefferson County

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

Everything about Jefferson County Housing in Wisconsin

Nearby cities

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

Neighboring counties

If Jefferson 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 Mills.

All guides
A father smiles as he carries his baby on his shoulders outdoors.

Questions

Housing questions about Lake Mills

Short answers with the numbers for Lake Mills and all of Jefferson 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 Mills?

The typical home value in Lake Mills is $317,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Jefferson County it is $274,100.

How much does it cost to rent in Lake Mills?

Typical rent in Lake Mills is $1,209 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Jefferson County is $1,209.

What is the FHA loan limit in Lake Mills?

Lake Mills uses the FHA limit for all of Jefferson 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 Mills?

The typical homeowner in Lake Mills pays $4,892 a year, according to the U.S. Census Bureau. That is 1.54% of the home’s value; in Jefferson County, the rate is 1.46%.

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

There is 1 HUD-approved counseling agency with an office in Jefferson County. 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).