Lake County, MN Average Home Price (2026)
The average home price in Lake County, Minnesota is about $288,000 (the 2026 median across 8 ZIP codes, at ~$255/sq ft) — 3% more affordable than the Minnesota median and about the same as the typical U.S. home.
How Lake County compares
Lake County is about average for housing nationally: its typical home costs $288,000 against $297,000 for Minnesota and $289,000 for the U.S. Within the county, ZIP-level values run from about $187,000 to $423,000.
| Area | Typical value | $ / sq ft |
|---|---|---|
| Lake County | $288,000 | $255 |
| Minnesota | $297,000 | $188 |
| United States | $289,000 | $193 |
Lake County home prices by ZIP code
The 8 most valuable ZIP codes in Lake County (of 8 with data):
| ZIP code | Typical value | $ / sq ft | vs county |
|---|---|---|---|
| 55609 Knife River | $423,000 | $192 | +47% |
| 55796 Winton | $397,000 | $209 | +38% |
| 55601 Beaver Bay | $357,000 | $327 | +24% |
| 55616 Two Harbors | $293,000 | $282 | +2% |
| 55731 Ely | $283,000 | $338 | -2% |
| 55603 Isabella | $236,000 | $356 | -18% |
| 55607 Isabella | $211,000 | $197 | -27% |
| 55614 Finland | $187,000 | $228 | -35% |
Home value appreciation in Lake County
Home prices in Lake County have risen about 94% over the last 10 years (≈6.8% a year) and +89.8% over 20 years, according to the FHFA house price index through 2025. The most recent year came in at +4.5% — still rising. A home worth $288,000 today was worth roughly $148,837 ten years ago.
See where that trend takes a specific home with the home appreciation calculator — statewide, Minnesota is +71.4% over the same 10 years. Past appreciation is a track record, not a forecast; local prices can fall.
Calculators for Lake County
Run the numbers for Lake County with the local rates already filled in — change any input to test your own situation.
Salary needed to buy a home in Lake County
To buy the typical $288,000 home in Lake County with 20% down, you need a household income of roughly $78,000 a year (about $1,830 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $93,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $14,400 | $2,270/mo | $97,000/yr |
| 10% (+PMI) | $28,800 | $2,170/mo | $93,000/yr |
| 20% | $57,600 | $1,830/mo | $78,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in Lake County
At about $255 per square foot, here is roughly how much home different budgets get you in Lake County:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 590 sq ft | below the local median — condos, smaller or older homes |
| $200k | 780 sq ft | below the local median — condos, smaller or older homes |
| $250k | 980 sq ft | around the typical home here |
| $300k | 1180 sq ft | around the typical home here |
| $400k | 1570 sq ft | above the median — larger homes or the pricier ZIPs |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens filtered to Minnesota.
Estimate a specific home in Lake County
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Lake County home prices: frequently asked
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Browse all Minnesota cities and counties, or look up price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research; FHFA house price index; Census ZIP-to-county relationships), not appraisals.