You don’t have to pay an arm and a leg to reside in a Midwestern lake town. According to in-house data accumulated by GOBankingRates, the total cost of living in a wide range of Midwestern lake towns is as low as $2,524 and as high as $3,580 per month depending on the city and state.
To compile the initial list of lake towns, GOBankingRates studied rankings from Travel + Leisure, Thrillist and MSN. Additional data sourced included each town’s household median income, average single-family home value and total monthly cost of living.
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Check out the Midwest’s 20 most affordable lake towns below, ranked from lowest to highest monthly living expenses. Plus, see which 20 lake towns are the most affordable in America.
1. Ashtabula, Ohio
- Median household income: $43,782
- Average single-family home value: $143,233
- Total cost of living (monthly): $2,524
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2. Lorain, Ohio
- Median household income: $45,799
- Average single-family home value: $151,018
- Total cost of living (monthly): $2,635
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3. Michigan City, Indiana
- Median household income: $52,979
- Average single-family home value: $177,358
- Total cost of living (monthly): $2,796
4. Alpena, Michigan
- Median household income: $47,604
- Average single-family home value: $184,896
- Total cost of living (monthly): $2,813
5. Bemidji, Minnesota
- Median household income: $53,850
- Average single-family home value: $212,927
- Total cost of living (monthly): $2,884
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6. Port Huron, Michigan
- Median household income: $49,377
- Average single-family home value: $168,927
- Total cost of living (monthly): $2,893
7. Oregon, Ohio
- Median household income: $82,467
- Average single-family home value: $222,113
- Total cost of living (monthly): $3,124
8. Racine, Wisconsin
- Median household income: $55,705
- Average single-family home value: $208,467
- Total cost of living (monthly): $3,156
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9. Council Bluffs, Iowa
- Median household income: $64,092
- Average single-family home value: $219,879
- Total cost of living (monthly): $3,184
10. Vermilion, Ohio
- Median household income: $73,052
- Average single-family home value: $252,799
- Total cost of living (monthly): $3,260
11. Oshkosh, Wisconsin
- Median household income: $61,929
- Average single-family home value: $249,312
- Total cost of living (monthly): $249,312
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12. Waukegan, Illinois
- Median household income: $70,578
- Average single-family home value: $232,652
- Total cost of living (monthly): $3,274
13. Ogallala, Nebraska
- Median household income: $55,481
- Average single-family home value: $216,714
- Total cost of living (monthly): $3,334
14. Zion, Illinois
- Median household income: $62,574
- Average single-family home value: $245,799
- Total cost of living (monthly): $3,373
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15. Ely, Minnesota
- Median household income: $46,042
- Average single-family home value: $267,653
- Total cost of living (monthly): $3,383
16. Ludington, Michigan
- Median household income: $44,471
- Average single-family home value: $289,209
- Total cost of living (monthly): $3,394
17. Duluth, Minnesota
- Median household income: $66,263
- Average single-family home value: $285,223
- Total cost of living (monthly): $3,441
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18. Kenosha, Wisconsin
- Median household income: $68,532
- Average single-family home value: $270,416
- Total cost of living (monthly): $3,520
19. Pierre, South Dakota
- Median household income: $74,053
- Average single-family home value: $292,132
- Total cost of living (monthly): $3,567
20. Branson, Missouri
- Median household income: $54,961
- Average single-family home value: $303,336
- Total cost of living (monthly): $3,580
Find more original studies and surveys in the GOBankingRates original research center.
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates identified the 20 most affordable lake towns to live in across the United States. The initial list of towns was compiled using rankings from Travel + Leisure’s Best Lake Towns in America, MSN’s Best Lake Towns to Live in America and Thrillist’s Best Lake Town Destinations in America. Once the locations were selected, GOBankingRates analyzed several key data points sourced from the U.S. Census Bureau’s American Community Survey, including total population, percentage of residents age 65 and over, median household income and total number of households. Cost-of-living indexes were obtained from Sperling’s BestPlaces. To estimate average household expenditures, national data from the Bureau of Labor Statistics’ Consumer Expenditure Survey was used. Home affordability was assessed using the Zillow Home Value Index for single-family homes. Assuming a 10% down payment and a national average 30-year fixed mortgage rate of 6.56% (as reported by the Federal Reserve Economic Data on Sept. 2, 2025), average monthly mortgage costs were calculated for each town. By combining mortgage costs with estimated household expenditures, the total cost of living for basic necessities was determined. The towns were then ranked from most to least affordable. All data is current as of Sept. 3, 2025.
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This article originally appeared on GOBankingRates.com: 20 Most Affordable Midwest Lake Towns
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