10 Most Affordable Lake Towns in 2024

Owning a lake house is a dream for many, yet, a new Realtor.com report found homes that are near lakes across the U.S. can have a 20%-30% price premium. And with exploding mortgage rates and already high home prices — this dream can seem out of reach for many buyers.

Yet, the report also found that there are still some affordable lake towns across the country.

Realtor.com conducted an analysis of lake towns with average home prices that are under $450,000, as the median national price stands at $442,000, according to the report.

Evan Wyloge, data journalist at Realtor.com, added that the report identified every listing in the past year that’s within a half-mile of a lake.

“From there, we calculated the median prices, by city, for those listings. We excluded very small towns and very large cities, but from there, we did some research to make sure each town we were highlighting seemed to have a lake-centric vibe,” said Wyloge, adding that this process included looking to see whether there is camping available at each lake — or whether there’s a marina.

Here are the 10 most affordable lake towns.

Median listing price: $142,500

“Located in the northern end of Michigan, about 45 minutes from Cheboygan, the entire town of Rogers City is practically walking distance to the shore of the great Lake Huron, and residents can enjoy the lakefront from Seagull Point Park or Lakeside Park,” Realtor.com detailed.

Median listing price: $145,500

“For nature lovers, Bayou Side Park and the Lockport Elevated Boardwalk offer scenic views and trails,” the report noted.

Median list price: $159,500

The town is known for activities on the lake and is also close to Chicago.

Median listing price :  $177,450

Albert Lea — 90 minutes south of Minneapolis — is termed “the ‘City of Lakes,’ with multiple lakes, including Fountain Lake and Albert Lea Lake,” nearby, per the report.

Median listing price : $178,000

This lake is known for bass fishing. And while it can be cool in the winter, Zapata “can get extremely hot in the summer, making the lake a popular spot for locals to cool off,” Realtor.com indicated.

Median listing price: $199,500

This lake is 30 minutes north of Cleveland, and boasts parks and walking trails.

“With a relatively small population, Mentor-On-The-Lake maintains a small-town feel, but with easy access to the larger Cleveland metro,” Wyloge wrote.

Median listing price: $199,500

The town is “surrounded by forests and parks, making it an ideal location for nature enthusiasts,” according to the report.

Median listing price: $199,900

This lake town — in the northern part of the state, in Ozark Mountains — is known for “its massive dam, the fifth-largest concrete dam in the United States,” according to the report.

Median listing price: $209,950

This is another Ozark Mountains lake town, “with inexpensive real estate near the picturesque Lake Taneycomo,” Realtor.com reported.

Median listing price: $210,000

This town is in the southern Adirondacks, and the lake setting “typifies a summer getaway, from lakeside camping to swimming and canoeing. But for those who want to make it a full-time lifestyle, the homes here are still affordable,” Wyloge suggested.