Real Estate Market 2023: 10 Affordable Lake Towns Across the US

Whether you’re looking for a permanent residence with proximity to water or an idyllic summer getaway, a lake town can be the ideal place to buy a home.

“There has been a steady uptick in the number of people seeking out homes in lake towns over the past few years,” Glenn S. Phillips, CEO of Lake Homes Realty, told Realtor.com. “We see a trend across all our markets of buyers thinking, ‘Life is short, buy the lake home!’ Many of those seek out the more rural lake towns where homes may be relatively more affordable than at larger lakes or at lakes near cities.”

To find the most affordable lake towns, Realtor.com analyzed all the home listings for the past year within a half-mile of a named lake or pond, and then calculated the median prices from July 2022 through June 2023 for homes in those areas. Only towns with at least 50 home listings over that period were included. Here are the 10 small towns that made the cut, ranked by affordability.

• Median home list price: $285,000

Located about an hour northeast of Columbia, this South Carolina small town is within half a mile of Prestwood Lake. Property directly on the lake can be hard to come by, but you may luck out if you get wind of a listing early enough.

Pictured: Columbia, South Carolina

• Median home list price: $185,000

Augusta Lake is a 190-acre human-made lake lined with parks, grassy areas and walking trails. The lake is a gathering place for the community — it’s home to Little League tournaments, concerts and annual celebrations like the Fourth of July festivities. Outside of those special occasions, residents regularly enjoy fishing, boating and kayaking on the lake.

Pictured: Olathe, Kansas

• Median home list price: $139,900

Two Rivers’ position on Lake Michigan makes it one of the coolest areas on the lake, so it’s become a respite for people looking to escape the heat. Its lower temps have also earned it the nickname “Cool City.”

• Median home list price: $135,000

Part of the Cleveland metro area, Lorain is a small city on the shores of Lake Eerie. It’s close enough to big-city amenities to be convenient, yet far enough away that residents can truly enjoy the best of small-town lake life, with plenty of opportunities for kayaking, boating, fishing, swimming and water sports.

• Median home list price: $169,900

Sheffield is home to Pickwick Lake, a popular boating and fishing destination known for its record-size smallmouth bass and catfish. It’s also home to the historic Muscle Shoals Sound Studio, where many musical icons recorded, including The Rolling Stones, Aretha Franklin, Cher and Wham!

Pictured: Pickwick Landing State Park Marina in Counce, Tennessee

• Median home list price: $126,900

Cherokee Village is home to seven lakes in total, including Lake Cherokee, which has a park and private docks, and Lake Thunderbird, which has a public marina, two swimming pools and a minigolf course.

Pictured: Paradise Lake, Arkansas

• Median home list price: $129,900

Fairmont is a small town known as the “City of Lakes,” as it’s home to five of them. The two with the most affordable housing nearby are George Lake and Budd Lake. All five lakes offer boating and fishing.

Pictured: Minneapolis

• Median home list price: $122,750

Dunkirk is located on the western tip of northern New York on the edge of Lake Eerie. It’s home to multiple beach parks, and it hosts several annual summertime events, including a strawberry festival.

• Median home list price: $140,000

Don’t let the “city” in the name fool you — Rogers City is very much a small town, with just under 3,000 residents. It’s located on the banks of Lake Huron, giving residents easy access to multiple parks along the shore. Rogers City is also home to the Great Lakes Lore Maritime Museum and the Presque Isle County Historical Museum.

• Median home list price: $154,900

Danville, a relatively small town located in east central Illinois, is home to Lake Vermilion. The human-made lake is a popular fishing and boating destination.

Pictured: Annawan, Illinois

All data is sourced from Realtor.com’s ranking of The 10 Most Affordable Lake Towns in America in 2023 and is accurate as of July 17, 2023.