20 Most Affordable Midwest Lake Towns

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: $43,782Average single-family home value: $143,233Total cost of living (monthly): $2,524

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2. Lorain, Ohio

Median household income: $45,799Average single-family home value: $151,018Total cost of living (monthly): $2,635

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3. Michigan City, Indiana

Median household income: $52,979Average single-family home value: $177,358Total cost of living (monthly): $2,796

4. Alpena, Michigan

Median household income: $47,604Average single-family home value: $184,896Total cost of living (monthly): $2,813

5. Bemidji, Minnesota

Median household income: $53,850Average single-family home value: $212,927Total cost of living (monthly): $2,884

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6. Port Huron, Michigan

Median household income: $49,377Average single-family home value: $168,927Total cost of living (monthly): $2,893

7. Oregon, Ohio

Median household income: $82,467Average single-family home value: $222,113Total cost of living (monthly): $3,124

8. Racine, Wisconsin

Median household income: $55,705Average single-family home value: $208,467 Total cost of living (monthly): $3,156

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9. Council Bluffs, Iowa

Median household income: $64,092Average single-family home value: $219,879Total cost of living (monthly): $3,184

10. Vermilion, Ohio

Median household income: $73,052Average single-family home value: $252,799Total cost of living (monthly): $3,260

11. Oshkosh, Wisconsin

Median household income: $61,929Average single-family home value: $249,312Total cost of living (monthly): $249,312

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12. Waukegan, Illinois

Median household income: $70,578Average single-family home value: $232,652Total cost of living (monthly): $3,274

13. Ogallala, Nebraska

Median household income: $55,481Average single-family home value: $216,714Total cost of living (monthly): $3,334

14. Zion, Illinois

Median household income: $62,574Average single-family home value: $245,799Total cost of living (monthly): $3,373

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15. Ely, Minnesota

Median household income: $46,042Average single-family home value: $267,653Total cost of living (monthly): $3,383

16. Ludington, Michigan

Median household income: $44,471Average single-family home value: $289,209Total cost of living (monthly): $3,394

17. Duluth, Minnesota

Median household income: $66,263Average single-family home value: $285,223Total cost of living (monthly): $3,441

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18. Kenosha, Wisconsin

Median household income: $68,532Average single-family home value: $270,416Total cost of living (monthly): $3,520

19. Pierre, South Dakota

Median household income: $74,053Average single-family home value: $292,132Total cost of living (monthly): $3,567

20. Branson, Missouri

Median household income: $54,961Average single-family home value: $303,336Total 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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