Lake Mills, Iowa Demographics & Population 2026
During the 2020–2024 ACS period, Lake Mills, Iowa had a total population of 2,088, the 163rd largest city in Iowa, with a median household income of $61,875, which is 18% lower than the state average. The poverty rate is 15.3%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Housing is very affordable with a home-value-to-income ratio of just 2.0x.
- Near full employment with an unemployment rate of just 1.6%.
Lake Mills Quick Facts
How Lake Mills Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 2,054 | 2,088 | +1.7% |
| Median household income | $70,333 | $61,875 | -12.0% |
| Median home value | $127,100 | $122,600 | -3.5% |
How Lake Mills Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 31 | National average: 61
Education
Educational Attainment (Adults 25+)
Lake Mills Rankings in Iowa
Explore Iowa Rankings
Other Cities in Winnebago County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Buffalo Center | 911 | $52,917 | 8.2% | $100,500 |
| Thompson | 459 | $61,250 | 7.5% | $95,700 |
| Leland | 306 | $52,500 | 18.7% | $92,900 |
| Rake | 190 | $42,386 | 23.3% | $49,000 |
| Scarville | 66 | N/A | 27.3% | N/A |
Cities Similar to Lake Mills
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Columbus Junction | 2,110 | $63,828 | $125,800 | 17.9% | 10.3% |
| Sumner | 2,106 | $58,854 | $118,000 | 28.2% | 13.6% |
| Northwood | 2,040 | $63,450 | $130,300 | 15.9% | 8.8% |
| Ida Grove | 1,967 | $61,250 | $94,900 | 19.0% | 8.3% |
| La Porte City | 2,071 | $70,500 | $163,200 | 24.1% | 10.8% |
Population Overview
Lake Mills is a small community located in Iowa, within Winnebago County. The total population is 2,088. It ranks as the 163rd most populous out of 1,017 Census-designated places in Iowa.
Age Demographics
The median age in Lake Mills is 46.2 years. This is 20% higher than the state median of 38.6 years. 14.0% of residents are 75 or older, suggesting a significant retirement-age population with implications for healthcare services and senior housing.
Economy, Income & Housing
The median household income in Lake Mills is $61,875. This is 18% lower than the state median of $75,059. It is also 23% lower than the national median of $80,734. The poverty rate stands at 15.3%. This is 38% higher than the state poverty rate of 11.1%. The unemployment rate is 1.6%. This is 55% lower than the state rate of 3.6%. The median home value is $122,600. Housing costs are 41% lower than the state median of $208,000. With a home-value-to-income ratio of just 2.0x, Lake Mills is one of the most affordable housing markets in the area. 62.8% of occupied housing units are owner-occupied. This homeownership rate is 12% lower than the state average of 71.7%.
Race & Ethnicity
Lake Mills has a predominantly White (non-Hispanic) population, comprising 88.3% of all residents. Hispanic or Latino residents account for 9.5%. The Asian population (0.1%) is well below the state average of 2.5%.
Education
18.0% of residents aged 25 and older hold a bachelor's degree or higher. This is 43% lower than the state rate of 31.4%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 93.5%.
Data Sources & Methodology
All demographic data for Lake Mills, Iowa is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Iowa state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,017 Census-designated places in Iowa. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Lake Mills, Iowa?
Lake Mills, Iowa has a population of 2,088 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Lake Mills, IA?
The median household income in Lake Mills is $61,875, which is 23% lower than the national median of $80,734.
What is the poverty rate in Lake Mills, IA?
The poverty rate in Lake Mills is 15.3%. This means approximately 312 residents live below the federal poverty line.
What is the racial makeup of Lake Mills, Iowa?
Lake Mills's population is 88.3% White, 0.0% Black, 9.5% Hispanic/Latino, and 0.1% Asian.
What is the median home value in Lake Mills, IA?
The median home value in Lake Mills is $122,600. The home-value-to-income ratio is 2.0x.
How educated is Lake Mills, Iowa?
18.0% of adults (25+) in Lake Mills hold a bachelor's degree or higher, and 4.3% hold a graduate or professional degree.