1st Advantage MortgageIn Lake County, Michigan, the typical household earns $50,805 a year and the typical rent is $875. Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- Lake County by the numbers
- How much Lake County households make
- Employment and commuting in Lake County
- Rent, home values and ownership in Lake County
- Lake County and the counties next door
- Lake County towns compared
- Room for a loan payment in Lake County
- What the numbers mean for Lake County borrowers
- People and households in Lake County
- Licensing and complaints for Lake County
- Before you sign
- Related local guides
- Frequently asked questions
Lake County by the numbers
Lake County is home to about 12,563 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 72nd most populous of 83 county-level areas in Michigan. Land area is 568 square miles (2024 Gazetteer), so density runs near 22 per square mile. Under the July 2023 OMB definitions, Lake County is not part of any metropolitan area. Baldwin is the biggest of its 2 Census places, at roughly 1,261 people (10% of the county total).
How much Lake County households make
The median household income in Lake County is $50,805; statewide it is $72,875, so Lake County runs 30% below Michigan as a whole. In the state ranking that is 79th of 83.
| Income band | Share in Lake County | Difference from Michigan |
|---|---|---|
| Under $35,000 | 36.8% | +13.7 pts |
| $35,000 to $99,999 | 47.5% | +6.0 pts |
| $100,000 to $199,999 | 13.3% | -12.6 pts |
| $200,000 or more | 2.4% | -7.1 pts |
The spread is wide: 16% of Lake County households make $100,000 or more, and 37% make less than $35,000. 20.5% of residents fall below the federal poverty line (statewide: 13.2%). Income inequality, measured by the Gini index, comes to 0.429 here. If your income is irregular, as it often is with tips, gig work or seasonal jobs, plan around your leaner months rather than the Lake County median.
Employment and commuting in Lake County
By the Census industry count, 20% of employed Lake County residents work in manufacturing and 13% in education and health care. Averaged over the five survey years, 7.4% of the labor force was out of work and looking. About 79% drive to work alone and 34% have trips of 45 minutes or more. Households without a car make up 6.9% of the total (7.0% statewide).
| Industry (employed residents 16+) | Lake County | Gap to Michigan |
|---|---|---|
| Manufacturing | 20.1% | +1.9 pts |
| Education and health care | 13.4% | -9.9 pts |
| Retail trade | 12.5% | +1.7 pts |
| Arts, lodging and food service | 10.1% | +1.7 pts |
| Professional and administrative services | 8.6% | -1.7 pts |
| Construction | 7.7% | +1.8 pts |
Industry shapes paperwork. Salaried and public jobs are easy to verify, while hourly, tipped, commission or contract earners in Lake County should have bank statements and tax returns ready.
Rent, home values and ownership in Lake County
A typical Lake County rental runs $875 a month including utilities, which is 22% below Michigan. 59% of renting households spend 30% or more of income on rent, and 31% spend half or more. The median owner-occupied home is valued at $133,900, about 2.6 times the median household income. Owners occupy 82% of homes. The median home was built in 1976, so roofs, wiring and heating systems are a common source of repair bills.
| Home costs | Lake County | Michigan | U.S. middle county |
|---|---|---|---|
| Median gross rent | $875/mo | $1,129/mo | $877/mo |
| Median home value | $133,900 | $231,600 | $185,300 |
| Owners | 82% | 73% | 75% |
| Rent-burdened renters | 59% | 50% | 45% |
| Burdened owners | 36% | 23% | n/a |
In an owner-heavy county like Lake County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it. Rent pressure is real here, so run any payment through the debt-to-income calculator before you apply.
Lake County and the counties next door
Six nearby counties, 24 to 34 miles away by the straight-line distance between their centers. All of the six report a higher median household income than Lake County; Mason County is highest at $64,748 and Osceola County lowest at $58,267.
| County | Distance | Median income | Median rent | Owners |
|---|---|---|---|---|
| Lake County | - | $50,805 | $875/mo | 82% |
| Osceola County, MI | 24 mi | $58,267 | $807/mo | 84% |
| Wexford County, MI | 26 mi | $61,085 | $897/mo | 81% |
| Newaygo County, MI | 30 mi | $63,304 | $904/mo | 87% |
| Manistee County, MI | 31 mi | $63,516 | $842/mo | 86% |
| Mason County, MI | 32 mi | $64,748 | $896/mo | 78% |
| Mecosta County, MI | 34 mi | $60,951 | $934/mo | 77% |
Lake County towns compared
The table lists the 2 largest of 2 Census places in Lake County, by population. Together all 2 hold about 1,564 people, so roughly 88% of residents live outside any named place. Live in one of these Lake County communities, or between them? This is your local guide.
| Name | Kind | Pop. | Income | Rent | Miles |
|---|---|---|---|---|---|
| Baldwin | village | 1,261 | $25,250 | $628 | 7 mi |
| Luther | village | 303 | $54,167 | $1,054 | 7 mi |
Room for a loan payment in Lake County
The debt-to-income ratio is the main affordability test lenders use. Applied to Lake County's medians:
- Monthly gross at the median, Lake County: $4,234
- Less median rent of $875, which is 21% of it
- 35% debt-to-income limit: $607 left for all other debt payments
- 45% debt-to-income limit: $1,030 left for all other debt payments
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Lake County's.
What the numbers mean for Lake County borrowers
The county's numbers point to a few situations that come up often for Lake County borrowers.
- Commuter costs. 34% drive 45 minutes or more. Compare shop financing with a loan, and keep a small repair fund.
- Mobile home upkeep. 26% of units fall in this category; roof, skirting and HVAC jobs are common reasons to borrow.
- Older households. A 50.5 median age means fixed-income borrowing is common; a fixed payment and short term limit risk.
- Lower-cost alternatives. In a county with 21% in poverty, nonprofit credit counseling may beat a loan (options).
People and households in Lake County
College graduates make up 13% of the adult population. 7.3% of residents have no health coverage.
| Measure | Lake County | Michigan statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 50.5 | 40.2 | 41.5 |
| Bachelor's or higher | 12.7% | 32.4% | 22.2% |
| No high school diploma | 14.3% | 7.9% | n/a |
| No health insurance | 7.3% | 4.9% | 7.8% |
| No vehicle | 6.9% | 7.0% | 5.4% |
| Work from home | 9.9% | 13.5% | 8.7% |
| Poverty rate | 20.5% | 13.2% | 13.2% |
| Unemployment (ACS) | 7.4% | 5.7% | 4.4% |
| Trip time | Share |
|---|---|
| Under 15 min | 25.9% |
| 15 to 29 min | 21.0% |
| 30 to 44 min | 18.9% |
| 45 to 59 min | 14.2% |
| 60+ min | 20.0% |
Licensing and complaints for Lake County
No county office licenses personal lenders. For Lake County, check the Michigan Department of Insurance and Financial Services. The Consumer Financial Protection Bureau accepts complaints nationwide. Statewide data and rules: Michigan guide.
Before you sign
Before you apply, wherever you live in Lake County:
- Price the Lake County expense first and borrow that amount, no more.
- Shop at least three lenders, including one Lake County-area credit union.
- Verify the Michigan license before giving out your Social Security number.
- Never pay a fee up front to get a loan.
Related local guides
For statewide rules and data, see the Michigan guide.
Frequently asked questions
How much do households in Lake County earn?
The median is $50,805; 16% earn $100,000 or more and 37% under $35,000. A lender uses your own documented income, not this figure.
What do renters pay in Lake County?
$875 a month at the median, about 21% of median household income.
Which towns does the Lake County guide cover?
Every community in the county, unincorporated areas included. The largest of its 2 Census places: Baldwin, Luther.
Is the fit check different in Lake County?
No. It is identical everywhere, and it never looks at your neighborhood.
Who do I complain to about a lender in Lake County?
Start with the Michigan Department of Insurance and Financial Services, then the CFPB complaint portal. Keep copies of every message.