The typical owner-occupied home in Lakeville is worth about $868,200, 2.4 times the Connecticut median of $366,900 and 2.6 times the national median of $332,700. Owners pay a median $5,996 a year in property taxes, about 0.69% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $163,375 a year, so the median home costs 5.3 times the median income (3.8 times for Connecticut). 100% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Lakeville at a glance
| Lakeville | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $868,200 | $366,900 | $332,700 |
| Median property tax paid per year | $5,996 | $6,643 | $3,119 |
| Property tax as a share of value | 0.69% | 1.81% | 0.94% |
| Median household income | $163,375 | $95,781 | $80,734 |
| Homes lived in by their owners | 100% | 66% | 65% |
| Owner homes with a mortgage | 57% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,917 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 25.7% | 21.8% | 21.0% |
| Median rent | – | $1,488 | $1,413 |
| Median year homes were built | 1953 | 1967 | 1980 |
| Vacant homes | 25.7% | 7.0% | 10.1% |
| Population | 510 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Lakeville
At this week's average 30-year rate of 7.11%, buying the median Lakeville home of $868,200 with 20% down costs about $5,533 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,119, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $237,142 for the 20%-down payment. That payment is 41% of the median Lakeville household income of $163,375; at that income and 20% down, the 28% guideline points to a home of about $598,000.
| Down payment | $173,640 |
|---|---|
| Loan amount | $694,560 |
| Principal and interest | $4,672 |
| Property taxes (0.69% a year) | $499 |
| Homeowners insurance (our estimate, 0.5% a year) | $362 |
| PMI | $0 |
| Total per month | $5,533 |
Change the numbers in the calculator
| Down payment | $30,387 |
|---|---|
| Loan amount | $852,475 |
| Principal and interest | $5,735 |
| Property taxes (0.69% a year) | $499 |
| Homeowners insurance (our estimate, 0.5% a year) | $362 |
| FHA mortgage insurance | $524 |
| Total per month | $7,119 |
Change the numbers in the calculator
Questions about home buying in Lakeville
What is the median home value in Lakeville?
About $868,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lakeville?
Homeowners pay a median $5,996 a year, which is about 0.69% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Lakeville?
For the median home with 20% down at 7.11%, the payment is about $5,533 a month. Keeping that under 28% of gross income takes about $237,142 a year.
More about Lakeville
- Mortgage Refinance in Lakeville
- Debt Relief in Lakeville
- Home Equity Loans in Lakeville
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data