The typical owner-occupied home in Lake Lillian is worth about $114,200, 65% below the Minnesota median of $329,300 and 66% below the national median of $332,700. Owners pay a median $1,539 a year in property taxes, about 1.35% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $60,250 a year, so the median home costs 1.9 times the median income (3.7 times for Minnesota). 84% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Lake Lillian at a glance
| Lake Lillian | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $114,200 | $329,300 | $332,700 |
| Median property tax paid per year | $1,539 | $3,357 | $3,119 |
| Property tax as a share of value | 1.35% | 1.02% | 0.94% |
| Median household income | $60,250 | $89,062 | $80,734 |
| Homes lived in by their owners | 84% | 72% | 65% |
| Owner homes with a mortgage | 47% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,292 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 23.5% | 19.7% | 21.0% |
| Median rent | $700 | $1,280 | $1,413 |
| Rent as a share of renters' income | 17.5% | 29.2% | 30.6% |
| Median year homes were built | 1963 | 1979 | 1980 |
| Vacant homes | 14.4% | 9.3% | 10.1% |
| Population | 157 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Lake Lillian
At this week's average 30-year rate of 7.11%, buying the median Lake Lillian home of $114,200 with 20% down costs about $791 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $981, 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 $33,885 for the 20%-down payment. That payment is 16% of the median Lake Lillian household income of $60,250; at that income and 20% down, the 28% guideline points to a home of about $203,000.
The median rent here is $700 a month, so owning the median home costs about $91 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $22,840 |
|---|---|
| Loan amount | $91,360 |
| Principal and interest | $615 |
| Property taxes (1.35% a year) | $128 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $791 |
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| Down payment | $3,997 |
|---|---|
| Loan amount | $112,132 |
| Principal and interest | $754 |
| Property taxes (1.35% a year) | $128 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $981 |
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Questions about home buying in Lake Lillian
What is the median home value in Lake Lillian?
About $114,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Lillian?
Homeowners pay a median $1,539 a year, which is about 1.35% 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 Lake Lillian?
For the median home with 20% down at 7.11%, the payment is about $791 a month. Keeping that under 28% of gross income takes about $33,885 a year.
More about Lake Lillian
- Mortgage Refinance in Lake Lillian
- Debt Relief in Lake Lillian
- Home Equity Loans in Lake Lillian
- 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