The typical owner-occupied home in Lakewood is worth about $221,900, 17% below the Wisconsin median of $266,500 and 33% below the national median of $332,700. Owners pay a median $2,000 a year in property taxes, about 0.90% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $48,750 a year, so the median home costs 4.6 times the median income (3.4 times for Wisconsin). 95% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Lakewood at a glance
| Lakewood | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $221,900 | $266,500 | $332,700 |
| Median property tax paid per year | $2,000 | $3,792 | $3,119 |
| Property tax as a share of value | 0.90% | 1.42% | 0.94% |
| Median household income | $48,750 | $77,485 | $80,734 |
| Homes lived in by their owners | 95% | 68% | 65% |
| Owner homes with a mortgage | 60% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 19.5% | 21.0% |
| Median rent | – | $1,087 | $1,413 |
| Median year homes were built | 1974 | 1975 | 1980 |
| Vacant homes | 55.7% | 10.8% | 10.1% |
| Population | 182 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Lakewood
At this week's average 30-year rate of 7.11%, buying the median Lakewood home of $221,900 with 20% down costs about $1,453 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,823, 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 $62,274 for the 20%-down payment. That payment is 36% of the median Lakewood household income of $48,750; at that income and 20% down, the 28% guideline points to a home of about $174,000.
| Down payment | $44,380 |
|---|---|
| Loan amount | $177,520 |
| Principal and interest | $1,194 |
| Property taxes (0.90% a year) | $166 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| PMI | $0 |
| Total per month | $1,453 |
Change the numbers in the calculator
| Down payment | $7,766 |
|---|---|
| Loan amount | $217,881 |
| Principal and interest | $1,466 |
| Property taxes (0.90% a year) | $166 |
| Homeowners insurance (our estimate, 0.5% a year) | $92 |
| FHA mortgage insurance | $98 |
| Total per month | $1,823 |
Change the numbers in the calculator
Questions about home buying in Lakewood
What is the median home value in Lakewood?
About $221,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lakewood?
Homeowners pay a median $2,000 a year, which is about 0.90% 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 Lakewood?
For the median home with 20% down at 7.11%, the payment is about $1,453 a month. Keeping that under 28% of gross income takes about $62,274 a year.
More about Lakewood
- Mortgage Refinance in Lakewood
- Debt Relief in Lakewood
- Home Equity Loans in Lakewood
- 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