The typical owner-occupied home in Balsam Lake is worth about $210,200, 21% below the Wisconsin median of $266,500 and 37% below the national median of $332,700. Owners pay a median $2,609 a year in property taxes, about 1.24% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $52,011 a year, so the median home costs 4.0 times the median income (3.4 times for Wisconsin). 81% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Balsam Lake at a glance
| Balsam Lake | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $210,200 | $266,500 | $332,700 |
| Median property tax paid per year | $2,609 | $3,792 | $3,119 |
| Property tax as a share of value | 1.24% | 1.42% | 0.94% |
| Median household income | $52,011 | $77,485 | $80,734 |
| Homes lived in by their owners | 81% | 68% | 65% |
| Owner homes with a mortgage | 43% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,363 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 24.6% | 19.5% | 21.0% |
| Median rent | $975 | $1,087 | $1,413 |
| Rent as a share of renters' income | 28.9% | 27.2% | 30.6% |
| Median year homes were built | 1978 | 1975 | 1980 |
| Vacant homes | 40.3% | 10.8% | 10.1% |
| Population | 754 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Balsam Lake
At this week's average 30-year rate of 7.11%, buying the median Balsam Lake home of $210,200 with 20% down costs about $1,436 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,786, 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 $61,543 for the 20%-down payment. That payment is 33% of the median Balsam Lake household income of $52,011; at that income and 20% down, the 28% guideline points to a home of about $178,000.
The median rent here is $975 a month, so owning the median home costs about $461 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $42,040 |
|---|---|
| Loan amount | $168,160 |
| Principal and interest | $1,131 |
| Property taxes (1.24% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $88 |
| PMI | $0 |
| Total per month | $1,436 |
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| Down payment | $7,357 |
|---|---|
| Loan amount | $206,393 |
| Principal and interest | $1,388 |
| Property taxes (1.24% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $88 |
| FHA mortgage insurance | $93 |
| Total per month | $1,786 |
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Questions about home buying in Balsam Lake
What is the median home value in Balsam Lake?
About $210,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Balsam Lake?
Homeowners pay a median $2,609 a year, which is about 1.24% 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 Balsam Lake?
For the median home with 20% down at 7.11%, the payment is about $1,436 a month. Keeping that under 28% of gross income takes about $61,543 a year.
More about Balsam Lake
- Mortgage Refinance in Balsam Lake
- Debt Relief in Balsam Lake
- Home Equity Loans in Balsam Lake
- 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