The typical owner-occupied home in Elkhart Lake is worth about $328,300, 23% above the Wisconsin median of $266,500 and about the same as the national median of $332,700. Owners pay a median $3,639 a year in property taxes, about 1.11% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $94,250 a year, so the median home costs 3.5 times the median income (3.4 times for Wisconsin). 76% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
Elkhart Lake at a glance
| Elkhart Lake | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $328,300 | $266,500 | $332,700 |
| Median property tax paid per year | $3,639 | $3,792 | $3,119 |
| Property tax as a share of value | 1.11% | 1.42% | 0.94% |
| Median household income | $94,250 | $77,485 | $80,734 |
| Homes lived in by their owners | 76% | 68% | 65% |
| Owner homes with a mortgage | 42% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,622 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 16.4% | 19.5% | 21.0% |
| Median rent | $1,000 | $1,087 | $1,413 |
| Rent as a share of renters' income | 27.1% | 27.2% | 30.6% |
| Median year homes were built | 1975 | 1975 | 1980 |
| Vacant homes | 28.5% | 10.8% | 10.1% |
| Population | 1,092 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Elkhart Lake
At this week's average 30-year rate of 7.11%, buying the median Elkhart Lake home of $328,300 with 20% down costs about $2,207 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,754, 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 $94,597 for the 20%-down payment. That payment is 28% of the median Elkhart Lake household income of $94,250; at that income and 20% down, the 28% guideline points to a home of about $327,000.
The median rent here is $1,000 a month, so owning the median home costs about $1,207 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $65,660 |
|---|---|
| Loan amount | $262,640 |
| Principal and interest | $1,767 |
| Property taxes (1.11% a year) | $304 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| PMI | $0 |
| Total per month | $2,207 |
Change the numbers in the calculator
| Down payment | $11,490 |
|---|---|
| Loan amount | $322,354 |
| Principal and interest | $2,168 |
| Property taxes (1.11% a year) | $304 |
| Homeowners insurance (our estimate, 0.5% a year) | $137 |
| FHA mortgage insurance | $145 |
| Total per month | $2,754 |
Change the numbers in the calculator
Questions about home buying in Elkhart Lake
What is the median home value in Elkhart Lake?
About $328,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elkhart Lake?
Homeowners pay a median $3,639 a year, which is about 1.11% 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 Elkhart Lake?
For the median home with 20% down at 7.11%, the payment is about $2,207 a month. Keeping that under 28% of gross income takes about $94,597 a year.
More about Elkhart Lake
- Mortgage Refinance in Elkhart Lake
- Debt Relief in Elkhart Lake
- Home Equity Loans in Elkhart 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