Lake Mills, Iowa, offers a low cost of living along with high quality services and resources. This is an excellent place to plant your roots! The Lake Mills community schools are committed to promoting and maintaining an atmosphere of teaching and learning that encourage students to pursue personal excellence and to prepare for the challenge of tomorrow.
As of 2026 the population of Lake Mills is 2,190. The population is expected to shrink to 2,172 by 2031 - a growth rate of -0.16%.
The median age of Lake Mills residents is 46.
The diversity index of Lake Mills is 31.1, meaning that there is a 31% chance that any two people selected out of 100 residents will be of different race or ethnicity from one another.
The average household income in Lake Mills is $83,991 and projected to be $92,422 in 2031. Per capita income is $36,659, projected to be $40,231 in 2031. 0.96% of households – 21 – have an income of $200,000 or higher. Average net worth is $577,019 and the average disposable income is $65,281.
There are 1,036 housing units in Lake Mills; 628 are owner-occupied, 322 are rented, and 86 are vacant. The average home value is $194,518, with 4 homes built in 2010 or later, and 288 built in 1939 or earlier.
There are 164 businesses in Lake Mills, employing 1,571 workers and pulling from a labor force of 1,080 age 16 and above. 179 workers commute into Lake Mills from outside the county or state. Key industries for the area include:
790 residents both live and work in/around Lake Mills. The average travel time is 0.0 minutes. 37.72% people have a commute of less than 5 minutes while 0.63% commute 90 minutes or more each way. Of commuters, 937 drive alone, 80 carpool, and 0 take public transportation. 16 use other modes of transport such as motorcycle, bicycle, walking, etc. 47 residents work from home.
588 members of the workforce hold a high school diploma or GED. 240 have associates degrees, 271 have bachelor’s degrees, and 87 hold a graduate or professional degree.
Source: ESRI, 2026-09-09
