News & Trending Mortgage & Loans News

Realtors Predict House Prices Will Plummet in These 15 Popular Lake Towns

Lakeside living is still possible for those on tighter budgets in these charming towns around the country.

By Laura Gesualdi-Gilmore

Edited by Lauren Wellbank

Updated Jan. 22, 2025

There are plenty of perks to living in a lakeside town, including a plethora of available outdoor and water activities at your fingertips.

Unfortunately, many of these towns have become hot vacation spots, with housing prices that rose right along with their spike in popularity.

Yet there are still lakeside towns around the country where it's easier to make your paycheck stretch a bit further.

We consulted realtors and other housing experts around the country to get the lowdown on lakeside areas where home prices are expected to drop or stay affordable in the coming months.

Steal this billionaire wealth-building technique

The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.

A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.

If you have at least $10k to invest and are ready to explore diversifying beyond stocks and bonds,see what Masterworks has on offer. (Hurry, they often sell out!)

St. Clair Shores, Michigan

St. Clair Shores offers the best of both worlds, with proximity to both Lake St. Clair and Detroit. Home prices are generally affordable, according to Joe Muck, a real estate agent in metro Detroit, and they are expected to stay low so as a buyer, you'd keep more cash in your wallet.

"The city also boasts a ton of restaurants and nightlife options, and prices for real estate in the area hover in the $275k range," Muck says.

Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.

Oshkosh, Wisconsin

Oshkosh has been growing in popularity in recent years, according to Alexei Morgado, realtor and founder of Lexawise Real Estate Exam Preparation, but it's still possible to nab an affordable home.

"This quiet town on Lake Winnebago has a median home price of $347,000," Morgado notes. The charming area is known for its historic downtown and delightful waterfront.

Caroga Lake, New York

Those interested in upstate New York living can consider Caroga Lake. The average sale price for homes is about $250,000, according to Redfin, and prices have come down significantly over the past year.

Located in the southern Adirondacks, the area is great for those who love to be out on the water year-round — and Caroga Lake also made Realtor.com's 2024 list of the most affordable lake towns.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.00% (as of 12/27/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Rogers City, Michigan

Andy LaPointe, a former real estate agent in northern Michigan who now offers courses for those looking to relocate to the area, points to Rogers City as an affordable and delightful option.

It's "located on the shores of Lake Huron and enjoys amazing sunrises," he says. LaPointe also notes that the average home price is around $145,000. Rogers City maintains a small-town feel while boasting proximity to larger, bustling areas, he adds.

Mount Dora, Florida

Mount Dora and Lake Dora are big attractions for residents and visitors alike. "Mount Dora offers a historic downtown with an arts scene and is a great pick for families who like their lake lifestyle with culture," Morgado explains.

He does note that home prices in the town have gone up a bit recently, but "the surrounding areas are a lot more affordable, and prices will continue to adjust with the cooling market."

Madison, Ohio

Ohio has several great options for those who want to live on (or close to) a lake on a budget, according to Jessica Lauren, a real estate investor with Fire Damaged House Aid.

The average home price was $172,000 in 2024, according to Redfin, and has dropped significantly over the past year. The town enjoys easy access to Lake Erie, but Lauren does note the nuclear plant in nearby Perry could be a deterrent for some.

"If that doesn't bother you, it's a potential paradise," Lauren says.

Grow Your $$: 11 brilliant ways to build wealth after 40

Alpena, Michigan

Another Michigan gem is Alpena, which is located on Thunder Bay. LaPointe points to the town's "strong maritime history and easy access to boating, fishing, and modern amenities."

What's more, while the town is up and coming, median home prices remain around $175,000.

Okeechobee City, Florida

Morgado says that those looking for access to Lake Okeechobee, Florida's largest freshwater lake, may want to check out the charming yet affordable town of Okeechobee City.

Okeechobee City offers "a peaceful, country way of life," he says, and average home prices — which hover around $300,000 currently — could drop in the coming months.

Fairport Harbor, Ohio

fairport harbor west breakwater lighthouse

Lauren says her personal favorite affordable option in the Lake Erie region is Fairport Harbor. "It has a large inventory of old homes that could easily be renovated," she says. It also boasts "a historic lighthouse, maritime museum, and one of the largest beaches on Lake Erie."

According to Redfin, the average home price in Fairpoint is currently around $200,000.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

This is one of the top accounts we’ve seen, and offers like this can be rare. You work hard, and now it’s time to make your money work for you — with SoFi, you can grow your money with hardly any effort!

SoFi has no account fees⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> or overdraft fees⁶ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Open your SoFi account and set up direct deposit

Manistique, Michigan

LaPointe also recommends Manistique, located in the upper peninsula of Lake Michigan.

"The town offers easy access to the big lake, state land, and is the perfect town for those looking to enjoy small-town living," with easy access to towns like Escanaba with more amenities, he explains. Median house prices are around $145,000, according to LaPointe.

Clewiston, Florida

Clewiston, where average home prices sat around $330,000 at the start of 2025, is another delightful town on Florida's Lake Okeechobee that Morgado points to for potential bargain buyers.

"While generally more affordable than the coastal towns, the prices may soften further and offer buyers a chance to get some decent bargains," Morgado explains.

Two Rivers, Wisconsin

Another Wisconsin gem, Two Rivers is located on the shores of Lake Michigan and is allegedly the birthplace of the ice cream sundae.

Ice cream accolades aside, the median home price is $165,000, according to Morgado, and it's also known for its excellent fishing and fishing museum.

Supercharge your investments: See what could happen if you add fine art to your investment portfolio

Ashtabula, Ohio

Another charming town in Ohio with access to Lake Erie is Ashtabula, where Redfin puts the median home price at just $113,508.

Lauren points out that the area is up-and-coming. "Just a few years ago, the main street was deserted," she says. "A brewery moved into an abandoned building, and a developer started two brick-front duplexes. The area then started the transformation."

Lockport, Louisiana

In southern Louisiana, Lockport provides easy access to wetlands and bayous and could be a slam dunk for those looking to spend a good deal of time out on the water fishing, enjoying natural beauty, and the like.

According to Redfin, the median sale price for homes in the area is $65,000, down quite a bit from the previous year.

Fox Lake, Illinois

Fox Lake offers a mix of scenic views, easy lake access, and proximity to Chicago.

Low home prices will free up some cash to help pay for your bills whether you are in the market for a vacation home or simply looking to relocate somewhere with easy lake access and great nightlife.

Redfin puts the median home price at $208,000, a significant drop from last year.

Bottom line

It turns out, you can enjoy the perks of living in (or near) a vacation town with easy lake access and still build your wealth.

While real estate experts do warn that even more remote lake towns are seeing spikes in popularity, with some careful shopping around, it is still possible to find an excellent property for a bargain price.

More from FinanceBuzz:

Build passive income with shares of rental homes

Ark7 - Real Estate Investing Benefits

Invest in cash-flow-generating, professionally managed rental properties without having to buy the whole property
Sell shares at will at no cost
3% sourcing fee and 8-15% monthly management fee
$20 minimum investment
Ark7 investors have earned 5%+ annualized distributions from monthly income alone⁹ The 5%+ return is the portfolio average and is based on figures since Q4 2022.

Get started