Living in Balsam Lake, Wisconsin
Cost of living, income, home prices, rent and demographics of Balsam Lake · Census data 2020–2024
Balsam Lake has 754 residents with a median age of 55.9. The median household income is $52,011 (33% lower than the Wisconsin median), the median home value is $210,200, the median rent is $975/month.
Balsam Lake is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Balsam Lake at a glance
- Population
- 754
- Median age
- 55.9State: 40.2
- Median household income
- $52,011State: $77,485
- Median home value
- $210,200State: $266,500
- Median rent
- $975/moState: $1,087
- Homeowners
- 80.7%
- Bachelor's degree or higher
- 17.7%
- Average commute
- 23 min
Is Balsam Lake a good place to live?
Pros: Home values 21% lower than the state median; unemployment of 1.1%.
Cons: Median household income 33% lower than the Wisconsin median; an average commute of 23 minutes; a poverty rate of 11.2%.
The weather is best in June to September.
Cost of living in Balsam Lake
Housing is the biggest part of the cost of living. In Balsam Lake the median home value is $210,200, 37% lower than the U.S. median. Renters pay a median of $975 per month, which is 28.9% of household income. Homeowners with a mortgage pay $1,363 a month in housing costs.
Balsam Lake median household income
The median household income in Balsam Lake is $52,011 and the income per person is $38,537. 11.2% of residents live below the poverty line (Wisconsin: 10.6%).
Housing in Balsam Lake: homes for sale and rent
- Housing units
- 642
- Owner-occupied
- 80.7%
- Renter-occupied
- 19.3%
- Vacant
- 40.3%Includes seasonal homes
- Median year built
- 1978
- Average household size
- 1.84
40.3% of homes are vacant most of the year, a sign that Balsam Lake has many vacation and second homes.
Balsam Lake demographics
- Population
- 754
- Median age
- 55.9
- Under 18
- 12.1%
- 65 and older
- 33.4%
- Households
- 383
- Foreign-born
- 0.4%
- Veterans
- 5.4%Adults 18+
Hispanic or Latino can be of any race. Population history of Balsam Lake ›
Education in Balsam Lake
17.7% of adults 25 and older in Balsam Lake have a bachelor's degree or higher (Wisconsin: 33.4%), and 5.5% have a graduate or professional degree.
Jobs and commute in Balsam Lake
- Unemployment rate
- 1.1%State: 3.2%
- Average commute
- 23 minState: 22 min
- Work from home
- 10.6%
- Drive alone
- 69.7%
- Public transit
- 0%
- Walk to work
- 11.3%
- Homes with broadband
- 84.1%
Balsam Lake vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Balsam Lake | 754 | $52,011 | $210,200 | $975 |
| Milltown | 861 | $42,083 | $123,100 | $715 |
| Centuria | 806 | $49,821 | $145,600 | $860 |
| Luck | 1,124 | $68,606 | $167,500 | $931 |
| St. Croix Falls | 2,423 | $65,300 | $249,400 | $914 |
| Dresser | 1,028 | $80,114 | $196,100 | $1,068 |
| Taylors Falls | 1,167 | $67,885 | $275,200 | $1,074 |
| Amery | 2,959 | $59,219 | $183,000 | $1,154 |
| Frederic | 1,140 | $52,800 | $153,500 | $766 |
More for people moving to Balsam Lake
Balsam Lake ZIP code ›Weather and climate ›Living in Balsam Lake: FAQ
What is the median household income in Balsam Lake, WI?
The median household income in Balsam Lake is $52,011, 33% lower than the Wisconsin median of $77,485 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Balsam Lake?
The median home value in Balsam Lake is $210,200, compared with $266,500 in Wisconsin.
How much is rent in Balsam Lake?
The median gross rent in Balsam Lake is $975 per month, about 28.9% of household income.
Is Balsam Lake, WI a good place to live?
Pluses: home values 21% lower than the state median; unemployment of 1.1%. Minuses: median household income 33% lower than the Wisconsin median; an average commute of 23 minutes; a poverty rate of 11.2%.
What is the median age in Balsam Lake?
The median age in Balsam Lake is 55.9 years (Wisconsin: 40.2).
How long is the commute in Balsam Lake?
The average commute to work in Balsam Lake is 23 minutes; 10.6% of workers work from home.
What is the unemployment rate in Balsam Lake?
The unemployment rate in Balsam Lake is 1.1% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Balsam Lake?
17.7% of adults in Balsam Lake have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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