Balsam Lake, WI vs Nichols, WI

Nichols is moderately more affordable than Balsam Lake, with a 12.8% lower cost of living index. Balsam Lake scores 81 compared to 72 for Nichols, where the US average is 100. This difference means residents of Balsam Lake can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Balsam Lake is $1,063/month compared to $883/month in Nichols — a 20% difference. Home values follow the same pattern: Nichols is more affordable at $145,300 median vs $188,600.

Median household income in Balsam Lake is $48,468 compared to $56,875 in Nichols (-14.8%). Nichols offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Balsam Lake spend roughly 26.3% of their income on rent, more than the 18.6% in Nichols.