While I am not very familiar with lakefront property in Illinois, Iowa or Missouri, I can tell you that there are many lake homes in Wisconsin for under $120,000! Most of the homes are in central Wisconsin on smaller no-wake lakes, but if you are willing to be off of the water, but have deeded access to the lake, you can get property on some of the more popular lakes such as Lake Arrowhead or one of the many flowages on the Wisconsin River. These lakes offer great recreational opportunities especially if you enjoy fishing, swimming, and watching wildlife. If you go to http://www.realtor.com,
you can find information on lake homes in any of these states.