Lost Nation was platted in 1872 and became an incorporated community in 1904. A train station was established along the Sabula, Ackley and Dakota railroad in 1871. In 1911, the town was one of the few small towns in the eastern part of the state to be powered by electricity.
As of the census of 2010, there were 446 people, 201 households, and 120 families living in the city. The population density was. There were 221 housing units at an average density of. The racial makeup of the city was 99.1% White and 0.9% African American. Hispanic or Latino of any race were 1.3% of the population. There were 201 households of which 25.9% had children under the age of 18 living with them, 45.3% were married couplesliving together, 8.5% had a female householder with no husband present, 6.0% had a male householder with no wife present, and 40.3% were non-families. 36.8% of all households were made up of individuals and 18.9% had someone living alone who was 65 years of age or older. The average household size was 2.22 and the average family size was 2.85. The median age in the city was 44.2 years. 23.3% of residents were under the age of 18; 5.9% were between the ages of 18 and 24; 21.8% were from 25 to 44; 29.3% were from 45 to 64; and 19.7% were 65 years of age or older. The gender makeup of the city was 47.8% male and 52.2% female.
2000 census
As of the census of 2000, there were 497 people, 210 households, and 136 families living in the city. The population density was 773.7 people per square mile. There were 225 housing units at an average density of 350.3 per square mile. The racial makeup of the city was 98.99% White, 0.20% Asian, and 0.80% from two or more races. Hispanic or Latino of any race were 0.80% of the population. There were 210 households out of which 30.0% had children under the age of 18 living with them, 52.4% were married couples living together, 7.6% had a female householder with no husband present, and 34.8% were non-families. 30.5% of all households were made up of individuals and 21.0% had someone living alone who was 65 years of age or older. The average household size was 2.37 and the average family size was 2.88. In the city, the population was spread out with 26.2% under the age of 18, 8.9% from 18 to 24, 22.1% from 25 to 44, 21.5% from 45 to 64, and 21.3% who were 65 years of age or older. The median age was 39 years. For every 100 females, there were 84.8 males. For every 100 females age 18 and over, there were 83.5 males. The median income for a household in the city was $31,354, and the median income for a family was $34,792. Males had a median income of $27,708 versus $20,714 for females. The per capita income for the city was $13,933. About 15.4% of families and 15.3% of the population were below the poverty line, including 17.2% of those under age 18 and 14.6% of those age 65 or over.
Arts and culture
Annual events
Rustic Days
The annual Rustic Days in Lost Nation take place during the third weekend of July. Rustic Days include a Rustic Run, a parade, and a street dance.
