We show that room temperature resistivity of Ba0.5Sr1.5Zn2Fe12O22 single crystals increases by more than three orders of magnitude upon being subjected to optimized heat treatments. The increase in the resistivity allows the determination of magnetic field (H)-induced ferroelectric phase boundaries up to 310 K through the measurements of dielectric constant at a frequency of 10 MHz. Between 280 and 310 K, the dielectric constant curve shows a peak centered at zero magnetic field and thereafter decreases monotonically up to 0.1 T, exhibiting a magnetodielectric effect of 1.1%. This effect is ascribed to the realization of magnetic field-induced ferroelectricity at an H value of less than 0.1 T near room temperature. Comparison between electric and magnetic phase diagrams in wide temperature- and field-windows suggests that the magnetic field for inducing ferroelectricity has decreased near its helical spin ordering temperature around 315 K due to the reduction of spin anisotropy in Ba0.5Sr1.5Zn2Fe12O22.