Living in Island Lake, Illinois
Cost of living, income, home prices, rent and demographics of Island Lake · Census data 2020–2024
Island Lake has 8,014 residents with a median age of 39.1. The median household income is $103,156 (24% higher than the Illinois median), the median home value is $262,500, the median rent is $1,874/month.
Island Lake at a glance
- Population
- 8,014
- Median age
- 39.1State: 39
- Median household income
- $103,156State: $83,390
- Median home value
- $262,500State: $263,300
- Median rent
- $1,874/moState: $1,274
- Homeowners
- 82.7%
- Bachelor's degree or higher
- 30.4%
- Average commute
- 32 min
Is Island Lake a good place to live?
Pros: Median household income 24% higher than the Illinois median; home values about the same as the state median; a poverty rate of 6.7%.
Cons: An average commute of 32 minutes; unemployment of 6.7%.
The weather is best in June to September.
Cost of living in Island Lake
Housing is the biggest part of the cost of living. In Island Lake the median home value is $262,500, 21% lower than the U.S. median. Renters pay a median of $1,874 per month, which is 29.8% of household income. Homeowners with a mortgage pay $1,951 a month in housing costs.
Island Lake median household income
The median household income in Island Lake is $103,156 and the income per person is $41,302. 6.7% of residents live below the poverty line (Illinois: 11.8%).
Housing in Island Lake: homes for sale and rent
- Housing units
- 3,073
- Owner-occupied
- 82.7%
- Renter-occupied
- 17.3%
- Vacant
- 5.5%Includes seasonal homes
- Median year built
- 1990
- Average household size
- 2.74
Island Lake demographics
- Population
- 8,014
- Median age
- 39.1
- Under 18
- 23.3%
- 65 and older
- 13.9%
- Households
- 2,905
- Foreign-born
- 12.4%
- Veterans
- 5.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Island Lake ›
Education in Island Lake
30.4% of adults 25 and older in Island Lake have a bachelor's degree or higher (Illinois: 37.8%), and 7.6% have a graduate or professional degree.
Jobs and commute in Island Lake
- Unemployment rate
- 6.7%State: 5.8%
- Average commute
- 32 minState: 28 min
- Work from home
- 15%
- Drive alone
- 75.5%
- Public transit
- 0.4%
- Walk to work
- 0%
- Homes with broadband
- 98.6%
Island Lake vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Island Lake | 8,014 | $103,156 | $262,500 | $1,874 |
| Holiday Hills | 634 | $74,083 | $220,600 | $1,850 |
| Port Barrington | 1,477 | $149,886 | $379,600 | $1,900 |
| Oakwood Hills | 2,416 | $109,907 | $282,300 | $1,886 |
| Wauconda | 14,027 | $111,239 | $278,600 | $1,371 |
| Prairie Grove | 2,165 | $141,389 | $467,600 | $1,917 |
| Volo | 6,706 | $160,792 | $319,700 | $2,169 |
| Lakemoor | 6,467 | $100,414 | $265,500 | $1,726 |
| Tower Lakes | 1,106 | $154,167 | $510,300 | — |
More for people moving to Island Lake
Island Lake ZIP code ›Weather and climate ›Living in Island Lake: FAQ
What is the median household income in Island Lake, IL?
The median household income in Island Lake is $103,156, 24% higher than the Illinois median of $83,390 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Island Lake?
The median home value in Island Lake is $262,500, compared with $263,300 in Illinois.
How much is rent in Island Lake?
The median gross rent in Island Lake is $1,874 per month, about 29.8% of household income.
Is Island Lake, IL a good place to live?
Pluses: median household income 24% higher than the Illinois median; home values about the same as the state median; a poverty rate of 6.7%. Minuses: an average commute of 32 minutes; unemployment of 6.7%.
What is the median age in Island Lake?
The median age in Island Lake is 39.1 years (Illinois: 39).
How long is the commute in Island Lake?
The average commute to work in Island Lake is 32 minutes; 15% of workers work from home.
What is the unemployment rate in Island Lake?
The unemployment rate in Island Lake is 6.7% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Island Lake?
30.4% of adults in Island 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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