Living in Lake Forest, Illinois
Cost of living, income, home prices, rent and demographics of Lake Forest · Census data 2020–2024
Lake Forest has 19,416 residents with a median age of 46.1. The median household income is $235,081 (182% higher than the Illinois median), the median home value is $938,300, the median rent is $1,815/month.
Lake Forest at a glance
- Population
- 19,416
- Median age
- 46.1State: 39
- Median household income
- $235,081State: $83,390
- Median home value
- $938,300State: $263,300
- Median rent
- $1,815/moState: $1,274
- Homeowners
- 88.8%
- Bachelor's degree or higher
- 80.5%
- Average commute
- 31 min
Is Lake Forest a good place to live?
Pros: Median household income 182% higher than the Illinois median; unemployment of 1.8%; a poverty rate of 3.5%.
Cons: Home values 256% higher than the state median; an average commute of 31 minutes.
The weather is best in June to September.
Cost of living in Lake Forest
Housing is the biggest part of the cost of living. In Lake Forest the median home value is $938,300, 182% higher than the U.S. median. Renters pay a median of $1,815 per month, which is 27.7% of household income. Homeowners with a mortgage pay $4,001 a month in housing costs.
Lake Forest median household income
The median household income in Lake Forest is $235,081 and the income per person is $109,918. 3.5% of residents live below the poverty line (Illinois: 11.8%).
Housing in Lake Forest: homes for sale and rent
- Housing units
- 7,282
- Owner-occupied
- 88.8%
- Renter-occupied
- 11.2%
- Vacant
- 5.2%Includes seasonal homes
- Median year built
- 1976
- Average household size
- 2.63
Lake Forest demographics
- Population
- 19,416
- Median age
- 46.1
- Under 18
- 19.2%
- 65 and older
- 26.7%
- Households
- 6,900
- Foreign-born
- 10.8%
- Veterans
- 2.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Lake Forest ›
Education in Lake Forest
80.5% of adults 25 and older in Lake Forest have a bachelor's degree or higher (Illinois: 37.8%), and 41.9% have a graduate or professional degree.
Jobs and commute in Lake Forest
- Unemployment rate
- 1.8%State: 5.8%
- Average commute
- 31 minState: 28 min
- Work from home
- 30.3%
- Drive alone
- 46.1%
- Public transit
- 12.3%
- Walk to work
- 5.5%
- Homes with broadband
- 95.4%
Lake Forest vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lake Forest | 19,416 | $235,081 | $938,300 | $1,815 |
| Bannockburn | 1,148 | $214,000 | $1,037,200 | — |
| Highwood | 5,301 | $107,875 | $405,400 | $1,900 |
| Lake Bluff | 6,041 | $204,000 | $776,700 | $2,063 |
| Mettawa | 663 | $181,333 | $871,500 | — |
| Knollwood | 1,864 | $138,618 | $393,000 | $1,659 |
| Lincolnshire | 7,980 | $185,580 | $677,700 | $2,858 |
| Highland Park | 30,398 | $168,094 | $607,300 | $1,925 |
| Riverwoods | 4,013 | $249,205 | $800,700 | $1,842 |
More for people moving to Lake Forest
Lake Forest ZIP code ›Weather and climate ›Living in Lake Forest: FAQ
What is the median household income in Lake Forest, IL?
The median household income in Lake Forest is $235,081, 182% 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 Lake Forest?
The median home value in Lake Forest is $938,300, compared with $263,300 in Illinois.
How much is rent in Lake Forest?
The median gross rent in Lake Forest is $1,815 per month, about 27.7% of household income.
Is Lake Forest, IL a good place to live?
Pluses: median household income 182% higher than the Illinois median; unemployment of 1.8%; a poverty rate of 3.5%. Minuses: home values 256% higher than the state median; an average commute of 31 minutes.
What is the median age in Lake Forest?
The median age in Lake Forest is 46.1 years (Illinois: 39).
How long is the commute in Lake Forest?
The average commute to work in Lake Forest is 31 minutes; 30.3% of workers work from home.
What is the unemployment rate in Lake Forest?
The unemployment rate in Lake Forest is 1.8% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lake Forest?
80.5% of adults in Lake Forest 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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