Living in Tower Lakes, Illinois
Cost of living, income, home prices, rent and demographics of Tower Lakes · Census data 2020–2024
Tower Lakes has 1,106 residents with a median age of 48.8. The median household income is $154,167 (85% higher than the Illinois median), the median home value is $510,300.
Tower Lakes is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Tower Lakes at a glance
- Population
- 1,106
- Median age
- 48.8State: 39
- Median household income
- $154,167State: $83,390
- Median home value
- $510,300State: $263,300
- Homeowners
- 96.9%
- Bachelor's degree or higher
- 76.4%
- Average commute
- 35 min
Is Tower Lakes a good place to live?
Pros: Median household income 85% higher than the Illinois median; unemployment of 2.8%; a poverty rate of 2%.
Cons: Home values 94% higher than the state median; an average commute of 35 minutes.
The weather is best in June to September.
Cost of living in Tower Lakes
Housing is the biggest part of the cost of living. In Tower Lakes the median home value is $510,300, 53% higher than the U.S. median. Renters pay a median of — per month. Homeowners with a mortgage pay $3,066 a month in housing costs.
Tower Lakes median household income
The median household income in Tower Lakes is $154,167 and the income per person is $75,857. 2% of residents live below the poverty line (Illinois: 11.8%).
Housing in Tower Lakes: homes for sale and rent
- Housing units
- 428
- Owner-occupied
- 96.9%
- Renter-occupied
- 3.1%
- Vacant
- 2.3%Includes seasonal homes
- Median year built
- 1965
- Average household size
- 2.65
Tower Lakes demographics
- Population
- 1,106
- Median age
- 48.8
- Under 18
- 24.1%
- 65 and older
- 22.4%
- Households
- 418
- Foreign-born
- 9.5%
- Veterans
- 3.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Tower Lakes ›
Education in Tower Lakes
76.4% of adults 25 and older in Tower Lakes have a bachelor's degree or higher (Illinois: 37.8%), and 33.7% have a graduate or professional degree.
Jobs and commute in Tower Lakes
- Unemployment rate
- 2.8%State: 5.8%
- Average commute
- 35 minState: 28 min
- Work from home
- 26.6%
- Drive alone
- 61.8%
- Public transit
- 4.6%
- Walk to work
- 0%
- Homes with broadband
- 96.7%
Tower Lakes vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Tower Lakes | 1,106 | $154,167 | $510,300 | — |
| Lake Barrington | 5,442 | $141,958 | $475,700 | $3,501 |
| North Barrington | 3,143 | $226,055 | $765,900 | $2,679 |
| Port Barrington | 1,477 | $149,886 | $379,600 | $1,900 |
| Wauconda | 14,027 | $111,239 | $278,600 | $1,371 |
| Fox River Grove | 4,523 | $121,506 | $298,900 | $2,210 |
| Island Lake | 8,014 | $103,156 | $262,500 | $1,874 |
| Lake Zurich | 19,832 | $135,968 | $435,300 | $1,909 |
| Hawthorn Woods | 9,143 | $219,631 | $619,100 | — |
More for people moving to Tower Lakes
Tower Lakes ZIP code ›Weather and climate ›Living in Tower Lakes: FAQ
What is the median household income in Tower Lakes, IL?
The median household income in Tower Lakes is $154,167, 85% 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 Tower Lakes?
The median home value in Tower Lakes is $510,300, compared with $263,300 in Illinois.
Is Tower Lakes, IL a good place to live?
Pluses: median household income 85% higher than the Illinois median; unemployment of 2.8%; a poverty rate of 2%. Minuses: home values 94% higher than the state median; an average commute of 35 minutes.
What is the median age in Tower Lakes?
The median age in Tower Lakes is 48.8 years (Illinois: 39).
How long is the commute in Tower Lakes?
The average commute to work in Tower Lakes is 35 minutes; 26.6% of workers work from home.
What is the unemployment rate in Tower Lakes?
The unemployment rate in Tower Lakes is 2.8% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Tower Lakes?
76.4% of adults in Tower Lakes 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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