Cost of Living in Island Lake, IL
Population 8,023 · Illinois · Data vintage 2023
(100 = US avg)
Island Lake is a smaller Illinois community of around 8000 residents, where median household incomes of $98,125 and housing costs ($242,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. At 6.7%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Island Lake sits roughly 20 miles northeast of Elgin — close enough that regional housing and labor patterns are shaped largely by the larger market. Housing prices track closely with Elgin's $252,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Island Lake
The median home value in Island Lake is $241,900 — 21% below the national median of $305,000. Median rent runs $1,855/month, 41% higher than the national median of $1,314/month. The median household income of $98,125/year is 32% higher than the US median of $74,580. The local unemployment rate is 6.7%, above the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Island Lake has a cost of living index of 104 versus the US average of 100, meaning it is 4% more expensive.
Island Lake has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Island Lake, IL?
Island Lake has a cost index of 104 (100 = national average). It is 4% above the national average.
What is average rent in Island Lake, IL?
The median gross rent in Island Lake is $1,855 per month based on 2023 Census data.
What is the average home price in Island Lake?
The median home value in Island Lake is $241,900 according to Zillow and Census data.
What is the median income in Island Lake?
The median household income in Island Lake is $98,125 per year (2023 ACS 5-year estimates).
What is the sales tax in Island Lake, IL?
The combined state and local sales tax rate in Island Lake is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Island Lake, IL affordable?
Island Lake is near the national average in terms of cost of living, with an index of 104 (100 = US average).
Island Lake at a Glance
- Population
- 8,023
- Median Income
- $98,125
- Home Value
- $241,900
- Median Rent
- $1,855/mo
- Unemployment
- 6.7%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
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