Cost of Living in Lake Forest, IL
Population 19,190 · Illinois · Data vintage 2023
(100 = US avg)
Home prices in Lake Forest run well above the national baseline, with a median of $910,000, though local incomes keep the cost-to-earnings ratio tighter than in coastal metros with comparable sticker prices. Median household earnings of $228,120 place the city among the better-paid Illinois metros. An unemployment rate of 2.1% points to a labor market well on the tight side of the national distribution.
Geographically, Lake Forest is about 30 miles northeast of Elgin, the nearest large metro. Median home values run roughly 260% higher than Elgin's $252,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lake Forest
The median home value in Lake Forest is $909,800 — 198% above the national median of $305,000. Median rent runs $2,120/month, 61% higher than the national median of $1,314/month. The median household income of $228,120/year is 206% higher than the US median of $74,580. The local unemployment rate is 2.1%, below 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, Lake Forest has a cost of living index of 244 versus the US average of 100, meaning it is 144% more expensive.
🏠 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 Lake Forest, IL?
Lake Forest has a cost index of 244 (100 = national average). It is 144% above the national average.
What is average rent in Lake Forest, IL?
The median gross rent in Lake Forest is $2,120 per month based on 2023 Census data.
What is the average home price in Lake Forest?
The median home value in Lake Forest is $909,800 according to Zillow and Census data.
What is the median income in Lake Forest?
The median household income in Lake Forest is $228,120 per year (2023 ACS 5-year estimates).
What is the sales tax in Lake Forest, IL?
The combined state and local sales tax rate in Lake Forest is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Lake Forest, IL affordable?
Lake Forest is above average in cost of living, with an index of 244 — about 144% higher than the national average.
Lake Forest at a Glance
- Population
- 19,190
- Median Income
- $228,120
- Home Value
- $909,800
- Median Rent
- $2,120/mo
- Unemployment
- 2.1%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
Similar Cost Cities
Cities in other states with comparable housing costs