Cost of Living in Lake County, Illinois
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Lake County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lake County ranks #1,879 of 3,144 counties for affordability (bottom 40%)
Data Story
About Cost of Living in Lake County, Illinois
Lake County rents rank high nationally
Lake County residents spend 15.8% of household income on rent, slightly above the national average of roughly 15%. With a median household income of $108,917—45% higher than the national median of $74,755—Lake County earners have substantially more resources to cover housing costs than typical American households.
Above-average housing costs statewide
Lake County's 15.8% rent-to-income ratio exceeds Illinois's state average of 14.7%, placing it among the less affordable counties in the state. At $1,434 monthly median rent, Lake County tenants pay 71% more than the state average of $837.
Premium pricing in the Chicago suburbs
Lake County's $1,434 monthly rent far outpaces neighboring LaSalle County ($906) and Lee County ($853), reflecting its proximity to Chicago's job market and higher cost of living. Homebuyers face similar premiums: Lake County's median home value of $326,600 dwarfs most Illinois counties, including LaSalle at $154,900.
Housing absorbs meaningful income share
Lake County renters dedicate $1,434 monthly to rent from a median income of $108,917, while homeowners pay $1,891 monthly on mortgages. Together, these figures show housing costs ranging from 16-21% of median income—higher than the affordable housing benchmark of 30%, but manageable for this higher-income county.
Consider Lake County for earnings potential
If you earn near Lake County's median income, housing remains accessible despite premium rents; if you're relocating from a lower-wage area, confirm your salary will keep pace with the 71% rent premium over state averages. Explore suburban alternatives like LaSalle or Lee counties to compare quality-of-life trade-offs.
Cost of Living Advisory: Lake County
Affordability Verdict
For renters in Lake County, the market is affordable. Expect to pay around $1,434/month in gross rent, with 28.0% of renter households considered cost-burdened.
Rent vs. Own
At $1,434/month rent versus $1,891/month in owner costs, renting is roughly $457/month cheaper — a 24% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $57,360/year. For owner costs at the 28% rule, the required income is roughly $81,043/year. With a median household income of $108,917, most households can comfortably afford rent here. Notably, 28.0% of renter households in Lake County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Lake County sits 4% more expensive than Cook County ($1,381/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Lake County
Rent Burden
15.8%
of gross income
Max Housing (28% Rule)
$2,541
per month
Owner Cost Burden
20.8%
of gross income
The median home in Lake County may be a stretch
Median home value is $326,600. Estimated monthly cost: $2,607 vs. your max of $2,541.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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