Island Lake, IL vs Oakbrook Terrace, IL

Island Lake, IL and Oakbrook Terrace, IL have a very similar cost of living, with only a 4.5% difference in their overall index. Island Lake scores 112 while Oakbrook Terrace scores 117 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Island Lake is $1,855/month compared to $1,830/month in Oakbrook Terrace — a 1% difference. Interestingly, home values tell a different story: while Oakbrook Terrace has cheaper rent, Island Lake actually has lower median home values ($241,900 vs $315,600).

Median household income in Island Lake is $98,125 compared to $70,586 in Oakbrook Terrace (+39%). Island Lake offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Island Lake spend roughly 22.7% of their income on rent, less than the 31.1% in Oakbrook Terrace. The Island Lake ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.

Climate-wise, both cities share similar average temperatures (50.8°F vs 51.3°F). Oakbrook Terrace receives more rainfall at 37.9" per year compared to 32.3" in Island Lake.