Cost of Living in Forest Lake, IL

With a cost of living index of 102, Forest Lake, IL is right around the national average in cost. Living here is 2% more expensive than the national average and 22% above the Illinois state average of 80. Forest Lake is a small community of 1,797 residents.

The median household income in Forest Lake is $92,956, which is 24% higher than the national median of $75,149.

Climate is another factor for anyone considering a move to Forest Lake. The area sees an average annual temperature of 50.8°F, with summers averaging 73°F and winters around 28°F. Annual rainfall totals 32.3 inches spread over roughly 112 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Chicago-Naperville-Elgin, IL-IN (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.