Cost of Living in Island Lake, IL

With a cost of living index of 112, Island Lake, IL is somewhat more expensive than average. Living here is 12% more expensive than the national average and 32% above the Illinois state average of 80. Island Lake is a smaller community of 8,023 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Island Lake's cost of living. The median monthly rent is $1,855 (41% above the US median of $1,319), and the median home value sits at $241,900 (21% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Island Lake is $98,125, which is 31% higher than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Island 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.