Cost of Living in Lake of the Woods, IL

With a cost of living index of 84, Lake of the Woods, IL is a very affordable place to live. Living here is 16% cheaper than the national average and 4% above the Illinois state average of 80. Lake of the Woods is a small community of 1,976 residents.

Housing costs are the biggest factor in Lake of the Woods's cost of living. The median monthly rent is $1,201 (9% below the US median of $1,319), and the median home value sits at $194,300 (36% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Lake of the Woods is $69,054, which is 8% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Lake of the Woods. The area sees an average annual temperature of 51.1°F, with summers averaging 72°F and winters around 28°F. Annual rainfall totals 39.6 inches spread over roughly 135 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Champaign-Urbana, IL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.