salaryRent is higher than in 62% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Most homes (83%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $74,880 a year. That is $36 an hour at a full-time job.
Is rent cheaper than other Illinois cities?
No. Rent here is more expensive than in most of Illinois. It is number 244 of 334 cities from cheapest to most expensive.
How much do households earn in Gages Lake?
Share of households by yearly income. 41.9% of households earn $100,000 or more.
Rent by apartment size in Gages Lake
| Size | Gages Lake | U.S. average |
|---|---|---|
| Studio | $1,809 | $1,338 |
| 1 bedroom | $1,389 | $1,324 |
| 2 bedrooms | $1,847 | $1,509 |
| 3 bedrooms | $2,199 | $1,698 |
| 4 bedrooms | $3,130 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Gages Lake overall?
Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Gages Lake, so the Illinois figure is shown.
Taxes and bills in Gages Lake
Life in Gages Lake
Is it cheaper to rent or buy in Gages Lake?
Renting is cheaper right now: about $282 a month less.
Owning assumes a typical $310,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $31,050 for the down payment.
Frequently asked questions
What is the average rent in Gages Lake, IL?
Renting in Gages Lake costs a median of about $1,872 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Gages Lake?
To keep rent under 30% of income, you need about $74,880 a year, or $36 an hour at a full-time job.
Is Gages Lake cheap or expensive?
Gages Lake is rated OK: rent takes 20.2% of the typical household income of $111,428. It ranks 244th cheapest of 334 Illinois cities we track.
How much are property taxes in Gages Lake?
The median homeowner in Gages Lake pays $7,233 a year in property taxes, about 2.33% of the median home value.
Is Gages Lake more expensive than the national average?
Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Gages Lake?
The median home value in Gages Lake is $310,500, about 2.8 times the typical yearly household income.
10,819 people live in Gages Lake. Numbers are typical (middle) values.