salaryRent is higher than in 72% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are long, about 31.9 minutes each way. Most homes (82.7%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $82,880 a year. That is $40 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 280 of 334 cities from cheapest to most expensive.
How much do households earn in Island Lake?
Share of households by yearly income. 33.9% of households earn $100,000 or more.
Rent by apartment size in Island Lake
| Size | Island Lake | U.S. average |
|---|---|---|
| 1 bedroom | $1,648 | $1,324 |
| 2 bedrooms | $1,775 | $1,509 |
| 3 bedrooms | $2,184 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Island 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 Island Lake, so the Illinois figure is shown.
Taxes and bills in Island Lake
Life in Island Lake
Is it cheaper to rent or buy in Island Lake?
Buying is cheaper month to month: about $251 a month less than renting.
Owning assumes a typical $262,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $26,250 for the down payment.
Frequently asked questions
What is the average rent in Island Lake, IL?
Renting in Island Lake costs a median of about $2,072 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Island Lake?
To keep rent under 30% of income, you need about $82,880 a year, or $40 an hour at a full-time job.
Is Island Lake cheap or expensive?
Island Lake is rated OK: rent takes 22.3% of the typical household income of $111,254. It ranks 280th cheapest of 334 Illinois cities we track.
How much are property taxes in Island Lake?
The median homeowner in Island Lake pays $6,500 a year in property taxes, about 2.48% of the median home value.
Is Island 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 Island Lake?
The median home value in Island Lake is $262,500, about 2.4 times the typical yearly household income.
8,014 people live in Island Lake. Numbers are typical (middle) values.