salaryRent is higher than in 69% of U.S. cities. Household incomes are higher than in 100% of U.S. cities. A typical house costs about 3.7 years of household income. Commutes are long, about 31.3 minutes each way. Most homes (88.8%) are owned, so rentals can be hard to find. It is a highly educated city: 80.5% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $80,280 a year. That is $39 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 272 of 334 cities from cheapest to most expensive.
How much do households earn in Lake Forest?
Share of households by yearly income. 68.1% of households earn $100,000 or more.
Rent by apartment size in Lake Forest
| Size | Lake Forest | U.S. average |
|---|---|---|
| 1 bedroom | $1,813 | $1,324 |
| 2 bedrooms | $1,863 | $1,509 |
| 3 bedrooms | $3,771 | $1,698 |
| 4 bedrooms | $2,949 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Lake Forest 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 Lake Forest, so the Illinois figure is shown.
Taxes and bills in Lake Forest
Life in Lake Forest
Is it cheaper to rent or buy in Lake Forest?
Renting is cheaper right now: about $4,503 a month less.
Owning assumes a typical $938,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $93,830 for the down payment.
Frequently asked questions
What is the average rent in Lake Forest, IL?
Renting in Lake Forest costs a median of about $2,007 a month in 2026, including utilities. The Illinois median is $1,517.
How much do I need to make to live in Lake Forest?
To keep rent under 30% of income, you need about $80,280 a year, or $39 an hour at a full-time job.
Is Lake Forest cheap or expensive?
Lake Forest is rated Cheap: rent takes 9.5% of the typical household income of $253,535. It ranks 272nd cheapest of 334 Illinois cities we track.
How much are property taxes in Lake Forest?
The median homeowner in Lake Forest pays $10,000+ a year in property taxes, about 1.07% of the median home value.
Is Lake Forest 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 Lake Forest?
The median home value in Lake Forest is $938,300, about 3.7 times the typical yearly household income.
19,416 people live in Lake Forest. Numbers are typical (middle) values.