Island Lake, IL Cost Of Living
Cost Of Living In Island Lake, IL Summary
Cost of living in Island Lake research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Island Lake is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Illinois, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Island Lake is 111, with 100 being the average.
The cost of living index in Island Lake is 1.1x higher than the national average.
Island Lake ranks as the #221 cheapest in Illinois out of 336.
Island Lake ranks as the #3,765 cheapest out of 6,489 in the US.
The median home value in Island Lake is $291,550.
The median income in Island Lake is $98,125.
Table Of Contents
Island Lake's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Island Lake, IL?
According to the most recent data on the cost of living, Island Lake has an overall cost of living index of 111, which is 1.1x higher than the national index of 100.
Compared to Illinois, Island Lake has a cost of living index that's 1.1x higher than Illinois's index of 97.
The standard of living in Island Lake ranks as #221 most affordable out of the 336 places we measured in Illinois. By definition, that implies Island Lake ranks as the #115 most expensive place in the Prairie State.
For more reading on life in Island Lake, check out:
In Illinois
In America
Island Lake Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Island Lake. Here is how it fairs on each of the criteria:
The Services index in Island Lake is 106.
The Groceries index in Island Lake is 105.
The Health index in Island Lake is 110.
The Housing index in Island Lake is 122.
The Transportation index in Island Lake is 107.
The Utilities index in Island Lake is 91.
| Living Expense | Island Lake | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 111 | 97 | 100 | |
| Services | 106 | 95 | 100 | |
| Groceries | 105 | 99 | 100 | |
| Health | 110 | 93 | 100 | |
| Housing | 122 | 95 | 100 | |
| Transportation | 107 | 102 | 100 | |
| Utilities | 91 | 91 | 100 | |
Island Lake, IL Housing Cost Breakdown
Housing swings affordability the most between places in Illinois, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Island Lake is $291,550.
The Median Rent in Island Lake is $1,855.
The Median Income in Island Lake is $98,125.
The Home Value To Income in Island Lake is 3.0x.
The Rent To Monthly Income in Island Lake is 0.23x.
| Statistic | Island Lake | Illinois | United States |
|---|---|---|---|
| Median Home Value | $291,550 | $283,508 | $303,400 |
| Median Rent | $1,855 | $1,227 | $1,348 |
| Median Income | $98,125 | $81,702 | $78,538 |
| Home Value To Income | 3.0x | 3.5x | 3.9x |
| Rent To Monthly Income | 0.23x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Island Lake, IL Costs By Category
Detailed Island Lake Services Costs Vs. Illinois
| Item | Island Lake | Illinois |
|---|---|---|
| Shampoo | $1.27 | $1.28 |
| Movie | $17.91 | $12.13 |
| Bowling | $24.58 | $18 |
| Haircut | $33.69 | $24.26 |
| Beauty Salon | $53.44 | $45.56 |
Detailed Island Lake Groceries Costs Vs. Illinois
| Item | Island Lake | Illinois |
|---|---|---|
| Ground Beef | $5.28 | $5.84 |
| Fried Chicken | $1.42 | $1.57 |
| Milk | $4.87 | $4.67 |
| Potatoes | $4.9 | $4.93 |
| Pizza | $13.41 | $12.09 |
| Beer | $10.0 | $10.41 |
| Toothpaste | $3.75 | $3.7 |
Detailed Island Lake Health Costs Vs. Illinois
| Item | Island Lake | Illinois |
|---|---|---|
| Optometrist | $118.27 | $125.68 |
| Doctor | $167.67 | $135.78 |
| Dentist | $128.22 | $113.29 |
Detailed Island Lake Transportation Costs Vs. Illinois
| Item | Island Lake | Illinois |
|---|---|---|
| Gasoline | $3.56 | $3.46 |
| Tire Balancing | $70.87 | $59.92 |
Detailed Island Lake Utilities Costs Vs. Illinois
| Item | Island Lake | Illinois |
|---|---|---|
| All Electricity | $148.58 | $193.99 |
| Phone | $210.03 | $192.25 |
Island Lake SnackAbility
/10
Cost Of Living In Cities Around Island Lake
The cost of living varies in the cities and towns around Island Lake. Here's a quick look at the cost of living in the most populous nearby places:
Arlington Heights, IL has a cost of living index of 124, 1.1x Island Lake.
Mount Prospect, IL has a cost of living index of 122, 1.1x Island Lake.
Buffalo Grove, IL has a cost of living index of 125, 1.1x Island Lake.
| City | Population | Cost Of Living | Vs. Island Lake |
|---|---|---|---|
| Arlington Heights, IL | 76,220 | 124 | 1.1x |
| Mount Prospect, IL | 55,648 | 122 | 1.1x |
| Buffalo Grove, IL | 42,824 | 125 | 1.1x |
| Vernon Hills, IL | 26,772 | 125 | 1.1x |
| Lake Zurich, IL | 19,727 | 127 | 1.1x |
| Deerfield, IL | 19,185 | 148 | 1.3x |
| Cary, IL | 17,875 | 115 | 1.0x |
| Lindenhurst, IL | 14,365 | 114 | 1.0x |
| Wauconda, IL | 14,010 | 110 | 1.0x |
| Hawthorn Woods, IL | 9,145 | 167 | 1.5x |
