Island Lake, IL Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 105, 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 #204 cheapest in Illinois out of 338.

  • Island Lake ranks as the #3,676 cheapest out of 6,412 in the US.

  • The median home value in Island Lake is $196,400.

  • The median income in Island Lake is $84,940.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
105
Island Lake's Overall Cost Of Living
1.1x
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 105, 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 92.

The standard of living in Island Lake ranks as #204 most affordable out of the 338 places we measured in Illinois. By definition, that implies Island Lake ranks as the #134 most expensive place in the Prairie State.

For more reading on life in Island Lake, check out:

204 out of 338
In Illinois
3,676 out of 6,412
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 114.

  • The Groceries index in Island Lake is 108.

  • The Health index in Island Lake is 100.

  • The Housing index in Island Lake is 100.

  • The Transportation index in Island Lake is 115.

  • The Utilities index in Island Lake is 94.

Living Expense Island Lake Illinois National Average
Overall 105 92 100
Services 114 95 100
Groceries 108 98 100
Health 100 96 100
Housing 100 81 100
Transportation 115 105 100
Utilities 94 90 100
For more reading on cost of living around Illinois, check out:
Island Lake Cost of Living Vs. IL

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 2017-2021. The key points are:

  • The Median Home Value in Island Lake is $196,400.

  • The Median Rent in Island Lake is $1,589.

  • The Median Income in Island Lake is $84,940.

  • The Home Value To Income in Island Lake is 2.3x.

  • The Rent To Monthly Income in Island Lake is 0.22x.

Statistic Island Lake Illinois United States
Median Home Value $196,400 $212,600 $244,900
Median Rent $1,589 $1,097 $1,163
Median Income $84,940 $72,563 $69,021
Home Value To Income 2.3x 2.9x 3.5x
Rent To Monthly Income 0.22x 0.18x 0.2x
Search Homes For Sale In Island Lake, IL
$196,400
Median Home Value
$1,589
Median Rent
$84,940
Median Income

Island Lake, IL Costs By Category

Detailed Island Lake Services Costs Vs. Illinois

Item Island Lake Illinois
Shampoo $1.06 $1.06
Movie $14.85 $10.68
Bowling $15.76 $14.67
Haircut $27.76 $18.62
Beauty Salon $65.57 $39.05

Detailed Island Lake Groceries Costs Vs. Illinois

Item Island Lake Illinois
Ground Beef $4.87 $4.22
Fried Chicken $1.99 $1.39
Milk $2.42 $2.05
Potatoes $3.23 $3.29
Pizza $12.0 $10.62
Beer $8.61 $9.38
Toothpaste $2.46 $2.34

Detailed Island Lake Health Costs Vs. Illinois

Item Island Lake Illinois
Optometrist $96.76 $108.57
Doctor $104.96 $116.17
Dentist $101.82 $99.13

Detailed Island Lake Transportation Costs Vs. Illinois

Item Island Lake Illinois
Gasoline $2.51 $2.22
Tire Balancing $56.85 $50.07

Detailed Island Lake Utilities Costs Vs. Illinois

Item Island Lake Illinois
All Electricity $131.89 $167.67
Phone $203.16 $175.64

Island Lake SnackAbility

9
/10
Overall SnackAbility
Jobs
8.5/10
Housing
8.5
Affordability
8
Diversity
8
Safety
9
Amenities
8.5
Education
8
Commute
3

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 125, 1.2x Island Lake.

  • Mount Prospect, IL has a cost of living index of 121, 1.2x Island Lake.

  • Buffalo Grove, IL has a cost of living index of 121, 1.2x Island Lake.

City Population Cost Of Living Vs. Island Lake
Arlington Heights, IL 77,283 125 1.2x
Mount Prospect, IL 56,510 121 1.2x
Buffalo Grove, IL 43,062 121 1.2x
Vernon Hills, IL 26,723 126 1.2x
Lake Zurich, IL 19,807 125 1.2x
Deerfield, IL 19,228 150 1.4x
Cary, IL 17,919 110 1.0x
Lindenhurst, IL 14,453 113 1.1x
Wauconda, IL 14,068 108 1.0x
Hawthorn Woods, IL 8,959 168 1.6x

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