Lake Forest, IL Cost Of Living
Cost Of Living In Lake Forest, IL Summary
Cost of living in Lake Forest 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 Lake Forest 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 Lake Forest is 181, with 100 being the average.
The cost of living index in Lake Forest is 1.8x higher than the national average.
Lake Forest ranks as the #330 cheapest in Illinois out of 336.
Lake Forest ranks as the #6,193 cheapest out of 6,489 in the US.
The median home value in Lake Forest is $1,157,356.
The median income in Lake Forest is $228,120.
Table Of Contents
Lake Forest's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Lake Forest, IL?
According to the most recent data on the cost of living, Lake Forest has an overall cost of living index of 181, which is 1.8x higher than the national index of 100.
Compared to Illinois, Lake Forest has a cost of living index that's 1.9x higher than Illinois's index of 97.
The standard of living in Lake Forest ranks as #330 most affordable out of the 336 places we measured in Illinois. By definition, that implies Lake Forest ranks as the #6 most expensive place in the Prairie State.
For more reading on life in Lake Forest, check out:
In Illinois
In America
Lake Forest Cost Of Living Vs. Illinois
Six factors go into calculating the cost of living index in Lake Forest. Here is how it fairs on each of the criteria:
The Services index in Lake Forest is 107.
The Groceries index in Lake Forest is 103.
The Health index in Lake Forest is 107.
The Housing index in Lake Forest is 363.
The Transportation index in Lake Forest is 108.
The Utilities index in Lake Forest is 88.
| Living Expense | Lake Forest | Illinois | National Average | |
|---|---|---|---|---|
| Overall | 181 | 97 | 100 | |
| Services | 107 | 95 | 100 | |
| Groceries | 103 | 99 | 100 | |
| Health | 107 | 93 | 100 | |
| Housing | 363 | 95 | 100 | |
| Transportation | 108 | 102 | 100 | |
| Utilities | 88 | 91 | 100 | |
Lake Forest, 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 Lake Forest is $1,157,356.
The Median Rent in Lake Forest is $2,120.
The Median Income in Lake Forest is $228,120.
The Home Value To Income in Lake Forest is 5.1x.
The Rent To Monthly Income in Lake Forest is 0.11x.
| Statistic | Lake Forest | Illinois | United States |
|---|---|---|---|
| Median Home Value | $1,157,356 | $283,508 | $303,400 |
| Median Rent | $2,120 | $1,227 | $1,348 |
| Median Income | $228,120 | $81,702 | $78,538 |
| Home Value To Income | 5.1x | 3.5x | 3.9x |
| Rent To Monthly Income | 0.11x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Lake Forest, IL Costs By Category
Detailed Lake Forest Services Costs Vs. Illinois
| Item | Lake Forest | 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 Lake Forest Groceries Costs Vs. Illinois
| Item | Lake Forest | 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 Lake Forest Health Costs Vs. Illinois
| Item | Lake Forest | Illinois |
|---|---|---|
| Optometrist | $118.27 | $125.68 |
| Doctor | $167.67 | $135.78 |
| Dentist | $128.22 | $113.29 |
Detailed Lake Forest Transportation Costs Vs. Illinois
| Item | Lake Forest | Illinois |
|---|---|---|
| Gasoline | $3.56 | $3.46 |
| Tire Balancing | $70.87 | $59.92 |
Detailed Lake Forest Utilities Costs Vs. Illinois
| Item | Lake Forest | Illinois |
|---|---|---|
| All Electricity | $148.58 | $193.99 |
| Phone | $210.03 | $192.25 |
Lake Forest SnackAbility
/10
Cost Of Living In Cities Around Lake Forest
The cost of living varies in the cities and towns around Lake Forest. 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, 0.7x Lake Forest.
Glenview, IL has a cost of living index of 149, 0.8x Lake Forest.
Buffalo Grove, IL has a cost of living index of 125, 0.7x Lake Forest.
| City | Population | Cost Of Living | Vs. Lake Forest |
|---|---|---|---|
| Arlington Heights, IL | 76,220 | 124 | 0.7x |
| Glenview, IL | 47,682 | 149 | 0.8x |
| Buffalo Grove, IL | 42,824 | 125 | 0.7x |
| Park Ridge, IL | 39,241 | 138 | 0.8x |
| Northbrook, IL | 34,642 | 153 | 0.8x |
| Highland Park, IL | 30,229 | 148 | 0.8x |
| Wilmette, IL | 27,550 | 164 | 0.9x |
| Lake Zurich, IL | 19,727 | 127 | 0.7x |
| Deerfield, IL | 19,185 | 148 | 0.8x |
| Lincolnshire, IL | 7,937 | 163 | 0.9x |
