Gages Lake, Illinois Real Estate & Housing Market

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Gages Lake Housing Information

Index	Gages Lake	Illinois	National
Median home price	$206,300	$174,800	$184,700
Median rent asked	$1,131	$925	$949
Avg. people per household	2.6	2.6	2.6
Owner occupied households	83.0%	66.0%	63.6%
Renter occupied households	17.0%	34.0%	36.4%

A general overview of the Gages Lake, IL real estate market is displayed above. The median home price for homes in Gages Lake, IL is $206,300, which is 18% higher than the Illinois average. This means that real estate in the Gages Lake, IL area is generally less affordable than the rest of Illinois. The median rent price in Gages Lake, IL is $1,131 which is 22% higher than the Illinois average. In Gages Lake, IL, 83.0% of people are home owners and an average of 2.6 people occupy each home. From luxury houses to affordable condos to urban townhomes, there are many different types of real estate in Gages Lake, IL. We make it easy to find Gages Lake, IL real estate listings and homes for sale by filtering location, price, bedrooms and bathrooms in the search area above.

Gages Lake Home Affordability

Home affordability can be a very important factor when determining where to purchase real estate in Gages Lake, IL. One method that can be used to calculate home affordability is the home price to median household income ratio. The median home price in Gages Lake, IL is $206,300 and the median household income is $94,144. This results in a home price to income ratio of 2.2x, which is 26% lower than the Illinois average. The home affordability ratio is calculated by dividing the median home price by the median home income. A lower than average home price to income ratio means that homes in Gages Lake, IL are more affordable based on the median price of homes compared to home income. Of course, there are many other factors to consider when focusing on home affordability. Use the home affordability calculator below to see exactly how much you can afford to pay for real estate in Gages Lake, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Park City, IL	7,402	$27,900	85%
North Chicago, IL	30,023	$106,500	42%
Zion, IL	24,195	$116,800	37%
Waukegan, IL	88,159	$118,600	36%
Round Lake Park, IL	7,989	$120,000	35%
Gages Lake, IL	10,041	$206,300	12%

Cities with similar population

City, State	Population	Home Price	National Avg.
Troy, IL	10,041	$169,800	8%
Bonham, TX	10,040	$74,300	60%
Indianola, MS	10,047	$72,900	61%
Waverly, IA	10,049	$160,300	13%
Avon Park, FL	10,052	$61,300	67%
Gages Lake, IL	10,041	$206,300	12%

Source: The Gages Lake, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).