Cost of Living in Island Lake, IL

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C+
10%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
20%
Housing NAT. AVG.
Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Island Lake Illinois National
Cost of living11098100
Goods & Services11098100
Groceries104100100
Health care116102100
Housing12095100
Transportation104102100
Utilities9598100
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Homes For Sale In Island Lake, IL

property for sale

3303 Eastway Dr

Island Lake, IL
property for sale

2275 Walnut Glen Blvd

Island Lake, IL
property for sale

2009 Mayfair Dr

Island Lake, IL
property for sale

3506 Harvest Ct

Island Lake, IL

Cost Of Living Quick Facts

  • The cost of living in Island Lake is 13% higher than the Illinois average
  • The cost of living in Island Lake is 10% higher than the national average
  • Island Lake housing is 20% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Island Lake

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Compare Island Lake, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$131,714$10,976$3,073$3,952
      Renters$116,999$9,750$2,730$3,510
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Island Lake, IL, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Island Lake homeowners, is $131,714. This would allow for a maximum of $3,073 per month to be spent on housing costs. For renters, the median monthly income is $116,999 which would result in a maximum of $2,730 to be spent on rental costs.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Island Lake National avg. Difference
      Haircut $49.08$27.6277.7%
      Beauty Salon $68.42$51.1133.9%
      Toothpaste $4.13$4.090.9%
      Shampoo $1.56$1.541.2%
      Movie $17.42$12.8835.3%
      Yoga $28.87$19.6646.8%

      Groceries

      Item Island Lake National avg. Difference
      Ground Beef $7.53$7.702.3%
      Fried Chicken $1.56$1.666.2%
      Milk $4.88$4.733.1%
      Potatoes $5.20$5.261.1%
      Pizza $13.97$12.769.5%
      Beer $10.56$10.550.1%

      Health Care

      Item Island Lake National avg. Difference
      Optometrist $208.97$140.0649.2%
      Doctor $194.67$153.8226.6%
      Dentist $135.44$123.1510.0%
      Ibuprofen $12.22$11.734.2%
      Lipitor $24.14$23.612.2%

      Housing

      Item Island Lake National avg. Difference
      Home Price $328,567.00$326,622.000.6%
      Avg. Mortgage Payment $2,929.74$2,480.2518.1%
      Apartment Rent $2,385.00$1,444.0065.2%

      Transportation

      Item Island Lake National avg. Difference
      Gasoline $3.20$3.064.7%
      Tire Balancing $67.63$65.213.7%

      Utilities

      Item Island Lake National avg. Difference
      All Electricity $188.44$220.1214.4%
      Phone $213.97$195.719.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Round Lake Park, IL8,005991.0%
      McCullom Lake, IL1,222964.4%
      Round Lake Beach, IL28,3131033.4%
      Wonder Lake, IL4,084972.5%
      Hebron, IL1,775982.1%
      Island Lake, IL8,40311010.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kapuskasing, ON8,403n/a 
      Mukwonago, WI8,4021066.4%
      Vinton, VA8,401936.5%
      Oroville East, CA8,40512727.0%
      Topanga, CA8,406246145.5%
      Island Lake, IL8,40311010.3%
      Date & Last Updated: This data reflects 2025 and was released from C2ER in January, 2026; this is the most current data available.
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