| Index | Lake Forest | Illinois | National |
| Cost of living | 178 | 98 | 100 |
| Groceries | 98 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 363 | 95 | 100 |
| Transportation | 100 | 101 | 100 |
| Utilities | 102 | 99 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 96 | 100 | 100 |
Understanding the cost of living in Lake Forest can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Lake Forest cost of living index is 178, which is 78% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Lake Forest is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Lake Forest falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a very significant part of the Lake Forest cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 263% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Lake Forest affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lake Forest, for instance, where the median home price falls 345.7% higher than the national average, and monthly rent rates are 70.1% higher than usual. Additionally, median income levels contribute to the equation, with Lake Forest flaunting a median household income of $279,550, 243.7% higher than the national norm.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Lake Forest, the transportation index stands at 0.3% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Lake Forest, the housing index is 263% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Lake Forest, the utilities index is 2% higher than the national average.
The Lake Forest cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $313,514 | $26,126 | $7,315 | $9,406 |
| Renters | $107,820 | $8,985 | $2,516 | $3,235 |
| State | General Sales Tax | With Max Surtax |
| Illinois | 6.25% | 10.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Illinois | 4.95% | 4.95% |
| City | Population | Cost of Living Index | National Avg. |
| Park City, IL | 7,894 | 82 | 18.2% |
| North Chicago, IL | 30,865 | 95 | 5.0% |
| Round Lake Park, IL | 8,005 | 95 | 5.3% |
| Waukegan, IL | 90,063 | 96 | 4.1% |
| Round Lake Beach, IL | 28,313 | 98 | 1.7% |
| Lake Forest, IL | 19,888 | 178 | 78.3% |
| City | Population | Cost of Living Index | National Avg. |
| Huntington, NY | 19,888 | 170 | 69.6% |
| Frankfort, IL | 19,886 | 129 | 28.7% |
| Orinda, CA | 19,891 | 275 | 175.2% |
| Plattsburgh, NY | 19,892 | 98 | 2.0% |
| Colchester, Subd. B, NS | 19,895 | n/a | |
| Lake Forest, IL | 19,888 | 178 | 78.3% |
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