F
81%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
261%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 Lake Forest Illinois National
Cost of living18196100
Goods & Services10797100
Groceries10498100
Health care10895100
Housing36195100
Transportation107103100
Utilities8989100

An Overview of Cost of Living in Lake Forest, IL

The cost of living in Lake Forest affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Lake Forest is 181, which is 81% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

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.

When it comes to the cost of living in Lake Forest, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 261.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Lake Forest Affordable?

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 342.9% higher than the national average, and monthly rent rates are 71.4% higher than usual. Additionally, median income levels contribute to the equation, with Lake Forest flaunting a median household income of $189,118, 241.8% higher than the national norm.

What Factors can Influence the Cost of Living in Lake Forest?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Lake Forest, the utilities index registers 10.8% lower than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Lake Forest, healthcare costs are 7.7% higher than the national average.

Where is the Data From?

The Lake Forest cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lake Forest is 88% higher than the Illinois average
  • The cost of living in Lake Forest is 81% higher than the national average
  • Lake Forest housing is 261% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 119% higher than the national average

Most Affordable Places to Live in and Around Lake Forest

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Compare Lake Forest, 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$208,013$17,334$4,853$6,241
      Renters$73,478$6,123$1,714$2,205
      A good way to judge both the affordability of the housing and the cost of living in Lake Forest is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Lake Forest has a median income of about $208,013 for people who own homes. Based on that number, a maximum of $4,853 should be spent on expenses related to housing. Renters have a slightly different median income, which is $73,478. Based on this average, renters should spend no more than $1,714 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Lake Forest National avg. Difference
      Haircut $33.69$24.2638.9%
      Beauty Salon $53.44$45.5617.3%
      Toothpaste $3.75$3.701.4%
      Shampoo $1.27$1.281.1%
      Movie $17.91$12.1347.6%
      Bowling $24.58$18.0036.6%

      Groceries

      Item Lake Forest National avg. Difference
      Ground Beef $5.28$5.849.5%
      Fried Chicken $1.42$1.579.7%
      Milk $4.87$4.674.3%
      Potatoes $4.90$4.930.7%
      Pizza $13.41$12.0910.9%
      Beer $10.00$10.414.0%

      Health Care

      Item Lake Forest National avg. Difference
      Optometrist $118.27$125.685.9%
      Doctor $167.67$135.7823.5%
      Dentist $128.22$113.2913.2%
      Ibuprofen $10.97$10.652.9%
      Lipitor $382.34$468.6018.4%

      Housing

      Item Lake Forest National avg. Difference
      Home Price $818,000.00$184,700.00342.9%
      Avg. Mortgage Payment $2,578.06$2,346.699.9%
      Apartment Rent $1,627.00$949.0071.4%

      Transportation

      Item Lake Forest National avg. Difference
      Gasoline $3.56$3.462.7%
      Tire Balancing $70.87$59.9218.3%

      Utilities

      Item Lake Forest National avg. Difference
      All Electricity $148.58$193.9923.4%
      Phone $210.03$192.259.3%
      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.
      Park City, IL7,6368415.8%
      North Chicago, IL29,967973.2%
      Round Lake Park, IL7,744972.8%
      Waukegan, IL87,157982.1%
      Round Lake Beach, IL27,3131021.6%
      Lake Forest, IL19,49718181.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cumberland, MD19,4958515.2%
      Salmon Arm, BC19,494n/a 
      Salmon Creek, WA19,50612828.2%
      Montgomery, IL19,51511010.4%
      Franconia, VA19,47814443.6%
      Lake Forest, IL19,49718181.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.