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Lake Forest Housing Information

IndexLake ForestIllinoisNational
Median home price$831,800$174,800$184,700
Median rent asked$1,757$925$949
Avg. people per household2.52.62.6
Owner occupied households86.3%66.0%63.6%
Renter occupied households13.7%34.0%36.4%
Above, you'll find an overview of the real estate market in Lake Forest, IL. Generally, real estate in the Lake Forest, IL area is less affordable in Illinois, as the median price of a home in Lake Forest, IL is $831,800, which is 376% higher than the Illinois average. The median rental price in Lake Forest, IL is $1,757. This is 90% higher than the average rental price in Illinois. Home owners comprise 86.3% of the population of Lake Forest, IL, where an average of 2.5 people live in each home. Various real estate options from luxurious homes to affordable condos and urban townhomes are available in Lake Forest, IL. Below, you can search for real estate listings in Lake Forest, IL using our search functionality that allows you to personalize your search and filter out location, price, and number of bedrooms and bathrooms.

Lake Forest Home Affordability

When searching for real estate in Lake Forest, IL, home affordability is a critical aspect. The ratio of the house price to the median household income is one method used to figure out home affordability. In Lake Forest, IL, the median house price is $831,800, while the median income for households in the area is $162,117. Therefore, the ratio of house price to income is 5.1x; this ratio is 74% higher than the average in Illinois. The calculation for the ratio of home affordability requires dividing the median household income by the median house price. The lower the aforementioned ratio, the more affordable homes are - when comparing the house price to the household income. However, there are more factors that come into play in terms of home affordability. The calculator below determines home affordability, and it can help you decide how much money you can afford to pay for real estate in Lake Forest, IL.

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Park City, IL7,402$27,90085%
North Chicago, IL30,023$106,50042%
Waukegan, IL88,159$118,60036%
Round Lake Park, IL7,989$120,00035%
Round Lake Beach, IL27,936$125,40032%
Lake Forest, IL18,881$831,800350%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Sylvania, OH18,882$165,90010%
Oroville, CA18,884$152,90017%
Mayfield Heights, OH18,878$141,70023%
Niles, OH18,877$78,70057%
Brook Park, OH18,875$111,80039%
Lake Forest, IL18,881$831,800350%

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