Algonquin, IL
Population 29,904 · Illinois
About Algonquin, IL
Algonquin is a mid-sized city located in Illinois with a population of 29,904 residents according to the latest US Census Bureau American Community Survey data. The median household income is $131,753 per year, which is 75% above the national median of $75,149. The median age of 41.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Algonquin features a median home value of $324,000, which is 32% above the national median of $244,900. This positions Algonquin in a moderately priced market relative to the rest of the country. Median monthly rent is $1,800, 55% above the national average of $1,163/month. Of the 11,080 total housing units, 88% are owner-occupied (9,584 units) and 12% are renter-occupied (1,330 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Algonquin shows an unemployment rate of 4.4%, which is near the national rate of 3.7%. The poverty rate stands at 4.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Algonquin have an average one-way commute time of 32 minutes.
Education & Demographics
43.6% of Algonquin residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 10.3% White, 1.4% Hispanic or Latino, 1.7% Black or African American, and 1.6% Asian residents, with 12.2% of the population being foreign-born.
Cost of Living in Algonquin, IL
Compared to national averages, Algonquin has a median household income of $131,753 (75% above the national median of $75,149). Home values average $324,000, which is 32% above the national median. Monthly rent at $1,800 is 55% above the US average of $1,163. Within Illinois, Algonquin's income is 76% above the state average of $75,072, and home values are 95% above the state median of $165,779.
Why Live in Algonquin, IL?
Algonquin offers a strong local economy with a median household income of $131,753, well above the national average, and a well-educated community where 43.6% of residents hold a bachelor’s degree or higher, and a low poverty rate of 4.5%, better than the national average.
Algonquin has a population of 29,904 with a median age of 41.3 years. Compare Algonquin with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Algonquin
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Galesburg | 29,653 | $45,213 | $89,800 | Compare |
| Highland Park | 30,229 | $161,875 | $594,400 | Compare |
| Niles | 30,262 | $78,563 | $350,900 | Compare |
| Gurnee | 30,486 | $121,410 | $331,100 | Compare |
| North Chicago | 30,772 | $56,815 | $147,800 | Compare |
| Lake in the Hills | 28,853 | $113,491 | $296,400 | Compare |
| Burbank | 28,822 | $83,975 | $258,900 | Compare |
| Danville | 28,663 | $44,239 | $76,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Algonquin With Other Cities
Frequently Asked Questions about Algonquin
What is the population of Algonquin, IL?
The population of Algonquin, IL is 29,904 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Illinois.
What is the median household income in Algonquin?
The median household income in Algonquin, IL is $131,753 per year, which is 75% above the national median of $75,149.
What is the median home value in Algonquin?
The median home value in Algonquin, IL is $324,000, which is 32% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Algonquin?
The median monthly rent in Algonquin, IL is $1,800, which is 55% above the national average of $1,163/month.
What is the unemployment rate in Algonquin?
The unemployment rate in Algonquin, IL is 4.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Algonquin, IL a good place to live?
Algonquin offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 29,904 and a median age of 41.3, the city appeals to a broad range of residents.
How educated is Algonquin, IL?
43.6% of residents in Algonquin aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Algonquin?
Key cost-of-living indicators for Algonquin, IL: median home value is $324,000 (32% above national), median rent is $1,800/month, and median household income is $131,753. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Algonquin?
The poverty rate in Algonquin, IL is 4.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Algonquin, IL?
Algonquin's population is 10.3% White, 1.4% Hispanic or Latino, 1.7% Black or African American, 1.6% Asian, and 2.2% two or more races. 12.2% of residents are foreign-born.