Forest Lake, IL
Population 1,797 · Illinois
About Forest Lake, IL
Forest Lake is a small town located in Illinois with a population of 1,797 residents according to the latest US Census Bureau American Community Survey data. The median household income is $92,956 per year, which is 24% above the national median of $75,149. The median age of 40.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Forest Lake features a median home value of $318,300, which is 30% above the national median of $244,900. This positions Forest Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $0, 100% below the national average of $1,163/month. Of the 737 total housing units, 95% are owner-occupied (623 units) and 5% are renter-occupied (36 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Forest Lake shows an unemployment rate of 5.3%, which is near the national rate of 3.7%. The poverty rate stands at 5.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Forest Lake have an average one-way commute time of 30.1 minutes.
Education & Demographics
52.4% of Forest Lake residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 19.3% White, 0.0% Hispanic or Latino, 1.9% Black or African American, and 2.4% Asian residents, with 41.2% of the population being foreign-born.
Cost of Living in Forest Lake, IL
Compared to national averages, Forest Lake has a median household income of $92,956 (24% above the national median of $75,149). Home values average $318,300, which is 30% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Illinois, Forest Lake's income is 24% above the state average of $75,072, and home values are 92% above the state median of $165,779.
Why Live in Forest Lake, IL?
Forest Lake offers a strong local economy with a median household income of $92,956, well above the national average, and rent that’s lower than the national average at $0/month, and a well-educated community where 52.4% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 5.3%, better than the national average.
Forest Lake has a population of 1,797 with a median age of 40.8 years. Compare Forest Lake with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Forest Lake
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Bridgeport | 1,819 | $50,284 | $57,500 | Compare |
| Lacon | 1,768 | $60,750 | $111,700 | Compare |
| Hodgkins | 1,766 | $63,056 | $39,200 | Compare |
| Lewistown | 1,828 | $49,022 | $84,600 | Compare |
| Prophetstown | 1,828 | $66,797 | $116,300 | Compare |
| Southern View | 1,838 | $53,774 | $104,700 | Compare |
| Maroa | 1,751 | $72,500 | $128,200 | Compare |
| Orion | 1,849 | $88,500 | $168,300 | 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 Forest Lake With Other Cities
Frequently Asked Questions about Forest Lake
What is the population of Forest Lake, IL?
The population of Forest Lake, IL is 1,797 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Forest Lake?
The median household income in Forest Lake, IL is $92,956 per year, which is 24% above the national median of $75,149.
What is the median home value in Forest Lake?
The median home value in Forest Lake, IL is $318,300, which is 30% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Forest Lake?
The median monthly rent in Forest Lake, IL is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Forest Lake?
The unemployment rate in Forest Lake, IL is 5.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Forest Lake, IL a good place to live?
Forest Lake offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 1,797 and a median age of 40.8, the city appeals to a broad range of residents.
How educated is Forest Lake, IL?
52.4% of residents in Forest Lake 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 Forest Lake?
Key cost-of-living indicators for Forest Lake, IL: median home value is $318,300 (30% above national), median rent is $0/month, and median household income is $92,956. The home-value-to-income ratio is 3.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Forest Lake?
The poverty rate in Forest Lake, IL is 5.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Forest Lake, IL?
Forest Lake's population is 19.3% White, 0.0% Hispanic or Latino, 1.9% Black or African American, 2.4% Asian, and 0.0% two or more races. 41.2% of residents are foreign-born.