Island Lake, IL
Population 8,023 · Illinois
About Island Lake, IL
Island Lake is a small town located in Illinois with a population of 8,023 residents according to the latest US Census Bureau American Community Survey data. The median household income is $98,125 per year, which is 31% above the national median of $75,149. The median age of 39.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Island Lake features a median home value of $241,900, which is 1% below the national median of $244,900. This positions Island Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $1,855, 60% above the national average of $1,163/month. Of the 3,045 total housing units, 82% are owner-occupied (2,359 units) and 18% are renter-occupied (530 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Island Lake shows an unemployment rate of 6.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Island Lake have an average one-way commute time of 31.8 minutes.
Education & Demographics
27.6% of Island Lake 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 18.9% White, 0.9% Hispanic or Latino, 1.1% Black or African American, and 1.0% Asian residents, with 13.7% of the population being foreign-born.
Cost of Living in Island Lake, IL
Compared to national averages, Island Lake has a median household income of $98,125 (31% above the national median of $75,149). Home values average $241,900, which is 1% below the national median. Monthly rent at $1,855 is 60% above the US average of $1,163. Within Illinois, Island Lake's income is 31% above the state average of $75,072, and home values are 46% above the state median of $165,779.
Why Live in Island Lake, IL?
Island Lake offers a strong local economy with a median household income of $98,125, well above the national average, and affordable housing with a median home value of $241,900, below the US average of $244,900, and a low poverty rate of 6.5%, better than the national average.
Island Lake has a population of 8,023 with a median age of 39.5 years. Compare Island Lake with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Island Lake
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Oak Brook | 8,028 | $171,123 | $867,900 | Compare |
| Silvis | 7,939 | $67,569 | $161,300 | Compare |
| Lincolnshire | 7,937 | $179,735 | $625,800 | Compare |
| South Beloit | 7,930 | $81,836 | $160,800 | Compare |
| Hillside | 8,133 | $70,772 | $233,800 | Compare |
| Broadview | 7,898 | $60,139 | $240,600 | Compare |
| Paris | 8,154 | $51,798 | $71,200 | Compare |
| West Dundee | 7,867 | $104,750 | $342,900 | 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 Island Lake With Other Cities
Frequently Asked Questions about Island Lake
What is the population of Island Lake, IL?
The population of Island Lake, IL is 8,023 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 Island Lake?
The median household income in Island Lake, IL is $98,125 per year, which is 31% above the national median of $75,149.
What is the median home value in Island Lake?
The median home value in Island Lake, IL is $241,900, which is 1% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Island Lake?
The median monthly rent in Island Lake, IL is $1,855, which is 60% above the national average of $1,163/month.
What is the unemployment rate in Island Lake?
The unemployment rate in Island Lake, IL is 6.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Island Lake, IL a good place to live?
Island Lake offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 8,023 and a median age of 39.5, the city appeals to a broad range of residents.
How educated is Island Lake, IL?
27.6% of residents in Island Lake aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Island Lake?
Key cost-of-living indicators for Island Lake, IL: median home value is $241,900 (1% below national), median rent is $1,855/month, and median household income is $98,125. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Island Lake?
The poverty rate in Island Lake, IL is 6.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Island Lake, IL?
Island Lake's population is 18.9% White, 0.9% Hispanic or Latino, 1.1% Black or African American, 1.0% Asian, and 0.3% two or more races. 13.7% of residents are foreign-born.