Island Lake, IL
Population 8,023 · Illinois
About Island Lake, IL
Island Lake is a small community in Illinois with a population of 8,023 residents. The median household income is $98,125 per year, which is above the national average. The median age in Island Lake is 39.5 years.
Housing in Island Lake has a median home value of $241,900 and median monthly rent of $1,855. Of the 3,045 total housing units, the majority are owner-occupied, with 2,359 owner-occupied and 530 renter-occupied units.
The unemployment rate in Island Lake is 6.7% and the poverty rate is 6.5%. 27.6% of residents hold a bachelor's degree or higher. The average commute time is 31.8 minutes.
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 Census data.
What is the median household income in Island Lake?
The median household income in Island Lake, IL is $98,125 per year.
What is the median home value in Island Lake?
The median home value in Island Lake, IL is $241,900.
What is the average rent in Island Lake?
The median monthly rent in Island Lake, IL is $1,855.
What is the unemployment rate in Island Lake?
The unemployment rate in Island Lake, IL is 6.7%.