Lake Carroll, IL
Population 763 · Illinois
About Lake Carroll, IL
Lake Carroll is a small community located in Illinois with a population of 763 residents according to the latest US Census Bureau American Community Survey data. The median household income is $101,250 per year, which is 35% above the national median of $75,149. The median age of 60.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Lake Carroll features a median home value of $317,900, which is 30% above the national median of $244,900. This positions Lake Carroll 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 910 total housing units, 99% are owner-occupied (272 units) and 1% are renter-occupied (2 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Carroll shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 3.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Carroll have an average one-way commute time of 28.2 minutes.
Education & Demographics
36.9% of Lake Carroll 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 0.0% White, 0.3% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Lake Carroll, IL
Compared to national averages, Lake Carroll has a median household income of $101,250 (35% above the national median of $75,149). Home values average $317,900, which is 30% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Illinois, Lake Carroll's income is 35% above the state average of $75,072, and home values are 92% above the state median of $165,779.
Why Live in Lake Carroll, IL?
Lake Carroll offers a strong local economy with a median household income of $101,250, well above the national average, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a well-educated community where 36.9% of residents hold a bachelor’s degree or higher, and a low poverty rate of 3.1%, better than the national average.
Lake Carroll has a population of 763 with a median age of 60.6 years. Compare Lake Carroll with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Lake Carroll
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Elizabeth | 764 | $47,500 | $115,500 | Compare |
| Ridgway | 764 | $42,404 | $73,700 | Compare |
| Tiskilwa | 762 | $60,750 | $88,300 | Compare |
| Ashkum | 765 | $67,500 | $136,500 | Compare |
| Bartelso | 768 | $93,929 | $192,000 | Compare |
| Kirkwood | 769 | $70,385 | $89,500 | Compare |
| Lake Petersburg | 769 | $124,643 | $336,200 | Compare |
| West Salem | 769 | $50,500 | $65,800 | 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 Lake Carroll With Other Cities
Frequently Asked Questions about Lake Carroll
What is the population of Lake Carroll, IL?
The population of Lake Carroll, IL is 763 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Lake Carroll?
The median household income in Lake Carroll, IL is $101,250 per year, which is 35% above the national median of $75,149.
What is the median home value in Lake Carroll?
The median home value in Lake Carroll, IL is $317,900, which is 30% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Carroll?
The median monthly rent in Lake Carroll, IL is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Lake Carroll?
The unemployment rate in Lake Carroll, IL is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Carroll, IL a good place to live?
Lake Carroll offers above-average incomes, a competitive housing market, and a strong job market. With a population of 763 and a median age of 60.6, the city appeals to established professionals and retirees.
How educated is Lake Carroll, IL?
36.9% of residents in Lake Carroll 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 Lake Carroll?
Key cost-of-living indicators for Lake Carroll, IL: median home value is $317,900 (30% above national), median rent is $0/month, and median household income is $101,250. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Carroll?
The poverty rate in Lake Carroll, IL is 3.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lake Carroll, IL?
Lake Carroll's population is 0.0% White, 0.3% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.4% two or more races. 0.0% of residents are foreign-born.