Lake Forest, IL
Population 19,190 · Illinois
About Lake Forest, IL
Lake Forest is a mid-sized city in Illinois with a population of 19,190 residents. The median household income is $228,120 per year, which is above the national average. The median age in Lake Forest is 46.1 years.
Housing in Lake Forest has a median home value of $909,800 and median monthly rent of $2,120. Of the 7,303 total housing units, the majority are owner-occupied, with 6,140 owner-occupied and 734 renter-occupied units.
The unemployment rate in Lake Forest is 2.1% and the poverty rate is 4.0%. 80.8% of residents hold a bachelor's degree or higher. The average commute time is 33.7 minutes.
How Lake Forest Ranks in Illinois
Cost of Living in Lake Forest, IL
Compared to national averages, Lake Forest has a median household income of $228,120 (204% above the national median of $75,149). Home values average $909,800, which is 271% above the national median. Monthly rent at $2,120 is 82% above the US average of $1,163. Within Illinois, Lake Forest's income is 204% above the state average of $75,072, and home values are 449% above the state median of $165,779.
Why Live in Lake Forest, IL?
Lake Forest offers a strong local economy with a median household income of $228,120, well above the national average, and a strong job market with an unemployment rate of just 2.1%, and a well-educated community where 80.8% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.0%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $909,800. However, Lake Forest’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Forest has a population of 19,190 with a median age of 46.1 years. Compare Lake Forest with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Lake Forest
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Deerfield | 19,185 | $189,705 | $608,600 | Compare |
| Brookfield | 19,235 | $108,429 | $314,000 | Compare |
| Homewood | 19,471 | $96,522 | $210,500 | Compare |
| Evergreen Park | 19,498 | $95,738 | $255,700 | Compare |
| Ottawa | 18,714 | $73,011 | $144,500 | Compare |
| Matteson | 18,681 | $98,617 | $251,400 | Compare |
| Lake Zurich | 19,727 | $139,959 | $418,300 | Compare |
| Alsip | 18,650 | $67,557 | $208,700 | 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.
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Frequently Asked Questions about Lake Forest
What is the population of Lake Forest, IL?
The population of Lake Forest, IL is 19,190 according to the latest Census data.
What is the median household income in Lake Forest?
The median household income in Lake Forest, IL is $228,120 per year.
What is the median home value in Lake Forest?
The median home value in Lake Forest, IL is $909,800.
What is the average rent in Lake Forest?
The median monthly rent in Lake Forest, IL is $2,120.
What is the unemployment rate in Lake Forest?
The unemployment rate in Lake Forest, IL is 2.1%.