Lake Forest, IL
Population 19,190 · Illinois
About Lake Forest, IL
Lake Forest is a mid-sized city located in Illinois with a population of 19,190 residents according to the latest US Census Bureau American Community Survey data. The median household income is $228,120 per year, which is 204% above the national median of $75,149. The median age of 46.1 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 Forest features a median home value of $909,800, which is 271% above the national median of $244,900. This places Lake Forest in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,120, 82% above the national average of $1,163/month. Of the 7,303 total housing units, 89% are owner-occupied (6,140 units) and 11% are renter-occupied (734 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Forest shows an unemployment rate of 2.1%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Forest have an average one-way commute time of 33.7 minutes.
Education & Demographics
80.8% of Lake Forest 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 1.9% White, 0.8% Hispanic or Latino, 0.8% Black or African American, and 2.0% Asian residents, with 10.4% of the population being foreign-born.
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.
Compare Lake Forest With Other Cities
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 US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Illinois.
What is the median household income in Lake Forest?
The median household income in Lake Forest, IL is $228,120 per year, which is 204% above the national median of $75,149.
What is the median home value in Lake Forest?
The median home value in Lake Forest, IL is $909,800, which is 271% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Forest?
The median monthly rent in Lake Forest, IL is $2,120, which is 82% above the national average of $1,163/month.
What is the unemployment rate in Lake Forest?
The unemployment rate in Lake Forest, IL is 2.1%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Forest, IL a good place to live?
Lake Forest offers above-average incomes, a competitive housing market, and a strong job market. With a population of 19,190 and a median age of 46.1, the city appeals to established professionals and retirees.
How educated is Lake Forest, IL?
80.8% of residents in Lake Forest 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 Forest?
Key cost-of-living indicators for Lake Forest, IL: median home value is $909,800 (271% above national), median rent is $2,120/month, and median household income is $228,120. The home-value-to-income ratio is 4.0x, a moderate figure by national standards.
What is the poverty rate in Lake Forest?
The poverty rate in Lake Forest, IL is 4.0%, 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 Forest, IL?
Lake Forest's population is 1.9% White, 0.8% Hispanic or Latino, 0.8% Black or African American, 2.0% Asian, and 0.9% two or more races. 10.4% of residents are foreign-born.