Lake of the Woods, IL
Population 1,976 · Illinois
About Lake of the Woods, IL
Lake of the Woods is a small town located in Illinois with a population of 1,976 residents according to the latest US Census Bureau American Community Survey data. The median household income is $69,054 per year, which is 8% below the national median of $75,149. The median age of 41.1 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake of the Woods features a median home value of $194,300, which is 21% below the national median of $244,900. This positions Lake of the Woods in a moderately priced market relative to the rest of the country. Median monthly rent is $1,201, 3% above the national average of $1,163/month. Of the 763 total housing units, 83% are owner-occupied (630 units) and 17% are renter-occupied (133 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake of the Woods shows an unemployment rate of 9.9%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake of the Woods have an average one-way commute time of 18.9 minutes, one of the shorter commutes in the region.
Education & Demographics
38.0% of Lake of the Woods 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 2.1% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.5% of the population being foreign-born.
Cost of Living in Lake of the Woods, IL
Compared to national averages, Lake of the Woods has a median household income of $69,054 (8% below the national median of $75,149). Home values average $194,300, which is 21% below the national median. Monthly rent at $1,201 is 3% above the US average of $1,163. Within Illinois, Lake of the Woods's income is 8% below the state average of $75,072, and home values are 17% above the state median of $165,779.
Why Live in Lake of the Woods, IL?
Lake of the Woods offers affordable housing with a median home value of $194,300, below the US average of $244,900, and a well-educated community where 38.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 6.9%, better than the national average. Additionally, the city features short commute times averaging just 18.9 minutes.
Potential considerations include median household income ($69,054) that falls below the national average. However, Lake of the Woods’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake of the Woods has a population of 1,976 with a median age of 41.1 years. Compare Lake of the Woods with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Lake of the Woods
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mount Olive | 1,979 | $55,139 | $96,600 | Compare |
| Crystal Lawns | 1,965 | $109,415 | $234,600 | Compare |
| Roanoke | 1,987 | $74,141 | $139,800 | Compare |
| Channel Lake | 1,988 | $63,958 | $210,400 | Compare |
| Farmington | 1,990 | $64,313 | $99,300 | Compare |
| Prairie Grove | 1,992 | $138,229 | $439,100 | Compare |
| Port Byron | 1,959 | $101,250 | $259,300 | Compare |
| Farmer City | 2,001 | $73,147 | $128,900 | 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 Lake of the Woods With Other Cities
Frequently Asked Questions about Lake of the Woods
What is the population of Lake of the Woods, IL?
The population of Lake of the Woods, IL is 1,976 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 Lake of the Woods?
The median household income in Lake of the Woods, IL is $69,054 per year, which is 8% below the national median of $75,149.
What is the median home value in Lake of the Woods?
The median home value in Lake of the Woods, IL is $194,300, which is 21% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake of the Woods?
The median monthly rent in Lake of the Woods, IL is $1,201, which is 3% above the national average of $1,163/month.
What is the unemployment rate in Lake of the Woods?
The unemployment rate in Lake of the Woods, IL is 9.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake of the Woods, IL a good place to live?
Lake of the Woods offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 1,976 and a median age of 41.1, the city appeals to a broad range of residents.
How educated is Lake of the Woods, IL?
38.0% of residents in Lake of the Woods 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 of the Woods?
Key cost-of-living indicators for Lake of the Woods, IL: median home value is $194,300 (21% below national), median rent is $1,201/month, and median household income is $69,054. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake of the Woods?
The poverty rate in Lake of the Woods, IL is 6.9%, 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 of the Woods, IL?
Lake of the Woods's population is 2.1% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 1.5% of residents are foreign-born.