Lake Petersburg, IL
Population 769 · Illinois
About Lake Petersburg, IL
Lake Petersburg is a small community located in Illinois with a population of 769 residents according to the latest US Census Bureau American Community Survey data. The median household income is $124,643 per year, which is 66% above the national median of $75,149. The median age of 59 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 Petersburg features a median home value of $336,200, which is 37% above the national median of $244,900. This positions Lake Petersburg 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 388 total housing units, 100% are owner-occupied (346 units) and 0% are renter-occupied (0 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Petersburg shows an unemployment rate of 2.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 0.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Petersburg have an average one-way commute time of 34.6 minutes.
Education & Demographics
40.6% of Lake Petersburg 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, 0.0% Hispanic or Latino, 3.1% Black or African American, and 0.0% Asian residents, with 4.8% of the population being foreign-born.
Cost of Living in Lake Petersburg, IL
Compared to national averages, Lake Petersburg has a median household income of $124,643 (66% above the national median of $75,149). Home values average $336,200, which is 37% above the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within Illinois, Lake Petersburg's income is 66% above the state average of $75,072, and home values are 103% above the state median of $165,779.
Why Live in Lake Petersburg, IL?
Lake Petersburg offers a strong local economy with a median household income of $124,643, 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 2.9%. Additionally, the city features a well-educated community where 40.6% of residents hold a bachelor’s degree or higher, and a low poverty rate of 0.0%, better than the national average.
Lake Petersburg has a population of 769 with a median age of 59 years. Compare Lake Petersburg with other cities to see how it stacks up, or explore all cities in Illinois.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Lake Petersburg
What is the population of Lake Petersburg, IL?
The population of Lake Petersburg, IL is 769 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 Petersburg?
The median household income in Lake Petersburg, IL is $124,643 per year, which is 66% above the national median of $75,149.
What is the median home value in Lake Petersburg?
The median home value in Lake Petersburg, IL is $336,200, which is 37% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Petersburg?
The median monthly rent in Lake Petersburg, IL is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Lake Petersburg?
The unemployment rate in Lake Petersburg, IL is 2.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Petersburg, IL a good place to live?
Lake Petersburg offers above-average incomes, a competitive housing market, and a strong job market. With a population of 769 and a median age of 59, the city appeals to established professionals and retirees.
How educated is Lake Petersburg, IL?
40.6% of residents in Lake Petersburg 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 Petersburg?
Key cost-of-living indicators for Lake Petersburg, IL: median home value is $336,200 (37% above national), median rent is $0/month, and median household income is $124,643. The home-value-to-income ratio is 2.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Petersburg?
The poverty rate in Lake Petersburg, IL is 0.0%, 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 Petersburg, IL?
Lake Petersburg's population is 0.0% White, 0.0% Hispanic or Latino, 3.1% Black or African American, 0.0% Asian, and 0.0% two or more races. 4.8% of residents are foreign-born.