Lake Summerset, IL
Population 2,240 · Illinois
About Lake Summerset, IL
Lake Summerset is a small town located in Illinois with a population of 2,240 residents according to the latest US Census Bureau American Community Survey data. The median household income is $105,588 per year, which is 41% 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 Summerset features a median home value of $226,700, which is 7% below the national median of $244,900. This positions Lake Summerset in a moderately priced market relative to the rest of the country. Median monthly rent is $1,206, 4% above the national average of $1,163/month. Of the 1,078 total housing units, 88% are owner-occupied (767 units) and 12% are renter-occupied (107 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Summerset shows an unemployment rate of 9.6%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 4.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Summerset have an average one-way commute time of 37.6 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
29.5% of Lake Summerset 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 4.6% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Lake Summerset, IL
Compared to national averages, Lake Summerset has a median household income of $105,588 (41% above the national median of $75,149). Home values average $226,700, which is 7% below the national median. Monthly rent at $1,206 is 4% above the US average of $1,163. Within Illinois, Lake Summerset's income is 41% above the state average of $75,072, and home values are 37% above the state median of $165,779.
Why Live in Lake Summerset, IL?
Lake Summerset offers a strong local economy with a median household income of $105,588, well above the national average, and affordable housing with a median home value of $226,700, below the US average of $244,900, and a low poverty rate of 4.1%, better than the national average.
Lake Summerset has a population of 2,240 with a median age of 46.1 years. Compare Lake Summerset with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Lake Summerset
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Carbon Cliff | 2,248 | $55,000 | $124,600 | Compare |
| Sumner | 2,229 | $51,458 | $61,200 | Compare |
| Elmwood | 2,254 | $87,644 | $144,600 | Compare |
| Casey | 2,258 | $48,631 | $86,000 | Compare |
| Nokomis | 2,213 | $57,625 | $78,400 | Compare |
| Wayne | 2,284 | $169,583 | $674,000 | Compare |
| Hinckley | 2,286 | $81,625 | $267,600 | Compare |
| Cambridge | 2,184 | $72,292 | $120,400 | 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 Summerset With Other Cities
Frequently Asked Questions about Lake Summerset
What is the population of Lake Summerset, IL?
The population of Lake Summerset, IL is 2,240 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 Summerset?
The median household income in Lake Summerset, IL is $105,588 per year, which is 41% above the national median of $75,149.
What is the median home value in Lake Summerset?
The median home value in Lake Summerset, IL is $226,700, which is 7% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Summerset?
The median monthly rent in Lake Summerset, IL is $1,206, which is 4% above the national average of $1,163/month.
What is the unemployment rate in Lake Summerset?
The unemployment rate in Lake Summerset, IL is 9.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake Summerset, IL a good place to live?
Lake Summerset offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 2,240 and a median age of 46.1, the city appeals to established professionals and retirees.
How educated is Lake Summerset, IL?
29.5% of residents in Lake Summerset aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Lake Summerset?
Key cost-of-living indicators for Lake Summerset, IL: median home value is $226,700 (7% below national), median rent is $1,206/month, and median household income is $105,588. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Summerset?
The poverty rate in Lake Summerset, IL is 4.1%, 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 Summerset, IL?
Lake Summerset's population is 4.6% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.8% two or more races. 1.2% of residents are foreign-born.