Lake Villa, IL
Population 8,707 · Illinois
About Lake Villa, IL
Lake Villa is a small town located in Illinois with a population of 8,707 residents according to the latest US Census Bureau American Community Survey data. The median household income is $111,110 per year, which is 48% above the national median of $75,149. The median age of 40.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Lake Villa features a median home value of $325,900, which is 33% above the national median of $244,900. This positions Lake Villa in a moderately priced market relative to the rest of the country. Median monthly rent is $1,430, 23% above the national average of $1,163/month. Of the 3,192 total housing units, 70% are owner-occupied (2,198 units) and 30% are renter-occupied (943 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Villa shows an unemployment rate of 6.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 3.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lake Villa have an average one-way commute time of 32.6 minutes.
Education & Demographics
48.6% of Lake Villa 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 9.2% White, 1.9% Hispanic or Latino, 3.7% Black or African American, and 1.4% Asian residents, with 12.6% of the population being foreign-born.
Cost of Living in Lake Villa, IL
Compared to national averages, Lake Villa has a median household income of $111,110 (48% above the national median of $75,149). Home values average $325,900, which is 33% above the national median. Monthly rent at $1,430 is 23% above the US average of $1,163. Within Illinois, Lake Villa's income is 48% above the state average of $75,072, and home values are 97% above the state median of $165,779.
Why Live in Lake Villa, IL?
Lake Villa offers a strong local economy with a median household income of $111,110, well above the national average, and a well-educated community where 48.6% of residents hold a bachelor’s degree or higher, and a low poverty rate of 3.3%, better than the national average.
Lake Villa has a population of 8,707 with a median age of 40.3 years. Compare Lake Villa with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Lake Villa
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Glencoe | 8,715 | $250,001 | $1,354,900 | Compare |
| Rock Falls | 8,683 | $48,733 | $82,400 | Compare |
| Mascoutah | 8,743 | $93,902 | $226,300 | Compare |
| Clarendon Hills | 8,642 | $125,826 | $595,500 | Compare |
| Glenwood | 8,620 | $71,376 | $182,900 | Compare |
| Monmouth | 8,794 | $59,690 | $88,100 | Compare |
| Harrisburg | 8,608 | $48,488 | $84,800 | Compare |
| Savoy | 8,807 | $88,828 | $280,700 | 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 Villa With Other Cities
Frequently Asked Questions about Lake Villa
What is the population of Lake Villa, IL?
The population of Lake Villa, IL is 8,707 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 Villa?
The median household income in Lake Villa, IL is $111,110 per year, which is 48% above the national median of $75,149.
What is the median home value in Lake Villa?
The median home value in Lake Villa, IL is $325,900, which is 33% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Villa?
The median monthly rent in Lake Villa, IL is $1,430, which is 23% above the national average of $1,163/month.
What is the unemployment rate in Lake Villa?
The unemployment rate in Lake Villa, IL is 6.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Lake Villa, IL a good place to live?
Lake Villa offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 8,707 and a median age of 40.3, the city appeals to a broad range of residents.
How educated is Lake Villa, IL?
48.6% of residents in Lake Villa 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 Villa?
Key cost-of-living indicators for Lake Villa, IL: median home value is $325,900 (33% above national), median rent is $1,430/month, and median household income is $111,110. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lake Villa?
The poverty rate in Lake Villa, IL is 3.3%, 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 Villa, IL?
Lake Villa's population is 9.2% White, 1.9% Hispanic or Latino, 3.7% Black or African American, 1.4% Asian, and 6.1% two or more races. 12.6% of residents are foreign-born.