1st Advantage MortgageThe median Lake County household earns $110,416, and 8% of residents live below the poverty line. Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- Lake County, IL: the basics
- Lake County housing compared with Illinois
- Paychecks and income spread in Lake County
- The Lake County job picture
- Lake County and the counties next door
- Towns and communities in Lake County
- A Lake County household budget, worked through
- People and households in Lake County
- Local borrowing considerations for Lake County
- Who licenses lenders for Lake County residents
- Steps before you apply in Lake County
- Nearby and statewide guides
- Frequently asked questions
Lake County, IL: the basics
Lake County is home to about 714,223 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 3rd most populous of 102 county-level areas in Illinois. Land area is 444 square miles (2024 Gazetteer), so density runs near 1,610 per square mile. For statistical purposes it belongs to the Chicago-Naperville-Elgin, IL-IN metro area, as delineated by the Office of Management and Budget in July 2023. Waukegan is the biggest of its 55 Census places, at roughly 89,076 people (12% of the county total).
Lake County housing compared with Illinois
Median gross rent, utilities included, comes to $1,477 in Lake County versus $1,274 statewide. By the Census definition, 49% of Lake County renters are cost-burdened. With a median value of $345,700, a typical Lake County house costs 3.1 times what the median household earns in a year. 75% of Lake County households own their home and 25% rent.
| Lake County | Illinois | U.S. county median | |
|---|---|---|---|
| Median gross rent | $1,477/mo | $1,274/mo | $877/mo |
| Median home value | $345,700 | $263,300 | $185,300 |
| Owners | 75% | 67% | 75% |
| Rent-burdened renters | 49% | 48% | 45% |
| Burdened owners | 25% | 27% | n/a |
In an owner-heavy county like Lake County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it.
Paychecks and income spread in Lake County
Half of Lake County households take in less than $110,416 a year and half take in more, 32% above the Illinois median of $83,390. In the state ranking that is 3rd of 102.
| Household income | Lake County | vs Illinois |
|---|---|---|
| Under $35,000 | 14.4% | -6.5 pts |
| $35,000 to $99,999 | 30.9% | -6.3 pts |
| $100,000 to $199,999 | 30.7% | +2.6 pts |
| $200,000 or more | 24.1% | +10.2 pts |
Some 14% of households here live on less than $35,000 a year; 55% have six-figure incomes. Census counts 8.3% of Lake County residents in poverty, against 11.8% across Illinois. The Gini index of income inequality is 0.480 (0 is perfect equality). Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.
The Lake County job picture
The biggest employer of Lake County residents, by industry, is education and health care at 20% of workers, followed by manufacturing (15%). Compared with Illinois, the county leans toward manufacturing (15% against 11%). ACS puts five-year average unemployment at 5.2% in Lake County. About 66% drive to work alone and 20% have trips of 45 minutes or more. Households without a car make up 4.6% of the total (11.0% statewide).
| Top industries | Lake County share | +/- vs Illinois |
|---|---|---|
| Education and health care | 20.3% | -3.3 pts |
| Manufacturing | 15.5% | +4.0 pts |
| Professional and administrative services | 14.7% | +1.8 pts |
| Retail trade | 11.0% | +0.6 pts |
| Arts, lodging and food service | 8.4% | +0.2 pts |
| Finance, insurance and real estate | 8.1% | +0.7 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
Lake County and the counties next door
Six nearby counties, 22 to 41 miles away by the straight-line distance between their centers. 1 of the six report a higher median household income than Lake County; DuPage County is highest at $112,096 and Racine County lowest at $78,096. Some neighbors are in Wisconsin. Lender licensing is state by state, so a loan for a Lake County resident follows Illinois rules.
| County | Distance | Median income | Median rent | Owners |
|---|---|---|---|---|
| Lake County | - | $110,416 | $1,477/mo | 75% |
| Cook County, IL | 22 mi | $83,498 | $1,435/mo | 58% |
| DuPage County, IL | 27 mi | $112,096 | $1,688/mo | 73% |
| Kenosha County, WI | 28 mi | $81,239 | $1,219/mo | 67% |
| McHenry County, IL | 34 mi | $104,802 | $1,401/mo | 83% |
| Kane County, IL | 36 mi | $103,163 | $1,453/mo | 76% |
| Racine County, WI | 41 mi | $78,096 | $1,080/mo | 71% |
Towns and communities in Lake County
55 Census places fall mainly inside Lake County; the 14 biggest are below. They account for 704,668 residents, leaving about 1% of the county in unincorporated, unnamed areas. Long Grove has the highest median household income on the list ($250,001) and Round Lake Park the lowest ($55,813), counting places with at least 500 residents. Median rent ranges from $994 in Wadsworth to $3,501 in Long Grove. No Lake County place has a separate guide yet; this county page serves all 55.
| Town or CDP | Type | People | Median household income | Median gross rent | Miles from center |
|---|---|---|---|---|---|
| Waukegan | city | 89,076 | $71,919 | $1,205 | 13 mi |
| Buffalo Grove | village | 42,891 | $129,395 | $2,037 | 8 mi |
| Wheeling | village | 38,433 | $85,205 | $1,663 | 7 mi |
| Mundelein | village | 31,915 | $108,340 | $1,566 | 12 mi |
| North Chicago | city | 30,643 | $60,172 | $1,426 | 9 mi |
| Gurnee | village | 30,510 | $119,628 | $1,655 | 14 mi |
| Highland Park | city | 30,398 | $168,094 | $1,925 | 0 mi |
| Round Lake Beach | village | 27,079 | $86,059 | $1,543 | 20 mi |
| Vernon Hills | village | 26,876 | $121,943 | $1,903 | 9 mi |
| Zion | city | 24,600 | $63,104 | $1,186 | 19 mi |
| Grayslake | village | 20,929 | $113,972 | $1,485 | 16 mi |
| Libertyville | village | 20,525 | $165,667 | $1,637 | 11 mi |
| Lake Zurich | village | 19,832 | $135,968 | $1,909 | 14 mi |
| Deerfield | village | 19,518 | $181,660 | $2,482 | 3 mi |
A Lake County household budget, worked through
The debt-to-income ratio is the main affordability test lenders use. Applied to Lake County's medians:
- Median income divided by twelve: $9,201 before taxes
- Less median rent of $1,477, which is 16% of it
- At 40%, room after rent is $2,204 a month
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Lake County's.
People and households in Lake County
48% of Lake County adults 25 and older hold a bachelor's degree or more. 6.9% of residents have no health coverage.
| People and households | Lake County | Illinois | Median county |
|---|---|---|---|
| Median age | 39.1 | 39.0 | 41.5 |
| Bachelor's or higher | 47.7% | 37.8% | 22.2% |
| No high school diploma | 9.4% | 9.5% | n/a |
| No health insurance | 6.9% | 6.9% | 7.8% |
| No vehicle | 4.6% | 11.0% | 5.4% |
| Work from home | 19.5% | 15.9% | 8.7% |
| Poverty rate | 8.3% | 11.8% | 13.2% |
| Unemployment (ACS) | 5.2% | 5.8% | 4.4% |
| Minutes to work | Lake County workers |
|---|---|
| Under 15 min | 21.7% |
| 15 to 29 min | 35.8% |
| 30 to 44 min | 22.6% |
| 45 to 59 min | 10.0% |
| 60+ min | 10.0% |
Local borrowing considerations for Lake County
The county's numbers point to a few situations that come up often for Lake County borrowers.
- Commuter costs. 20% drive 45 minutes or more. Compare shop financing with a loan, and keep a small repair fund.
- Six-figure budgets. For the 55% earning $100,000 or more, lifestyle creep, not approval, is the usual problem.
- Tight rental budgets. With 49% of Lake County renters cost-burdened, test a new payment against a lean month.
Who licenses lenders for Lake County residents
Lake County borrowers fall under statewide rules, enforced by the Illinois Department of Financial and Professional Regulation. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. Statewide data and rules: Illinois guide.
Steps before you apply in Lake County
A short checklist for Lake County borrowers:
- Know the exact dollar figure you need before talking to a lender.
- Collect three written offers and compare APR and total repaid.
- Confirm the lender is licensed in Illinois.
- Lock paid-off cards after consolidating so balances stay at zero.
Nearby and statewide guides
For statewide rules and data, see the Illinois guide.
Frequently asked questions
What is the median household income in Lake County?
$110,416 a year in the 2020 to 2024 Census survey, versus $83,390 for Illinois. It ranks 3rd of 102 in the state.
What do renters pay in Lake County?
$1,477 a month at the median, about 16% of median household income.
Which towns does the Lake County guide cover?
Every community in the county, unincorporated areas included. The largest of its 55 Census places: Waukegan, Buffalo Grove, Wheeling, Mundelein, North Chicago.
Can Lake County residents use the questionnaire?
Yes. It asks the same questions in every Illinois county, lists every requirement up front and does not affect your credit score.
Who do I complain to about a lender in Lake County?
Start with the Illinois Department of Financial and Professional Regulation, then the CFPB complaint portal. Keep copies of every message.