The typical owner-occupied home in Lake Bluff is worth about $776,700, 2.9 times the Illinois median of $263,300 and 2.3 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.29% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $204,000 a year, so the median home costs 3.8 times the median income (3.2 times for Illinois). 92% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Lake Bluff at a glance
| Lake Bluff | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $776,700 | $263,300 | $332,700 |
| Median property tax paid per year | $10,001 | $5,298 | $3,119 |
| Property tax as a share of value | 1.29% | 2.01% | 0.94% |
| Median household income | $204,000 | $83,390 | $80,734 |
| Homes lived in by their owners | 92% | 67% | 65% |
| Owner homes with a mortgage | 62% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $3,771 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 20.6% | 21.0% |
| Median rent | $2,063 | $1,274 | $1,413 |
| Rent as a share of renters' income | 36.1% | 29.1% | 30.6% |
| Median year homes were built | 1980 | 1971 | 1980 |
| Vacant homes | 7.3% | 7.7% | 10.1% |
| Population | 6,041 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Lake Bluff
At this week's average 30-year rate of 7.11%, buying the median Lake Bluff home of $776,700 with 20% down costs about $5,339 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,757, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $228,793 for the 20%-down payment. That payment is 31% of the median Lake Bluff household income of $204,000; at that income and 20% down, the 28% guideline points to a home of about $693,000.
The median rent here is $2,063 a month, so owning the median home costs about $3,276 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $155,340 |
|---|---|
| Loan amount | $621,360 |
| Principal and interest | $4,180 |
| Property taxes (1.29% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $324 |
| PMI | $0 |
| Total per month | $5,339 |
Change the numbers in the calculator
| Down payment | $27,184 |
|---|---|
| Loan amount | $762,632 |
| Principal and interest | $5,130 |
| Property taxes (1.29% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $324 |
| FHA mortgage insurance | $468 |
| Total per month | $6,757 |
Change the numbers in the calculator
Questions about home buying in Lake Bluff
What is the median home value in Lake Bluff?
About $776,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Bluff?
Homeowners pay a median $10,001 a year, which is about 1.29% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Lake Bluff?
For the median home with 20% down at 7.11%, the payment is about $5,339 a month. Keeping that under 28% of gross income takes about $228,793 a year.
More about Lake Bluff
- Mortgage Refinance in Lake Bluff
- Debt Relief in Lake Bluff
- Home Equity Loans in Lake Bluff
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data