The typical owner-occupied home in Lake Forest is worth about $938,300, 3.6 times the Illinois median of $263,300 and 2.8 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.07% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $235,081 a year, so the median home costs 4.0 times the median income (3.2 times for Illinois). 89% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Lake Forest at a glance
| Lake Forest | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $938,300 | $263,300 | $332,700 |
| Median property tax paid per year | $10,001 | $5,298 | $3,119 |
| Property tax as a share of value | 1.07% | 2.01% | 0.94% |
| Median household income | $235,081 | $83,390 | $80,734 |
| Homes lived in by their owners | 89% | 67% | 65% |
| Owner homes with a mortgage | 56% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 20.6% | 21.0% |
| Median rent | $1,815 | $1,274 | $1,413 |
| Rent as a share of renters' income | 27.7% | 29.1% | 30.6% |
| Median year homes were built | 1976 | 1971 | 1980 |
| Vacant homes | 5.2% | 7.7% | 10.1% |
| Population | 19,416 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Lake Forest
At this week's average 30-year rate of 7.11%, buying the median Lake Forest home of $938,300 with 20% down costs about $6,277 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,991, 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 $269,023 for the 20%-down payment. That payment is 32% of the median Lake Forest household income of $235,081; at that income and 20% down, the 28% guideline points to a home of about $820,000.
The median rent here is $1,815 a month, so owning the median home costs about $4,462 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $187,660 |
|---|---|
| Loan amount | $750,640 |
| Principal and interest | $5,050 |
| Property taxes (1.07% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $391 |
| PMI | $0 |
| Total per month | $6,277 |
Change the numbers in the calculator
| Down payment | $32,840 |
|---|---|
| Loan amount | $921,305 |
| Principal and interest | $6,198 |
| Property taxes (1.07% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $391 |
| FHA mortgage insurance | $566 |
| Total per month | $7,991 |
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Questions about home buying in Lake Forest
What is the median home value in Lake Forest?
About $938,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Forest?
Homeowners pay a median $10,001 a year, which is about 1.07% 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 Forest?
For the median home with 20% down at 7.11%, the payment is about $6,277 a month. Keeping that under 28% of gross income takes about $269,023 a year.
More about Lake Forest
- Mortgage Refinance in Lake Forest
- Debt Relief in Lake Forest
- Home Equity Loans in Lake Forest
- 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