Quick facts: Island lake, IL

Quick Facts

102.4
Cost of Living
above US average
7,954
Population
0.63
Crime Rate per 1000
below US average
$91,852
Median Income
above US average
$253,000
Median House Price
above US average
$1972.5
Average Rent
above US average
5%
Poverty Rate
below US average
6.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $91,852.

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Income Needed to Buy

βœ“ Affordable
$79k/year
Based on $253,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($91,852) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$85k/year
Based on $1972.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($91,852) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Island lake, IL

Island Lake is a charming village located in Lake County, Illinois, primarily known for its picturesque lakes and serene natural surroundings. Nestled between the larger communities of Wauconda and Crystal Lake, Island Lake boasts a close-knit community atmosphere while providing convenient access to a variety of amenities nearby. The village is characterized by its scenic landscapes, featuring the eponymous Island Lake that offers opportunities for fishing, boating, and other water-related activities. Outdoor enthusiasts can enjoy numerous parks and recreational areas, making it a lovely spot for families and nature lovers. The local infrastructure includes a selection of shops, restaurants, and schools, which contribute to a family-friendly environment. Culturally, Island Lake hosts community events and has a variety of recreational programs that foster neighborly connection and involvement. With its blend of natural beauty, community spirit, and access to larger urban centers, Island Lake strikes a balance between tranquil living and convenience, making it an appealing place to call home.

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