Island Lake, IL—60042
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Island Lake, IL
As of Oct '25, the median home price in Island Lake, IL is $289,000, with a year-over-year change of 4.9%. This indicates that home prices in Island Lake, IL are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $289,000 | 4.9% |
| Single Family | $292,000 | 5.0% |
| Condos | $247,000 | 4.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $235,000 | 5.9% |
3 Bed | $295,000 | 5.0% |
4 Bed | $406,000 | 5.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Island Lake, IL
As of July '25, Rentcast reports the average rent in Island Lake, IL is $1,810, with a year-over-year rent change of -14.6%. Per bedroom, the median rent as of July '25 in Island Lake, IL is 2-bedrooms: $1,750, 4-bedrooms: $2,000. The most common rental property sizes in Island Lake, IL are 3-bedroom and 2-bedroom, accounting for 63.0% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,810 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,700 | $1,750 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $2,000 | $2,000 |
% of Rental Stock
Property Listings — Island Lake, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Island Lake, IL is 30. This is a decrease of -25.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $320,000 | 15.0% |
Listing Count | 25 | -15.0% |
| Listings as % of Homes | 0.6% | -15.0% |
Days on Market | 30 | -25.0% |
Demographics — Island Lake, IL
As of the latest ACS Survey released in 2023, Island Lake, IL has a population of 8,630, which has increased by 2.5% over the past 5 years. Island Lake, IL is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 27.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,630 | 2.5% |
% Under 18 | 21.6% | -8.1% |
% Seniors | 13.7% | 15.1% |
% WFH | 11.7% | 207.9% |
% w/ College Degree | 27.1% | 2.3% |
As of the latest ACS Survey released in 2023, Island Lake, IL is a predominantly white area, with 75.1% of the population identifying as white. The white population has shrunk by 10.5% in the last 5 years. The second most common race or ethnicity in Island Lake, IL is hispanic, making up 19.6% of the population. Foreign-born residents account for 13.5% of the population in Island Lake, IL, and this percentage has increased by 32.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 75.1% | -10.5% |
% Black | 0.5% | 25.0% |
% Hispanic | 19.6% | 48.5% |
% Asian | 2.7% | 92.9% |
% Foreign Born | 13.5% | 32.4% |
Mortgage and Risk — Island Lake, IL
According to HUD data as of 2023, there were 207 mortgage originations in Island Lake, IL, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Island Lake, IL. Investor activity is low, as 0.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 207 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Island Lake, IL
Island Lake, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 56 |
Total Units Section 8 | 53 |
% Rentals under Section 8 | 9.7% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,980 |
| 2 Bedroom | $540 | $1,700 | $2,240 |
| 3 Bedroom | N/A | N/A | $2,880 |
| 4 Bedroom | $1,380 | $2,000 | $3,380 |
Affordability — Island Lake, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $289,000 |
| Median Household Income | $94,600 |