View in Interactive Map

Forest Lake, IL—60047

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$658,000
6.3% YoY Growth
Household Income
$173,000
28.0% YoY Growth
Days on Market
29
9.0% Shorter YoY
Home Price Forecast
0.8%
Median Rent
$3,150
2.9% YoY Growth
1-Bed Rent
$1,850
10.7% YoY Growth
2-Bed Rent
$2,230
3.6% YoY Growth
3-Bed Rent
$3,180
8.0% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Forest Lake, IL

As of May '26, the median home price in Forest Lake, IL is $658,000, with a year-over-year change of 6.3%. This indicates that home prices in Forest Lake, IL are increasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$658,0006.3%
Single Family $667,0006.0%
Condos $383,0008.8%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$346,0005.2%
    3 Bed
    		$489,0006.1%
    4 Bed
    		$748,0005.5%
    5 Bed $972,2105.5%
    Loading chart...

    % of Housing Stock

    Studio
    0.6%
    1 Bedroom
    5.7%
    2 Bedrooms
    8.5%
    3 Bedrooms
    24.3%
    4 Bedrooms
    47.2%
    5+ Bedrooms
    13.7%

    Rental Trends — Forest Lake, IL

    As of July '25, Rentcast reports the average rent in Forest Lake, IL is $3,150, with a year-over-year rent change of 2.9%. Per bedroom, the median rent as of July '25 in Forest Lake, IL is 1-bedrooms: $1,860, 2-bedrooms: $2,170, 3-bedrooms: $3,220, 4-bedrooms: $4,110. The most common rental property sizes in Forest Lake, IL are 1-bedroom and 2-bedroom, accounting for 46.7% and 22.3% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$3,150$3,150
    Studio Rent N/AN/A
    1 Bed Rent $1,850$1,860
    2 Bed Rent $2,230$2,170
    3 Bed Rent $3,180$3,220
    4 Bed Rent $3,850$4,110
    Loading chart...

    % of Rental Stock

    Studio
    5.1%
    1 Bedroom
    46.7%
    2 Bedrooms
    22.3%
    3 Bedrooms
    13.9%
    4 Bedrooms
    11.2%
    5+ Bedrooms
    0.8%

    Property Listings — Forest Lake, IL

    As of May '26, Realtor.com reports that the median days on market for a home in Forest Lake, IL is 29. This is a decrease of -9.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$925,00015.0%
    Listing Count
    		1751.0%
    Listings as % of Homes0.8%1.0%
    Days on Market
    		29-9.0%
    Loading chart...

    Demographics — Forest Lake, IL

    As of the latest ACS Survey released in 2023, Forest Lake, IL has a population of 44,100, which has increased by 3.4% over the past 5 years. Forest Lake, IL is a moderately popular place for families, as children make up 24.2% of the population. The area has a highly educated workforce, with 67.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.1% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		44,1003.4%
    % Under 18
    		24.2%-2.4%
    % Seniors
    		14.6%21.7%
    % WFH
    		22.1%140.2%
    % w/ College Degree
    		67.1%10.0%
    Loading chart...

    As of the latest ACS Survey released in 2023, Forest Lake, IL is a predominantly white area, with 78.0% of the population identifying as white. The white population has shrunk by 0.3% in the last 5 years. The second most common race or ethnicity in Forest Lake, IL is asian, making up 11.8% of the population. Foreign-born residents account for 18.3% of the population in Forest Lake, IL, and this percentage has decreased by 2.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		78.0%-0.3%
    % Black
    		1.0%-50.0%
    % Hispanic
    		5.6%-30.9%
    % Asian
    		11.8%11.3%
    % Foreign Born
    		18.3%-2.7%
    Loading chart...

    Mortgage and Risk — Forest Lake, IL

    According to HUD data as of 2023, there were 745 mortgage originations in Forest Lake, IL, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 15.0% above 90% LTV (elevated). This implies medium mortgage risk in Forest Lake, IL. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		745
    % Conventional Loans
    		95.0%
    % Government Loans
    		5.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		8.0%
    Loading chart...
    Loading chart...

    Rentals and Section 8 — Forest Lake, IL

    As of 2024, the percent of homes in Forest Lake, IL under the Section 8 program is 5.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Forest Lake, IL, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		101
    Total Units Section 8
    		101
    % Rentals under Section 8
    		5.7%
    % Occupied Section 8
    		91.1%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$260$1,850$2,110
    2 Bedroom$150$2,230$2,380
    3 Bedroom-$120$3,180$3,060
    4 Bedroom-$260$3,850$3,590

    Affordability — Forest Lake, IL

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.1
    Median Home Price$658,000
    Median Household Income$173,000

    Forest Lake, IL — ZIP Code Boundary Map

    Loading map...

    Nearby ZIP Codes

    Mundelein, IL

    60060

    Palatine, IL

    60074

    Vernon Hills, IL

    60061

    Buffalo Grove, IL

    60089

    Palatine, IL

    60067

    Frequently Asked Questions