Forest Lake, IL—60047
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Forest Lake, IL
As of Oct '25, the median home price in Forest Lake, IL is $628,000, with a year-over-year change of 5.1%. This indicates that home prices in Forest 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 | $628,000 | 5.2% |
| Single Family | $637,000 | 5.3% |
| Condos | $369,000 | 5.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $333,000 | 3.7% |
3 Bed | $462,000 | 4.3% |
4 Bed | $711,000 | 4.3% |
| 5 Bed | $922,000 | 4.5% |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,150 | $3,150 |
| Studio Rent | N/A | N/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 |
% of Rental Stock
Property Listings — Forest Lake, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Forest Lake, IL is 34. This is a decrease of -18.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $755,000 | 1.0% |
Listing Count | 148 | -3.0% |
| Listings as % of Homes | 0.8% | -3.0% |
Days on Market | 34 | -18.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 44,100 | 3.4% |
% Under 18 | 24.2% | -2.4% |
% Seniors | 14.6% | 21.7% |
% WFH | 22.1% | 140.2% |
% w/ College Degree | 67.1% | 10.0% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $628,000 |
| Median Household Income | $173,000 |