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City Report · IL

Lake Forest

Pop. 19,416·1st most expensive in Illinois·One of the pricier rental markets in the US
Median rent (all units)
$5,171/mo
Year-over-Year
Stable
Month-over-Month
+1.7%
vs US Median
+$3,206
Rising (Monthly)
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Most AffordableMost Expensive
Lake Forest · $5,171
More expensive than 99% of US cities · National median $1,965/mo
Affordability
26% of income
AFFORDABLE
0%30% benchmark60%+

At $5,171/mo, rent takes about 26% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$207,000/yr
Local median income
$235,081/yr
Based on the 30%-of-income rule using Lake Forest's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$2,190
1 BR
$2,340
2 BR
$2,640
3 BR
$3,390
4 BR+
$3,980
Research median
$2,640/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$62,052/yr
At $5,171/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +1.7% MoM), not inventory.
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Demographics

Who lives here

Lake Forest, IL is majority owner-occupied, has a large retiree population, has a median income above the national average, 80.5% of residents hold a bachelor's degree or higher.

Population
19,416
Median income
$235,081
Median age
46.1
Renters
11.2%
Age distribution
19.2%
21.3%
20.1%
12.6%
26.7%
Under 1819.2%
18–3421.3%
35–5420.1%
55–6412.6%
65+26.7%
Gender
47.7%
52.3%
Male47.7%
Female52.3%
Race & ethnicity
82.2%
White82.2%
Black1%
Hispanic6.1%
Asian6.5%
Other4.2%
Education (25+)
12.7%
80.5%
No HS diploma1.9%
HS diploma4.9%
Some college12.7%
Bachelor's+80.5%
Housing tenure
88.8%
Owner88.8%
Renter11.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Lake Forest, IL has changed in 5 years

Income
$194,267 → $235,081
up 21.0%
Population
19,450 → 19,416
down 0.2%
Renter share
13.3% → 11.2%
-2.1 pts
Bachelor's+
81% → 80.5%
-0.5 pts

Median household income climbed from $194,267 to $235,081 between 2021 and 2024, a 21.0% shift. The renter share has eased from 13.3% to 11.2%, with owner-occupied housing accounting for the remainder.

Community

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View Lake Forest rent history (2015–2026) →
Salary vs rent

Can you afford rent in Lake Forest on your salary?

At $5,171/mo, how Lake Forest rent compares to typical pay (30% rule).

By apartment size

Lake Forest rent by bedroom count

Median rent for each apartment size in Lake Forest. Click any size for full breakdown.

Local insights

Tips for renters in Lake Forest

About renting in Lake Forest, IL

Last updated: July 20, 2026

The median rent in Lake Forest is $5,171/mo as of July 2026. A studio apartment averages $2,190/mo while a 2-bedroom runs $2,640/mo. One-bedroom apartments average $2,340/mo and 3-bedroom units go for $3,390/mo.

At 26% of local median household income ($235,081/yr), Lake Forest ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Lake Forest an affordable city for renters?

Lake Forest is considered affordable for renters. At $5,171/mo, rent takes approximately 26% of the local median household income ($235,081/yr). The standard benchmark is 30%. Lake Forest falls comfortably within that range.

How much income do you need to rent in Lake Forest?

To keep rent at or below 30% of gross income, you would need to earn at least $207,000/year (~$100/hour full-time) to afford the median rent of $5,171/mo in Lake Forest. The local median household income is $235,081/yr, meaning the typical Lake Forest household meets that threshold.

Is rent going up or down in Lake Forest?

Rent in Lake Forest has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Lake Forest rent compare to other cities in Illinois?

Lake Forest is one of the pricier cities in Illinois for rent, ranking #1 out of 142 tracked cities at $5,171/mo.

Which nearby cities are cheaper to rent in than Lake Forest?

Several nearby cities have lower median rents than Lake Forest ($5,171/mo): Lake Bluff ($2,068/mo), Highwood ($2,332/mo), Vernon Hills ($2,436/mo).

What percentage of Lake Forest residents rent vs. own?

According to Census data, approximately 11.2% of Lake Forest households are renters, while 88.8% are owner-occupied. Lake Forest leans toward homeownership, which can mean a smaller rental inventory.

How does Lake Forest rent compare to the national average?

Lake Forest's median rent of $5,171/mo is $3,206 (163%) above the US national median of $1,965/mo. Within Illinois, it ranks #1 out of 142 tracked cities.
Income Affordability
26%
AFFORDABLE

At $5,171/mo, rent takes ~26% of Lake Forest's median household income ($235,081/yr). The standard benchmark is 30%.

Lake Forest 26%Benchmark 30%
State income tax4.95%
Run the Lake Forest affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lake Forest, IL

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