At $3,952/mo, rent takes about 20% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,952 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
30% of the median household income ($235,081) is $5,877 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,980).
From Zillow's monthly rent index (ZORI) for Lake Forest. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Is your rent fair?
Compare your rent to the local median.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lake Forest, IL has changed in 5 years
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.
Discussions about Lake Forest
No discussions yet. Start the conversation.
Can you afford rent in Lake Forest on your salary?
At $3,952/mo, how Lake Forest rent compares to typical pay (30% rule).
Lake Forest rent by bedroom count
Median rent for each apartment size in Lake Forest. Click any size for full breakdown.
Tips for renters in Lake Forest
Last updated: October 17, 2026
The median rent in Lake Forest is $3,952/mo as of October 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 20% 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.
Frequently asked questions
How much income do you need to rent in Lake Forest?
Is rent going up or down in Lake Forest?
How does Lake Forest rent compare to other cities in Illinois?
Which nearby cities are cheaper to rent in than Lake Forest?
At $3,952/mo, rent takes ~20% of Lake Forest's median household income ($235,081/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Estimated from ZIP-level data
Be the first to submit your rent for Lake Forest.
No discussions yet.