Total monthly cost of ownership
Cost to Own a Home in Island Lake, Illinois
A $242,000 home here costs
$2,340per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $100,500 a year.
A standard mortgage calculator would have told you $1,319. The real number is $1,020 higher every month, 77% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Island Lake against Lake County and Illinois
| Measure | Island Lake | Lake County |
|---|---|---|
| Median home value | $241,900 | $326,600 |
| Median property tax | $6,260 | $8,743 |
| Effective tax rate | 2.588% | 2.677% |
| Median gross rent | $1,855 | $1,434 |
| Population | 8,023 | 711,885 |
Island Lake extends across 2 counties. Figures here use Lake County, where most of its housing sits.
The weather behind that power bill
Island Lake sits in Lake County, which averages a high of 83.5°F in its hottest month and a low of 16.3°F in its coldest, with 39.51" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 806 cooling and 6,366 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are Island Lake averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Island Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Island Lake I already own here and may sell
Common questions
How much does it cost to own a home in Island Lake?
A $242,000 home in Island Lake, Illinois costs approximately $2,340 per month with 20% down at 7.24%. That is $1,319 principal and interest, $522 property tax, $95 homeowners insurance, $202 utilities and $202 set aside for maintenance.
What is the property tax rate in Island Lake?
Island Lake has an effective property tax rate of 2.588%, based on a median home value of $241,900 and median real estate taxes of $6,260. That is lower than the Lake County average of 2.677%.
What is the average home price in Island Lake?
The median owner-occupied home value in Island Lake, Illinois is $241,900, against $326,600 across Lake County.
Is it cheaper to rent or buy in Island Lake?
Median gross rent in Island Lake is $1,855 a month, against $2,340 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Island Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Island Lake, Illinois at today's rate takes a household income of roughly $100,500 a year. That covers the full $2,340 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Island Lake, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Illinois.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.