Cheap Homes in Island Lake, IL

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Island Lake, IL Foreclosures

How much do homes sell for in Island Lake, IL?
The average home price is currently $263,355.
In Island Lake, IL, how many homes are available?
There are currently 3,359 active home listings available in Island Lake.
What’s the average rental cost in Island Lake, IL?
The average rental price in Island Lake is $1,636.
What is the most expensive home in Island Lake, Illinois?
The most expensive home sold in Island Lake had a price of $1,369,500.
What is currently the cheapest priced home in Island Lake, IL?
The cheapest home for sale in Island Lake is priced at $19,356.

Home Value Estimator For Island Lake, IL

There are currently 3,359 real estate properties in Island Lake, IL, with a median automated valuation model (AVM) price of $251,373.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Island Lake, IL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Island Lake, IL, is $263,355.00, with the most expensive house in Island Lake, IL, topping out at $1,369,500.00 and the cheapest home in Island Lake, IL, clocking in at $19,356.00. In other words, there’s something for every potential homebuyer or savvy investor in Island Lake, IL!

Rent Prices In Island Lake, IL

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Island Lake, IL, is on a rollercoaster ride. The average rent price in Island Lake, IL, is $1,636.00. Indeed, when looking to rent in Island Lake, IL, you can expect to pay as little as $980.00 or as much as $4,100.00, with the average rent median estimated to be $1,630.00. The good news is that finding an affordable and desirable property to rent in Island Lake, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Island Lake, IL In 2024

Island Lake is located in Lake, Illinois, with an estimated municipal population of 8,020 residents. All of the best foreclosed homes for sale in Island Lake are located in the following zip code areas on 60042. The estimated population per square kilometer (.62 miles) in Island Lake is 924.

Cost Of Living In Island Lake, IL

So, about how much do homes cost in Island Lake? The most recent median value of resident-owned homes in Island Lake is 171,485. An estimated 81.4 percent of households in Island Lake own their homes, with an average family size of 3.03. The median household income in Island Lake is 83,292, with38 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Island Lake, the median commute time of resident workers (in minutes) is 35.2. And last, but certainly not least, are you looking for homes to rent in Island Lake? If so, the average rent price paid by renters in Island Lake is 1,388, according to recent statistics.

Diversity And Demographics In Island Lake, Illinois

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Island Lake, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Island Lake is 42.6, split between 52.1 percent male versus 47.9 female. The percentage of residents who report being married in Island Lake is 54.6, with an average family size of 3.03.

The percentage of residents who report their race in Island Lake is as follows:

White 93.7%
Black / African American 0.2%
Asian 2.8%
American Indian / Alaskan Native 0%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 2.2%
Other 1.1%

Looking for family-friendly neighborhoods in and/or near Island Lake? Or maybe you are searching for 55+ active adult communities in and/or near Island Lake?

The percentage of residents who report their age in Island Lake is as follows:

Under 10 11.9%
Aged 10-19 12.3%
20s 9.5%
30s 12.5%
40s 16%
50s 19.6%
60s 11.1%
70s 5.1%
80+ 2%

Best Schools In Island Lake, Illinois

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Island Lake with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Island Lake.

Pros And Cons Of Living In Island Lake, Illinois

How do you know that living in -- or moving to -- Island Lake is right where you need to be? Perhaps you grew up in Island Lake or already live nearby; therefore, the decision to buy a home in Island Lake is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Island Lake for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Island Lake:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Island Lake.

Reasons To Move To Island Lake, Illinois, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Island Lake can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Island Lake, meanwhile, can field multiple offers from more qualified buyers.

Cheap Homes in Island Lake, IL


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