Island Lake, IL is an ideal community to consider for renters looking for a safe and affordable place to live. Located in Lake County, the village of Island Lake has a population of 8,383 people. Renters will find that the average cost for a two bedroom apartment in Island Lake is $1,790, lower than the national average of $1,430. The cost of living in Island Lake is also lower than most areas with an index score of 95 compared to the US index score of 100.
The village has many local businesses such as the Island Lake Sports Bar & Grill and Las Palmas Mexican Restaurant that provide residents with excellent dining options. Residents can also find several shopping opportunities at local stores like River Valley Jewelers and Home Depot. For outdoor activities, they can take advantage of Independence Grove Forest Preserve, which offers biking trails, playgrounds, and picnic shelters for visitors to enjoy. With its convenient location close to Chicago and low-cost living expenses, Island Lake is an ideal choice for renters who are looking to experience the best of both worlds.
Island Lake (zip 60042) has an unemployment rate of 6.4%. The US average is 6.0%.
Island Lake (zip 60042) has seen the job market increase by 2.4% over the last year. Future job growth over the next ten years is predicted to be 32.8%, which is lower than the US average of 33.5%.
Tax Rates for Island Lake (zip 60042)
- The Sales Tax Rate for Island Lake (zip 60042) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Island Lake (zip 60042) is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Island Lake (zip 60042)
- The average income of a Island Lake (zip 60042) resident is $26,715 a year. The US average is $28,555 a year.
- The Median household income of a Island Lake (zip 60042) resident is $82,933 a year. The US average is $69,021 a year.