Lake of the Woods, IL Profile: Facts & Data

The Lake of the Woods Census Designated Place has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Lake of the Woods, IL Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	2,344 (100%)
Population in Households	2,344 (100.0%)
Population in Families	1,934 (82.5%)
Population in Group Quarters¹	0
Population Density	1,393
Diversity Index²	30


INCOME
Median Household Income	$73,927
Average Household Income	$91,872
% of Income for Mortgage⁴	14%
Per Capita Income	$38,685
Wealth Index⁵	71
Socioeconomic Status Index⁶	Moderate (59.3)

HOUSING
Total HU (Housing Units)	1,063 (100%)
Owner Occupied HU	840 (79.0%)
Renter Occupied HU	147 (13.8%)
Vacant Housing Units	76 ( 7.1%)
Median Home Value	$169,872
Average Home Value	$180,387
Housing Affordability Index³	145

HOUSEHOLDS
Total Households	987
Average Household Size	2.37
Family Households	652
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Lake of the Woods, IL - Peer Comparisons by Rank and Percentile

The table below compares Lake of the Woods to the other 1,462 incorporated cities, towns and CDPs in Illinois by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-0.58%	0.40%
Households	-0.14%	0.84%
Families		0.70%
Median Household Income		5.44%
Per Capita Income		4.37%
Owner Occupied HU		1.39%

Variable Description	Rank	Percentile
Total Population	# 470	68th
Population Density	# 463	68th
Median Household Income	# 717	51st
Housing Affordability Index	# 845	58th
Per Capita Income	# 709	52nd
Diversity Index	# 522	64th

Lake of the Woods, IL Profile: Facts & Data

Lake of the Woods, Illinois - Basic Facts

Lake of the Woods, IL Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Lake of the Woods, IL - Peer Comparisons by Rank and Percentile

Lake of the Woods, IL - Most Popular Things to Do

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