Island Lake, IL Profile: Facts & Data

The Village of Island Lake had a population of 7,960 as of July 1, 2024. Island Lake ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Illinois. See peer rankings below.

The primary coordinate point for Island Lake is located at latitude 42.2761 and longitude -88.192 in Lake County. The formal boundaries for the Village of Island Lake encompass a land area of 3.39 sq. miles and a water area of 0.21 sq. miles. Lake County is in the Central time zone (GMT -6).

While the primary coordinates for Village of Island Lake are located in Lake County, it should be noted that the formal boundaries for this community also extend into and McHenry County.

The Village of Island Lake has a P1 Census Class Code which indicates populated place that is also an incorporated place with the same name and the same census code. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

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

POPULATION
Total Population	7,960 (100%)
Population in Households	7,960 (100.0%)
Population in Families	6,411 (80.5%)
Population in Group Quarters¹	0
Population Density	2,377
Diversity Index²	58


INCOME
Median Household Income	$90,580
Average Household Income	$108,044
% of Income for Mortgage⁴	19%
Per Capita Income	$42,430
Wealth Index⁵	91
Socioeconomic Status Index⁶	Moderate (53.5)

HOUSING
Total HU (Housing Units)	3,261 (100%)
Owner Occupied HU	2,662 (81.6%)
Renter Occupied HU	464 (14.2%)
Vacant Housing Units	135 ( 4.1%)
Median Home Value	$276,775
Average Home Value	$319,572
Housing Affordability Index³	105

HOUSEHOLDS
Total Households	3,126
Average Household Size	2.55
Family Households	2,080
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.

Island Lake, IL - Peer Comparisons by Rank and Percentile

The table below compares Island Lake 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	-0.27%	-0.61%
Households	0.08%	-0.03%
Families		-0.21%
Median Household Income		2.01%
Per Capita Income		3.20%
Owner Occupied HU		0.28%

Variable Description	Rank	Percentile
Total Population	# 262	82nd
Population Density	# 182	88th
Median Household Income	# 362	75th
Housing Affordability Index	# 404	28th
Per Capita Income	# 517	65th
Diversity Index	# 216	85th

Island Lake, IL Profile: Facts & Data

Island Lake, Illinois - Basic Facts

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

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Island Lake, IL - Peer Comparisons by Rank and Percentile

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