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Lake Forest, IL Profile: Facts & Data

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Lake Forest, Illinois - Basic Facts

The City of Lake Forest had a population of 19,386 as of July 1, 2024.

The primary coordinate point for Lake Forest is located at latitude 42.2586 and longitude -87.8406 in Lake County. The formal boundaries for the City of Lake Forest encompass a land area of 17.19 sq. miles and a water area of 0.07 sq. miles. Lake County is in the Central time zone (GMT -6).

The City of Lake Forest has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The City of Lake Forest is located within Township of Shields, a minor civil division (MCD) of Lake County.


Jump to... (On This Page!)
  1. Lake Forest 2024 Demographic Data
  2. Growth Rates for Lake Forest (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Illinois Research Tools (Easy Tools & Current Data)
  3. Illinois Data Comparison Tool - 2024 Demographics
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Lake Forest, IL Data & Demographics (As of July 1, 2024)

POPULATION

Total Population 19,386 (100%)
Population in Households 18,126 (93.5%)
Population in Families 15,966 (82.4%)
Population in Group Quarters1 1,260 ( 6.5%)
Population Density 1,127
Diversity Index2 35
 
 

INCOME

Median Household Income $200,001
Average Household Income $262,277
% of Income for Mortgage4 27%
Per Capita Income $95,614
Wealth Index5 292
Socioeconomic Status Index6 High (68.1)
 

HOUSING

Total HU (Housing Units) 7,780 (100%)
Owner Occupied HU 6,081 (78.2%)
Renter Occupied HU 945 (12.1%)
Vacant Housing Units 754 ( 9.7%)
Median Home Value $868,904
Average Home Value $1,009,854
Housing Affordability Index3 75
 

HOUSEHOLDS

Total Households 7,026
Average Household Size 2.58
Family Households 5,258
Average Family Size 3.00
NOTES
  1. 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.
  2. 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.
  3. 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.
  4. 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).
  5. 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.
  6. 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.

GROWTH RATE / YEAR

 2020-2024 2024-2029
Population 0.02% -0.34%
Households 0.38% 0.19%
Families   0.12%
Median Household Income   0.00%
Per Capita Income   2.36%
Owner Occupied HU   0.47%

Lake Forest, IL - Peer Comparisons by Rank and Percentile

The table below compares Lake Forest 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.

Variable Description Rank Percentile
Total Population # 125 92nd
Population Density # 609 58th
Median Household Income # 3 99th
Housing Affordability Index # 209 14th
Per Capita Income # 5 100th
Diversity Index # 437 70th

Additional comparisons and rankings can be made with a VERY EASY TO USE Illinois Census Data Comparison Tool.

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