Quick facts: Lake zurich, IL

Quick Facts

102.4
Cost of Living
above US average
19,624
Population
13.3
Crime Rate per 1000
below US average
$135,211
Median Income
above US average
$678,990
Median House Price
above US average
$3600.84
Average Rent
above US average
2%
Poverty Rate
below US average
4.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $135,211.

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Income Needed to Buy

βœ— Stretch
$213k/year
Based on $678,990 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $213k vs median $135,211
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Income Needed to Rent

⚠ Stretch
$154k/year
Based on $3600.84/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $154k vs median $135,211
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lake zurich, IL

Lake Zurich is a suburban village located in Lake County, Illinois, about 40 miles northwest of downtown Chicago. Known for its picturesque lake and scenic surroundings, the area offers a blend of residential comfort and natural beauty. The village is part of the larger Chicago metropolitan area, making it a convenient place for commuters. With a population of around 20,000 residents, Lake Zurich boasts a strong sense of community, excellent schools, and various recreational activities. The village features several parks, including the expansive Paulus Park, which offers amenities such as playgrounds, picnic areas, and access to the lake for boating and fishing. Lake Zurich is also home to a vibrant downtown area filled with local shops, restaurants, and cafes, providing a charming atmosphere for residents and visitors alike. The annual events, including farmers' markets and summer festivals, further enhance the community spirit. Overall, Lake Zurich combines suburban living with easy access to urban conveniences, making it an attractive destination for families and individuals seeking a tranquil lifestyle close to the city.

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