Market Overview
Home Prices in Gages Lake, IL
The median home value in Gages Lake, IL is $344,618 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.8% compared to a year ago and up 4.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Gages Lake are priced16% below average. Gages Lake is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Gages Lake home values have risen by approximately35.8%, reflecting strong long-term appreciation in this market.
Price History
Gages Lake Home Price Trend
City Comparison
Gages Lake vs. National Median
At $344,618, homes in Gages Lake cost 16% below the national median of $410,000. This makes Gages Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Gages Lake?
20% Down Payment
$68,924
on $344,618
Monthly P&I
$1,797/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,282/mo
incl. taxes & insurance
Income Needed
$91,280
gross annual (30% rule)
10% Down Option
$34,462
+ PMI applies
Loan Amount (20% dn)
$275,694
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Gages Lake, IL?
The median home value in Gages Lake is $344,618 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.8% year-over-year.
How much have home prices changed in Gages Lake?
Over the past year, home values in Gages Lake have increased by 5.8%. Over five years, prices have risen approximately 35.8%.
How much do I need to earn to buy a home in Gages Lake?
To comfortably afford the median home price of $344,618 with a 20% down payment ($68,924) at today's rates (6.8%), you'd need a gross annual income of approximately $91,280. This assumes keeping total housing costs at or below 30% of gross income.
How does Gages Lake compare to the national average home price?
The national median home value is approximately $410,000. At $344,618, homes in Gages Lake are 16% below the national average.
What metro area is Gages Lake part of?
Gages Lake is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.