Market Overview
Home Prices in Island Lake, IL
The median home value in Island Lake, IL is $309,980 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.5% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Island Lake are priced24% below average. Island Lake is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Island Lake home values have risen by approximately40.3%, reflecting strong long-term appreciation in this market.
Price History
Island Lake Home Price Trend
City Comparison
Island Lake vs. National Median
At $309,980, homes in Island Lake cost 24% below the national median of $410,000. This makes Island Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Island Lake?
20% Down Payment
$61,996
on $309,980
Monthly P&I
$1,617/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,054/mo
incl. taxes & insurance
Income Needed
$82,160
gross annual (30% rule)
10% Down Option
$30,998
+ PMI applies
Loan Amount (20% dn)
$247,984
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 Island Lake, IL?
The median home value in Island Lake is $309,980 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.5% year-over-year.
How much have home prices changed in Island Lake?
Over the past year, home values in Island Lake have increased by 6.5%. Over five years, prices have risen approximately 40.3%.
How much do I need to earn to buy a home in Island Lake?
To comfortably afford the median home price of $309,980 with a 20% down payment ($61,996) at today's rates (6.8%), you'd need a gross annual income of approximately $82,160. This assumes keeping total housing costs at or below 30% of gross income.
How does Island Lake compare to the national average home price?
The national median home value is approximately $410,000. At $309,980, homes in Island Lake are 24% below the national average.
What metro area is Island Lake part of?
Island 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.