Gages Lake, IL

Above Avg · 113

Illinois · Population 10,706 · Updated March 2026

$1,741
Median Rent / Month
$105,114
Median Income
$291,200
Median Home Value
$1,758
Owner Costs / Month

Affordability

How far your income goes in Gages Lake

19.9%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Illinois

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
6.25%
Sales Tax
2.07%
Property Tax Rate

Estimated Annual Costs

$20,892
Annual Rent
$5,203
State Income Tax
$6,028
Property Tax (est.)

Cost of Living Overview

Gages Lake is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 113 (where 100 equals the national median), Gages Lake residents can expect to pay median rent of $1,741/month while earning a median household income of $105,114/year.

The median home value in Gages Lake, IL is $291,200, with typical monthly owner costs around $1,758 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.9% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Illinois has a moderate income tax rate of 4.95%. Combined with a 6.25% sales tax rate and 2.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Gages Lake.

Frequently Asked Questions

Common questions about living costs in Gages Lake

What is the cost of living in Gages Lake, IL?
The cost of living index in Gages Lake, IL is 113 (US average = 100). Median monthly rent is $1,741, median household income is $105,114/year, and the median home value is $291,200.
Is Gages Lake, IL affordable?
No, Gages Lake is more expensive than the national average with a cost index of 113. The rent-to-income ratio is 19.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Gages Lake, IL?
The median gross rent in Gages Lake, IL is $1,741 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $20,892.
What is the median household income in Gages Lake?
The median household income in Gages Lake, IL is $105,114 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Illinois?
Illinois has a top income tax rate of 4.95%, a sales tax of 6.25%, and an effective property tax rate of 2.07%.