Lake County Real Estate and Livability Trends
Lake County, Illinois has experienced a notable rise in average taxable income per return, hitting $165,332.48 in 2021, perhaps indicating a stronger local economy. Nonetheless, state and local income taxes have almost doubled since 2018, reaching $31,819.01, which might impact property investment choices. Median home values have soared from $245,300 in 2015 to $313,700 in 2022, potentially... Read more
Lake County Market Trends
Lake County, Illinois has observed a notable increase in median home values from $245,300 in 2015 to $313,700 in 2022, surpassing both state and national trends. This might indicate a solid real estate market, potentially attracting investors. The county also experienced a notable spike in residential energy tax credits in 2018, peaking at over $1,793.02, hinting at substantial investments in... Read more
Median Value of Occupied Housing Units in Lake County, Illinois Over the Last 8 Years
Lake County, Illinois has seen a consistent increase in median home values over the last eight years, jumping from $245,300 in 2015 to $313,700 in 2022. This trajectory appears to align with, yet consistently exceed, both state and national trends. For comparison, Illinois' median home values grew from $173,800 in 2015 to $239,100 in 2022, while national numbers rose from $125,500 to $179,400 in the same period. These figures may suggest a strong, resilient market in Lake County, possibly making it an appealing area for investors and prospective homeowners looking for gains in property values.
Residential Energy Tax Credit Per Tax Return in Lake County, IL Over the Last 9 Years
Over the past nine years, Lake County, Illinois, has seen notable fluctuations in the average residential energy tax credit per tax return. While starting at around $273.32 in 2013, there was a steady rise reaching over $441.59 by 2017. The significant spike in 2018 to over $1,793.02 may suggest considerable investment in energy-efficient home improvements or policy changes that year. However, the average has since settled, varying between $626.82 and $824.50 in recent years. This trend could hint at ongoing, though less dramatic, investments in energy efficiencies by residents, making Lake County a potentially interesting area for green energy solutions and related real estate investments.
Average Real Estate Taxes Per Tax Return in Lake County, IL Over the Last 10 Years
Over the last decade, Lake County, Illinois has seen a noticeable rise in average real estate taxes per tax return. Starting from $9,120.85 in 2012 and reaching $13,496.36 in 2021, the incremental increases hint at a nearly consistent upward trend, with a significant jump observed in 2017. For potential investors, real estate agents, and those considering moving there, the tax dynamics are an essential factor. Understanding these may provide insights into the broader economic and real estate landscape of the county.
Percentage of Farm Returns in Lake County, IL Over the Last 10 Years
Lake County, Illinois has seen a slight but noticeable decline in farm tax returns over the last decade, dropping from approximately 0.15% in 2012 to around 0.09% in 2021. This trend might suggest a decreasing agricultural presence and possibly shifting land use priorities in the area. For potential investors, developers, or those considering relocating, this could indicate a move towards more residential or commercial developments instead of farming, which may impact future property values and local infrastructure planning.
Number of Mortgages by Occupancy Type in Lake County, IL Over the Last 5 Years in Lake County
In Lake County, Illinois, mortgage counts for principal residences have seen significant fluctuations, peaking in 2021 with over 59,000 mortgages. Investment properties and second residences reflect much smaller volumes, with investment property mortgages also peaking in 2021. These variations indicate heightened interest in purchasing primary homes, potentially driven by market conditions or demographic shifts. For investors, the data points to 2021 as a robust year but suggests caution as investment property activity decreased afterward. Property developers and real estate agents may find opportunities in understanding these shifts, as higher demand for principal residences could shape future developments and influence pricing strategies. Insurance agents and appraisers need to consider these trends as they impact property valuations and risk assessments.
Economic Outlook
Lake County, Illinois has recently seen a notable rise in average taxable income per tax return, peaking at $165,332.48 in 2021, possibly signaling an economic boom or positive shifts in the local job market. This trend may attract investors and homebuyers looking for prosperous regions. Concurrently, state and local income taxes have surged dramatically since 2018, jumping from around $19,000 to a peak of $31,819.01 in 2021, which could influence property investment decisions. Additionally,... Read more
Average Taxable Income per Tax Return in Lake County, IL over the last 9 years
Lake County, Illinois has experienced a notable upward trend in average taxable income per tax return over the past nine years, peaking at $165,332.48 in 2021. This increase might make the county an attractive location for potential investors, homebuyers, and developers. Between 2018 and 2019, the average taxable income fluctuated slightly, but 2021's significant rise suggests a possible recent economic boom or changes in the local job market. This trend could be indicative of a growing affluent population, potentially increasing demand for residential and commercial properties.
Average State and Local Income Taxes Per Tax Return in Lake County, IL Over the Last 10 Years
Lake County, Illinois has seen significant fluctuations in state and local income taxes per tax return over the last decade. Notably, from 2012 to 2017, the values hovered around the $10,000 to $11,000 mark with a slight dip in 2016. However, starting in 2018, there's a dramatic increase, jumping to over $19,000 and reaching a peak at $31,819.01 in 2021. This sharp rise in recent years could be influencing property investments and decisions for potential residents, making it a critical factor for anyone considering a move to or investment in Lake County.
Average Total Tax Liability Per Tax Return in Lake County, IL Over the Last 10 Years
In Lake County, Illinois, there's a notable fluctuation in the average total tax liability per tax return over the last decade. From $24,388.81 in 2012 to $38,208.31 in 2021, the trend largely shows a general increase, though there are dips, like in 2019 when it decreased to $26,528.46. Particularly, 2018 and 2021 stand out with significant increases to $30,956.27 and $38,208.31 respectively. This likely indicates variable economic factors impacting income levels and tax liabilities, making it a crucial point of interest for potential investors and residents evaluating the financial climate of the area.
Cost of Living in Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,897 | $1,653 | $1,633 | $2,027 | $2,002 |
| 1 adult 4 children | $1,897 | $1,350 | $1,255 | $2,027 | $2,127 |
| 2 adults 3 children | $1,897 | $1,350 | $1,414 | $2,027 | $1,748 |
| 1 adult 3 children | $1,897 | $1,102 | $1,036 | $2,027 | $1,885 |
| 2 adults 2 children | $1,495 | $1,105 | $1,195 | $1,806 | $1,412 |
| 1 adult 2 children | $1,495 | $826 | $817 | $1,806 | $1,452 |
| 2 adults 1 child | $1,495 | $874 | $975 | $1,089 | $1,197 |
| 1 adult 1 child | $1,495 | $564 | $597 | $1,089 | $1,134 |
| 2 adults | $1,303 | $702 | $756 | $0 | $913 |
| 1 adult | $1,202 | $383 | $378 | $0 | $769 |
Safety trends & Data
In Lake County, Illinois, property crimes have seemingly surged, with larceny-theft cases jumping from 56 in 2021 to 206 in 2022. Motor vehicle theft and vandalism both posted significant increases, moving from 2 to 20 and from 32 to 67 incidents, respectively. Burglaries also saw a noticeable rise, from 6 to 29 cases, while fraud and forgery reported substantial upticks, reaching 54 and 8 cases respectively. These trends could be critical for potential investors, realtors, insurance agents,... Read more
Property Crime Trends in Lake County, IL Over the Last 2 Years
Lake County, Illinois has witnessed a noticeable uptick in property crimes over the past two years. Larceny-theft cases surged from 56 in 2021 to 206 in 2022, while motor vehicle theft saw a significant rise from 2 to 20 incidents. Vandalism incidents more than doubled, going from 32 to 67. The number of burglaries also increased sharply, from 6 to 29. Fraud and forgery saw considerable increases, reaching 54 and 8 cases respectively. These trends could be critical for potential investors, realtors, insurance agents, and residents to consider for risk assessment and property valuations in the area.
Demographics
The adult population in Lake County, Illinois is fairly balanced with males and females each forming roughly half of the population. Educational attainment shows a significant portion holding a bachelor's degree or higher, which could be linked to higher household incomes in the area. Age distribution indicates a mature population, with noticeable numbers in the 45-64 age brackets, hinting at a potentially strong workforce and stable family environments. Racially, the county remains... Read more
Race Distribution in Lake County, Illinois (2022)
Educational Attainment in Lake County, Illinois (2022)
Age Distribution in Lake County, Illinois
Citizen Population in Lake County, Illinois (2022)
Political Trends & Data
Lake County, Connecticut, exhibited a strong Democratic leaning in the 2020 U.S. Presidential Election, with about 61% of the vote going to the Democratic Party, compared to the Republican Party's 37%. Minor third parties like the Libertarian and Green Parties had minimal impact, collecting only a small fraction of the total votes. This Democratic preference could have implications for local political strategies and future... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In the 2020 U.S. Presidential Election, voters in Lake County, Connecticut, appeared to lean heavily towards the Democratic Party, which secured around 61% of the vote. On the other hand, the Republican Party garnered approximately 37%, suggesting a notable partisan divide. Smaller parties like the Libertarian and Green Parties seemed to have a minimal presence, with each receiving only a fraction of the votes. The data may indicate that Lake County tends to favor Democratic candidates, a trend that might be significant for future elections.
36.98% of voters voted for the Republican party in the 2020 Presidential Election
61.06% of voters voted for the Democrat party in the 2020 Presidential Election
1.24% of voters voted for the Livertarian party in the 2020 Presidential Election
0.43% of voters voted for the Green party in the 2020 Presidential Election
0.28% of voters voted for the Other party in the 2020 Presidential Election
School Data
Lake County, Illinois has seen significant improvements in its student-to-teacher ratio, dropping from 23 students per teacher in 2014 to about 12 in 2023. This is better than the national average of 14, suggesting more individualized attention and possibly higher-quality education. This trend might attract families, education-focused investors, and could be a strong selling point for real estate agents. It may also be a relevant factor for property appraisers and insurance... Read more
Student-to-teacher ratio in Lake County, Illinois over the last 9 years
Lake County, Illinois has seen notable fluctuations in its student-to-teacher ratio over the past nine years, starting from 23 students per teacher in 2014 to around 12 students per teacher in 2023. This significant improvement, especially when compared to the national average of 14 students per teacher, could indicate better attention to individual student needs and potentially higher-quality education. This trend might appeal to families considering moving to the area, investors in education-focused projects, and real estate agents using local school quality as a selling point. Additionally, appraisers and insurance agents may see this as a relevant factor in property valuation and policy rates, respectively.
