Deciding where to raise a family plays a key role in shaping a child’s perspective and opportunities. For families seeking affordability, Niche, a platform known for its detailed rankings and data on towns, schools, and colleges, has released its 2024 list of Places with the Lowest Cost of Living in Lake County.
This list highlights the most budget-friendly communities for families, factoring in metrics like home value-to-income ratio, median rent, gas prices, grocery costs and more, making it a valuable resource for choosing a financially sustainable place to call home. We shared the top 10 towns that made the list.
This story was updated on Dec. 3, 2024 by Chicago Parent’s Audience Development Manager, Katina Beniaris. Her update included reviewing the latest information and adding a graphic. Questions? Please email katina@chicagoparent.com.
Best places with the lowest cost of living in Lake County
1. Forest Lake
- Average home value: $312,500
- Population: 1,344
This suburb of Chicago encompasses a 42-acre private lake, offering dues-paying residents swimming, fishing, non-motorized boating and family-fun activities.
2. Hainesville
- Average home value: $192,400
- Population: 3,547
Hainesville is surrounded by green space and has good public schools, outdoor activities and employment options.
3. Long Lake
- Average home value: $171,300
- Population: 2,939
Nature centers and walking trails offer families plenty of outdoor space to explore in Long Lake.
4. Round Lake Park
- Average home value: $151,100
- Population: 7,778
The conveniently located Children’s Neighborhood Museum and Play Cloud Indoor Playground are big draws for families with little ones.
5. Kildeer
- Average home value: $683,900
- Population: 4,133
Kildeer’s rural feel provides residents a tranquil place to raise a family. Schools are top rated; Lake Zurich High School and Adlai E. Stevenson High School are the two choices for high schools.
6. Waukegan
- Average home value: $164,400
- Population: 89,435
With a downtown filled with diverse food options and access to the lakeshore along Illinois Beach State Park, Waukegan is appealing to new residents.
7. Winthrop Harbor
- Average home value: $232,400
- Population: 6,693
Winthrop Harbor is located next to North Dunes Nature Preserve and Spring Bluff Nature Preserve on Lake Michigan. The town’s North Point Marina is the largest on the Great Lakes.
8. Third Lake
- Average home value: $318,400
- Population: 1,214
The quiet, residential community of Third Lake has two lakes: Druce Lake and Third Lake. Families can use both for fishing, boating, swimming and ice skating.
9. Long Grove
- Average home value: $721,100
- Population: 8,279
The historic downtown of Long Grove has restaurants, cafes, wine bars and more.
10. Hawthorn Woods
- Average home value: $580,400
- Population: 9,111
Hawthorn Woods is known for its excellent public schools, parks and recreation options.
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