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City · 10,819 residents · Lake County, Illinois

Gages Lake , Illinois

In Gages Lake, a typical home is worth $310,500 and typical rent is $1,693 a month. Compared with all of Lake County, typical rent is 15% higher, the typical home value is 10% lower, and the share of households that own their home is 8 points higher.

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  • Typical home value

    $310,500

    10% below the county

    18% above Illinois

    • Gages Lake
    • Lake
    • Illinois

  • Typical rent

    $1,693a month

    15% above the county

    33% above Illinois

    • Gages Lake
    • Lake
    • Illinois

  • Typical household income

    $103,318a year

    6% below the county

    24% above Illinois

    • Gages Lake
    • Lake
    • Illinois

  • Households that own their home

    83%

    8 points above the county

    16 points above Illinois

    • Gages Lake
    • Lake
    • Illinois

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$337,832
6.6% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Gages Lake is in Lake County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Lake County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Gages Lake apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Park City, the typical rent is $1,110: 34% less than in Gages Lake ($1,693).

  2. 83% of households in Gages Lake own their home, against 75% in Lake County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Gages Lake

What homes there are in Gages Lake, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses, standing on their own, make up 77% of homes here, against 67% in Lake County.

Year built

By age, homes in Gages Lake look like those in Lake County: the typical year built is 1984.

There is more room for a big family here: 73% of homes have 3 bedrooms or more, against 68% in Lake County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,234 a month

Lake County: $2,503 a month

Without a mortgage

$1,017 a month

Lake County: $1,088 a month

Owners with a mortgage

73%

Lake County: 64%

The typical cost for an owner with a mortgage in Gages Lake is $2,234 a month, less than in Lake County ($2,503); without one, $1,017.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Gages Lake rose 34%; in Lake County, it rose 30%.

The typical rent in Gages Lake rose 17% over the same time; in Lake County, it rose 23%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureGages LakeLake CountyIllinoisUnited States
Rental vacancy Unreliable estimate3.7%5.0%5.5%
Homeowner vacancy Unreliable estimate0.9%1.0%0.9%
More than one person per room Unreliable estimate2.9%2.5%3.4%
People per household 2.642.692.462.53
Drive alone 66%66%66%69%
Carpool 8%9%8%9%
Public transit Unreliable estimate3%6%3%
Walk or bike Unreliable estimate2%3%3%
Work from home 22%20%16%15%
Other means Unreliable estimate1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

A household in Gages Lake has 2.64 people on average, about the same as in Lake County (2.69).

To get to work, 66% of workers in Gages Lake drive alone; in Lake County, 66%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Gages Lake?

A typical home is tight for the typical income

We start with a typical home in Gages Lake, worth $310,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 34% of the typical household income in Gages Lake, which is $103,318 a year. For that payment to be 28% of income, a household would need to earn about $125,783 a year.

The calculator's FHA and conventional loan limits are those of all of Lake County.

Your numbers

Local data
$

Starts at the typical home value in Gages Lake. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $10,868 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,935

at 7.18% · 30 years

Loan amount
$304,876
Total interest
$438,644
Paid off in
November 2056

Includes $5,244 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,411 a month

  • Tight

    $2,411 to $3,100 a month

    Your payment · 34%

  • Hard

    more than $3,100 a month

Compared with the typical household income in Gages Lake ($103,318 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,935
Principal & interest$2,065
Property tax$603
Home insurance$129
FHA mortgage insurance (MIP)$137

You need at least $10,868 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Gages Lake and Lake County

Gages Lake is in Lake County, Illinois. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Gages Lake's own numbers

Typical home value
$310,500
Typical monthly rent
$1,693
Typical yearly household income
$103,318
Households that own their home
83%
Effective property tax rate
2.33%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Lake County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,011
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
2%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Lake County.

Everything about Lake County

Buying

Buying a home in Gages Lake

A typical home in Gages Lake is worth $310,500: 10% below the county and 18% above Illinois. With the typical household income in Gages Lake ($103,318 a year), a typical home costs 3.0 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Gages Lake 3.0 years
  • Lake 3.1 years
  • Illinois 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Lake County

According to FHFA’s house price index, home prices in Lake County rose 66% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Lake County.

Period County Illinois U.S.
Last year (2025) +6.7% +5.7% +2.9%
5 years (2020–2025) +54% +47% +47%
10 years (2015–2025) +66% +65% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Gages Lake next to Lake County, Illinois and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Gages Lake $310,500
  • Lake $345,700
  • Illinois $263,300
  • United States $332,700
Typical monthly rent
  • Gages Lake $1,693
  • Lake $1,477
  • Illinois $1,274
  • United States $1,413
Typical yearly household income
  • Gages Lake $103,318
  • Lake $110,416
  • Illinois $83,390
  • United States $80,734
See the full table
Gages Lake next to Lake County and Illinois
Measure Gages Lake Lake County Illinois U.S.
Typical home value $310,500 $345,700 $263,300 $332,700
Typical monthly rent $1,693 $1,477 $1,274 $1,413
Typical yearly household income $103,318 $110,416 $83,390 $80,734
Households that own their home 83% 75% 67% 65%
Typical yearly property tax $7,233 $8,923 $5,298 $3,119
Effective property tax rate 2.33% 2.58% 2.01% 0.94%
Renters with high rent for their income 49% 49% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Lake County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Gages Lake

For a typical $310,500 home in Gages Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Gages Lake's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,935a month

    Least cash to close
    Down payment
    $10,868
    Cash to close
    $20,183
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $137

  • Conventional, 5% down $2,878a month

    Down payment
    $15,525
    Cash to close
    $24,840
    Rate
    7.18%
    Mortgage insurance
    PMI · $147

  • Conventional, 20% down, no PMI $2,415a month

    Down payment
    $62,100
    Cash to close
    $71,415
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,702a month

    Down payment
    $46,575
    Cash to close
    $55,890
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Gages Lake and for Lake County.

Property tax

Effective rate in Gages Lake

2.33%of the home’s value each year

$7,233 a year for the typical owner in Gages Lake.

  • Gages Lake 2.33%
  • Lake 2.58%
  • Illinois 2.01%

What Illinois publishes General Homestead Exemption (Illinois Department of Revenue)

Exemptions and deadlines in Illinois

Flood risk in Lake County

FEMA does not publish these numbers by city: they are for all of Lake County.

Homes in the high-risk zone
2%
4,579
Of those, with NFIP insurance
24%
County Illinois U.S.
Homes in the high-risk zone 2% 1.5% 3.5%
Of those, with NFIP insurance 24% 25% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Gages Lake

Typical rent in Gages Lake is $1,693 a month: 15% above the county. In Gages Lake, 49% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Lake County, by unit size. To pay the 2-bedroom one ($2,011 a month) without spending more than 30% of your income, you would need to earn $38.67 an hour working full time.

HUD fair market rent for all of Lake County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,678 $32.27 $67,120
1 bedroom $1,780 $34.23 $71,200
2 bedrooms $2,011 $38.67 $80,440
3 bedrooms $2,586 $49.73 $103,440
4 bedrooms $2,954 $56.81 $118,160

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Gages Lake

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Gages Lake has 2 ZIP codes with their own.

For 2 bedrooms it runs from $2,210 in 60030 to $2,310 in 60031.

2 of the 2 are above the fair market rent for Lake County ($2,011).

  • 60030 $2,210$2,840
  • 60031 $2,310$2,970

2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Gages Lake when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Gages Lake

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in Lake County; 1 says it serves in Spanish.

A grandmother pushes her grandson on a playground swing.

HUD counseling is free or low-cost

Assistance programs in Gages Lake

No down payment, repair or rent-help program on our list is for Gages Lake or Lake County. The ones below are statewide in Illinois: they work in Gages Lake the same as in the rest of the state.

Which programs do I qualify for? All programs in Illinois

  • IHDAccess Home

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan with deferred payments for first-time buyers in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Deferred

    See the program Official page

  • IHDAccess Forgivable

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan forgiven little by little over ten years, for the down payment in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Forgivable

    See the program Official page

  • IHDAccess Deferred

    Statewide in Illinois

    Limited funds remain, per the source

    IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois. Offered by Illinois Housing Development Authority (IHDA).

    Deferred

    See the program Official page

Housing counselors near Gages Lake

The HUD-approved agencies closest to the center of Gages Lake, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Partners for Affordable Housing

    800 S Milwaukee Ave Ste 201, Libertyville · 6 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (847) 263-7478

  • Lake County Housing Authority

    22843 N Lakewood Ln, Lake Zurich · 11 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 10 more
    (847) 223-1170

  • Hana Center-Prospect Heights

    664 N Milwaukee Ave Ste 213, Prospect Heights · 17 miles away · Spanish

    Also serves in Korean.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 10 more
    (847) 520-1999

Every agency in Lake County All counseling agencies in Illinois

Help in Spanish near Gages Lake

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Gages Lake

HUD’s record names them for Gages Lake or Lake County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the County of Lake, IL. Public housing and Section 8 vouchers (847) 223-1170

2 other authorities have an office in Lake County: see the list Source: HUD

Cities

Other cities in Lake County

These cities are also in Lake County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Lake County Housing in Illinois
See 20 more cities in Lake County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Gages Lake, with the typical home value.

Neighboring counties

If Lake County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Gages Lake.

All guides
A man and two girls read a book together on the sofa.

Questions

Housing questions about Gages Lake

Short answers with the numbers for Gages Lake and all of Lake County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Gages Lake?

The typical home value in Gages Lake is $310,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Lake County it is $345,700.

How much does it cost to rent in Gages Lake?

Typical rent in Gages Lake is $1,693 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Lake County is $2,011.

What is the FHA loan limit in Gages Lake?

Gages Lake uses the FHA limit for all of Lake County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Gages Lake?

The typical homeowner in Gages Lake pays $7,233 a year, according to the U.S. Census Bureau. That is 2.33% of the home’s value; in Lake County, the rate is 2.58%.

Where can I find free help to buy or rent in Gages Lake?

There are 2 HUD-approved counseling agencies with an office in Lake County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).