In Grandwood Park, a typical home is worth $330,500 and typical rent is $1,836 a month. Compared with all of Lake County, typical rent is 24% higher, typical household income is 15% higher, and the share of households that own their home is 13 points higher.
Grandwood Park 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
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Round Lake Beach, the typical home value is $199,200: 40% less than in Grandwood Park ($330,500).
2
The typical rent in Grandwood Park is $1,836 a month, 24% more than in Lake County as a whole ($1,477).
3
Nearby, in Grayslake, the typical rent is $1,485: 19% less than in Grandwood Park ($1,836).
4
87% of households in Grandwood Park own their home, against 75% in Lake County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Grandwood Park
What homes there are in Grandwood Park, 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 houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Grandwood Park
Lake County
Illinois
United States
Kind of home: Grandwood Park and its comparisons
Measure
Grandwood Park
Lake County
Illinois
United States
Detached house
88%
67%
58%
61%
Attached house
7%
10%
6%
6%
Building of 2 to 4
Unreliable estimate
6%
12%
8%
Apartments (5 or more)
Unreliable estimate
16%
22%
19%
Mobile home
Unreliable estimate
2%
2%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house rules in Grandwood Park: 88% of homes, more than in Lake County (67%).
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Grandwood Park
Lake County
Illinois
United States
Year built: Grandwood Park and its comparisons
Measure
Grandwood Park
Lake County
Illinois
United States
Before 1960
Unreliable estimate
21%
38%
26%
1960–1979
39%
25%
26%
24%
1980–1999
43%
33%
20%
25%
2000–2009
13%
15%
11%
14%
2010 or later
Unreliable estimate
6%
6%
11%
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200KUnreliable
$200K–$300K37%
$300K–$500K42%
$500K–$750K14%
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Grandwood Park and its comparisons
Measure
Grandwood Park
Under $100K
Unreliable estimate
$100K–$200K
Unreliable estimate
$200K–$300K
37%
$300K–$500K
42%
$500K–$750K
14%
$750K–$1M
Unreliable estimate
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,499Unreliable
$1,500–$1,99933%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Grandwood Park and its comparisons
Measure
Grandwood Park
Under $500
Unreliable estimate
$500–$999
Unreliable estimate
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
33%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$2,854 a month
Lake County: $2,503 a month
Without a mortgage
$888 a month
Lake County: $1,088 a month
Owners with a mortgage
73%
Lake County: 64%
Owning costs more in Grandwood Park: with a mortgage, the typical cost is $2,854 a month; in Lake County, $2,503. Without one, $888.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Grandwood ParkBoundaries changed
Lake County+30%
Illinois+35%
United States+53%
Typical rent
Grandwood ParkBoundaries changed
Lake County+23%
Illinois+26%
United States+33%
Typical household income
Grandwood ParkBoundaries changed
Lake County+24%
Illinois+27%
United States+29%
Change since 2015–2019: Grandwood Park and its comparisons
Measure
Grandwood Park
Lake County
Illinois
United States
Typical home value
Boundaries changed
+30%
+35%
+53%
Typical rent
Boundaries changed
+23%
+26%
+33%
Typical household income
Boundaries changed
+24%
+27%
+29%
Grandwood Park does not have the same boundaries as in 2015–2019: that is why there is no change to compare. For reference, in Lake County the typical home value rose 30%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Grandwood Park and its comparisons
Measure
Grandwood Park
Lake County
Illinois
United States
Rental vacancy
Unreliable estimate
3.7%
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
0.9%
1.0%
0.9%
More than one person per room
Unreliable estimate
2.9%
2.5%
3.4%
People per household
2.68
2.69
2.46
2.53
Drive alone
73%
66%
66%
69%
Carpool
Unreliable estimate
9%
8%
9%
Public transit
Unreliable estimate
3%
6%
3%
Walk or bike
Unreliable estimate
2%
3%
3%
Work from home
21%
20%
16%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
A household in Grandwood Park has 2.68 people on average, about the same as in Lake County (2.69).
To get to work, 73% of workers in Grandwood Park drive alone; in Lake County, 66%.
Do the math
What would you pay each month for a home in Grandwood Park?
A typical home is tight for the typical income
We start with a typical home in Grandwood Park, worth $330,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 31% of the typical household income in Grandwood Park, which is $126,736 a year. For that payment to be 28% of income, a household would need to earn about $141,085 a year.
The calculator's FHA and conventional loan limits are those of all of Lake County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Grandwood Park. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $11,568 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$3,292
at 7.18% · 30 years
Loan amount
$324,513
Total interest
$466,899
Paid off in
November 2056
Includes $5,581 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $2,957 a month
Tight
$2,957 to $3,802 a month
Your payment · 31%
Hard
more than $3,802 a month
Compared with the typical household income in Grandwood Park ($126,736 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$2,198
Property tax
$810
Home insurance
$138
FHA mortgage insurance (MIP)
$146
You need at least $11,568 for the down payment, plus closing costs.
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.
Total monthly payment $3,292; principal and interest $2,198.
The city and its county
Grandwood Park and Lake County
Grandwood Park 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).
Grandwood Park
Map of Lake County, Illinois, with Grandwood Park marked. Around it, the neighboring counties.
Grandwood Park
Lake County
Other cities with a page
Grandwood Park's own numbers
Typical home value
$330,500
Typical monthly rent
$1,836
Typical yearly household income
$126,736
Households that own their home
87%
Effective property tax rate
2.94%
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.
A typical home in Grandwood Park is worth $330,500: 4% below the county and 26% above Illinois. With the typical household income in Grandwood Park ($126,736 a year), a typical home costs 2.6 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.
Grandwood Park2.6 years
Lake3.1 years
Illinois3.2 years
United States4.1 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.
Yearly change in FHFA’s price index in Lake County, 2016 to 2025
2016: +2.3% +2.3% 2016
2017: +1.8% +1.8% 2017
2018: +1.3% +1.3% 2018
2019: +1.9% +1.9% 2019
2020: +0.5% +0.5% 2020
2021: +8.3% +8.3% 2021
2022: +13.8% +13.8% 2022
2023: +9.0% +9.0% 2023
2024: +7.6% +7.6% 2024
2025: +6.7% +6.7% 2025
Change in FHFA’s price index in Lake County, Illinois and the United States
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
Grandwood Park 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
Grandwood Park$330,500
Lake$345,700
Illinois$263,300
United States$332,700
Typical monthly rent
Grandwood Park$1,836
Lake$1,477
Illinois$1,274
United States$1,413
Typical yearly household income
Grandwood Park$126,736
Lake$110,416
Illinois$83,390
United States$80,734
See the full table
Grandwood Park next to Lake County and Illinois
Measure
Grandwood Park
Lake County
Illinois
U.S.
Typical home value
$330,500 ▼4% below the county
$345,700
$263,300
$332,700
Typical monthly rent
$1,836 ▲24% above the county
$1,477
$1,274
$1,413
Typical yearly household income
$126,736 ▲15% above the county
$110,416
$83,390
$80,734
Households that own their home
87% ▲13 points above the county
75%
67%
65%
Typical yearly property tax
$9,729 ▲9% above the county
$8,923
$5,298
$3,119
Effective property tax rate
2.94% ▲0.36 points above the county
2.58%
2.01%
0.94%
Renters with high rent for their income
58% ▲9 points above the county
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 Grandwood Park
For a typical $330,500 home in Grandwood Park, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Grandwood Park's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$3,292a month
Least cash to close
Down payment
$11,568
Cash to close
$21,483
Rate
7.18%
Mortgage insurance
FHA MIP · $146
Conventional, 5% down$3,231a month
Down payment
$16,525
Cash to close
$26,440
Rate
7.18%
Mortgage insurance
PMI · $157
Conventional, 20% down, no PMI$2,739a month
Down payment
$66,100
Cash to close
$76,015
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$3,044a month
Down payment
$49,575
Cash to close
$59,490
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Grandwood Park
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$3,292
$11,568
$324,514
7.18%
FHA MIP · $146
$21,483
580
Conventional, 5% down
$3,231
$16,525
$313,975
7.18%
PMI · $157
$26,440
620*
Conventional, 20% down, no PMI
$2,739
$66,100
$264,400
7.18%
None
$76,015
620*
ITIN, 15% down (example)
$3,044
$49,575
$280,925
8.18%
None
$59,490
Set by the lender
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.
Typical rent in Grandwood Park is $1,836 a month: 24% above the county. In Grandwood Park, 58% 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.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Lake County (Fiscal year 2027)
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 Grandwood Park
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Grandwood Park has 2 ZIP codes with their own.
For 2 bedrooms it runs from $2,290 in 60046 to $2,310 in 60031.
2 of the 2 are above the fair market rent for Lake County ($2,011).
Fair market rent by ZIP code and size in Grandwood Park, fiscal year 2027.
60031
$1,930
$2,040
$2,310
$2,970
$3,390
60046
$1,910
$2,030
$2,290
$2,940
$3,360
ZIP code2 bd3 bd
60031 $2,310$2,970
60046 $2,290$2,940
2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Grandwood Park 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 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
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.
No down payment, repair or rent-help program on our list is for Grandwood Park or Lake County. The ones below are statewide in Illinois: they work in Grandwood Park the same as in the rest of the state.
IHDA second loan with no payments until you sell or refinance, for the down payment in Illinois.Offered by Illinois Housing Development Authority (IHDA).
The HUD-approved agencies closest to the center of Grandwood Park, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
CP
Community Partners for Affordable Housing
800 S Milwaukee Ave Ste 201, Libertyville · 8 miles away · Spanish
No legal help resource on our list is for Grandwood Park or Lake County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Grandwood Park 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 Grandwood Park?
The typical home value in Grandwood Park is $330,500, 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 Grandwood Park?
Typical rent in Grandwood Park is $1,836 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 Grandwood Park?
Grandwood Park 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 Grandwood Park?
The typical homeowner in Grandwood Park pays $9,729 a year, according to the U.S. Census Bureau. That is 2.94% of the home’s value; in Lake County, the rate is 2.58%.
Where can I find free help to buy or rent in Grandwood Park?
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.
