In Island Lake, a typical home is worth $262,500 and typical rent is $1,874 a month. Compared with all of McHenry County, typical rent is 34% higher and the typical home value is 15% lower.
Typical home value from Zillow, September 2021 to September 2026: from $221,703 to $307,236.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Island Lake is in McHenry 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 McHenry County. See the county
What this place has that others do not, from public data, most unusual first.
1
The typical rent in Island Lake is $1,874 a month, 34% more than in McHenry County as a whole ($1,401).
2
Nearby, in Wauconda, the typical rent is $1,371: 27% less than in Island Lake ($1,874).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Island Lake
What homes there are in Island 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 houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Island Lake
McHenry County
Illinois
United States
Kind of home: Island Lake and its comparisons
Measure
Island Lake
McHenry County
Illinois
United States
Detached house
76%
77%
58%
61%
Attached house
20%
10%
6%
6%
Building of 2 to 4
Unreliable estimate
4%
12%
8%
Apartments (5 or more)
Unreliable estimate
8%
22%
19%
Mobile home
Unreliable estimate
1%
2%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house is the most common home in Island Lake: 76% of homes, near the figure in McHenry County (77%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Island Lake
McHenry County
Illinois
United States
Year built: Island Lake and its comparisons
Measure
Island Lake
McHenry County
Illinois
United States
Before 1960
19%
18%
38%
26%
1960–1979
11%
20%
26%
24%
1980–1999
54%
36%
20%
25%
2000–2009
14%
20%
11%
14%
2010 or later
3%
6%
6%
11%
In Island Lake, half of the homes were built before 1990; in McHenry County, before 1989.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K22%
$200K–$300K39%
$300K–$500K31%
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Island Lake and its comparisons
Measure
Island Lake
Under $100K
Unreliable estimate
$100K–$200K
22%
$200K–$300K
39%
$300K–$500K
31%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,499Unreliable
$1,500–$1,99942%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Island Lake and its comparisons
Measure
Island Lake
Under $500
Unreliable estimate
$500–$999
Unreliable estimate
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
42%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable
With a mortgage
$1,951 a month
McHenry County: $2,137 a month
Without a mortgage
$788 a month
McHenry County: $945 a month
Owners with a mortgage
67%
McHenry County: 68%
Owning costs less in Island Lake: with a mortgage, the typical cost is $1,951 a month; in McHenry County, $2,137. Without one, $788.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Island Lake+53%
McHenry County+37%
Illinois+35%
United States+53%
Typical rent
Island Lake+35%
McHenry County+17%
Illinois+26%
United States+33%
Typical household income
Island Lake+24%
McHenry County+21%
Illinois+27%
United States+29%
Change since 2015–2019: Island Lake and its comparisons
Measure
Island Lake
McHenry County
Illinois
United States
Typical home value
+53%
+37%
+35%
+53%
Typical rent
+35%
+17%
+26%
+33%
Typical household income
+24%
+21%
+27%
+29%
From 2015–2019 to 2020–2024, the typical home value in Island Lake rose 53%; in McHenry County, it rose 37%.
Since 2015–2019, the typical rent in Island Lake rose 35%, more than in McHenry County (17%).
Here income did not keep up with housing: it rose 24%, while home values changed +53% and rent +35%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Island Lake and its comparisons
Measure
Island Lake
McHenry County
Illinois
United States
Rental vacancy
Unreliable estimate
2.9%
5.0%
5.5%
Homeowner vacancy
Unreliable estimate
0.5%
1.0%
0.9%
More than one person per room
Unreliable estimate
1.5%
2.5%
3.4%
People per household
2.74
2.64
2.46
2.53
Drive alone
76%
73%
66%
69%
Carpool
7%
8%
8%
9%
Public transit
Unreliable estimate
1%
6%
3%
Walk or bike
Unreliable estimate
1%
3%
3%
Work from home
15%
16%
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
By size, households in Island Lake look like those in McHenry County: 2.74 people on average.
To get to work, 76% of workers in Island Lake drive alone; in McHenry County, 73%.
Do the math
What would you pay each month for a home in Island Lake?
A typical home is tight for the typical income
We start with a typical home in Island Lake, worth $262,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 29% of the typical household income in Island Lake, which is $103,156 a year. For that payment to be 28% of income, a household would need to earn about $107,744 a year.
The calculator's FHA and conventional loan limits are those of all of McHenry 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 Island Lake. 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 $9,188 (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
$2,514
at 7.18% · 30 years
Loan amount
$257,745
Total interest
$370,835
Paid off in
November 2056
Includes $4,433 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $2,407 a month
Tight
$2,407 to $3,095 a month
Your payment · 29%
Hard
more than $3,095 a month
Compared with the typical household income in Island Lake ($103,156 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,746
Property tax
$543
Home insurance
$109
FHA mortgage insurance (MIP)
$116
You need at least $9,188 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 $2,514; principal and interest $1,746.
The city and its county
Island Lake and McHenry County
Island Lake is in McHenry 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).
Island Lake
Map of McHenry County, Illinois, with Island Lake marked. Around it, the neighboring counties.
Island Lake
McHenry County
Other cities with a page
Island Lake's own numbers
Typical home value
$262,500
Typical monthly rent
$1,874
Typical yearly household income
$103,156
Households that own their home
83%
Effective property tax rate
2.48%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of McHenry 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)
+57%
Homes in a high flood-risk zone
2.9%
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 McHenry County.
A typical home in Island Lake is worth $262,500: 15% below the county and about the same as Illinois. With the typical household income in Island Lake ($103,156 a year), a typical home costs 2.5 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.
Island Lake2.5 years
McHenry2.9 years
Illinois3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in McHenry County
According to FHFA’s house price index, home prices in McHenry County rose 86% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of McHenry County.
Yearly change in FHFA’s price index in McHenry County, 2016 to 2025
2016: +3.0% +3.0% 2016
2017: +5.0% +5.0% 2017
2018: +4.5% +4.5% 2018
2019: +2.8% +2.8% 2019
2020: +2.0% +2.0% 2020
2021: +10.3% +10.3% 2021
2022: +14.6% +14.6% 2022
2023: +9.4% +9.4% 2023
2024: +7.4% +7.4% 2024
2025: +5.8% +5.8% 2025
Change in FHFA’s price index in McHenry County, Illinois and the United States
Period
County
Illinois
U.S.
Last year (2025)
+5.8%
+5.7%
+2.9%
5 years (2020–2025)
+57%
+47%
+47%
10 years (2015–2025)
+86%
+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
Island Lake next to McHenry 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
Island Lake$262,500
McHenry$308,100
Illinois$263,300
United States$332,700
Typical monthly rent
Island Lake$1,874
McHenry$1,401
Illinois$1,274
United States$1,413
Typical yearly household income
Island Lake$103,156
McHenry$104,802
Illinois$83,390
United States$80,734
See the full table
Island Lake next to McHenry County and Illinois
Measure
Island Lake
McHenry County
Illinois
U.S.
Typical home value
$262,500 ▼15% below the county
$308,100
$263,300
$332,700
Typical monthly rent
$1,874 ▲34% above the county
$1,401
$1,274
$1,413
Typical yearly household income
$103,156
$104,802
$83,390
$80,734
Households that own their home
83%
83%
67%
65%
Typical yearly property tax
$6,500 ▼11% below the county
$7,274
$5,298
$3,119
Effective property tax rate
2.48% ▲0.12 points above the county
2.36%
2.01%
0.94%
Renters with high rent for their income
49% ▼1 points below the county
51%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below McHenry 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 Island Lake
For a typical $262,500 home in Island Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Island Lake's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,514a month
Least cash to close
Down payment
$9,188
Cash to close
$17,063
Rate
7.18%
Mortgage insurance
FHA MIP · $116
Conventional, 5% down$2,466a month
Down payment
$13,125
Cash to close
$21,000
Rate
7.18%
Mortgage insurance
PMI · $125
Conventional, 20% down, no PMI$2,074a month
Down payment
$52,500
Cash to close
$60,375
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,317a month
Down payment
$39,375
Cash to close
$47,250
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Island Lake
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,514
$9,188
$257,745
7.18%
FHA MIP · $116
$17,063
580
Conventional, 5% down
$2,466
$13,125
$249,375
7.18%
PMI · $125
$21,000
620*
Conventional, 20% down, no PMI
$2,074
$52,500
$210,000
7.18%
None
$60,375
620*
ITIN, 15% down (example)
$2,317
$39,375
$223,125
8.18%
None
$47,250
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 Island Lake is $1,874 a month: 34% above the county. In Island Lake, 49% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of McHenry 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 McHenry 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 Island Lake
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Island Lake is in ZIP code 60042.
For 2 bedrooms it is $2,540: $529 more than the fair market rent for McHenry County ($2,011).
Fair market rent by ZIP code and size in Island Lake, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
60042
$2,120
$2,250
$2,540
$3,270
$3,730
ZIP code2 bd3 bd
60042 $2,540$3,270
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Island 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 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 McHenry County; 2 say they serve in Spanish.
No down payment, repair or rent-help program on our list is for Island Lake or McHenry County. The ones below are statewide in Illinois: they work in Island Lake 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).
No legal help resource on our list is for Island Lake or McHenry 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 Island Lake and all of McHenry 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 Island Lake?
The typical home value in Island Lake is $262,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in McHenry County it is $308,100.
How much does it cost to rent in Island Lake?
Typical rent in Island Lake is $1,874 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in McHenry County is $2,011.
What is the FHA loan limit in Island Lake?
Island Lake uses the FHA limit for all of McHenry 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 Island Lake?
The typical homeowner in Island Lake pays $6,500 a year, according to the U.S. Census Bureau. That is 2.48% of the home’s value; in McHenry County, the rate is 2.36%.
Where can I find free help to buy or rent in Island Lake?
There are 2 HUD-approved counseling agencies with an office in McHenry County. 2 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.
