Lake County, Illinois: What It Costs to Buy a Home
The median home in Lake County is worth $326,600, property taxes on it run about $8,743 a year (2.68%), the FHA loan limit is $541,287, and closing on it means about $491 in transfer tax plus $2,830 in title insurance. Each number below opens its own page with the source and a calculator.
| Median home value | $326,600 | Title insurance at this price → |
|---|---|---|
| Property taxes (median paid) | $8,743 a year, 2.68% of value | Property tax page → |
| FHA loan limit (1 unit) | $541,287 | Loan limits page → |
| Conforming loan limit (1 unit) | $832,750 | Loan limits page → |
| Transfer tax on the median home | $491 (incl. Lake County Real Estate Transfer Tax) | Illinois transfer tax page → |
| Title insurance on the median home | $2,255 owner's + $575 lender's | Title insurance page → |
| Recording fees (deed + mortgage) | $100 | Recording fees page → |
| Closing costs from these items | $3,421 | Closing costs page → |
| Area median income (HUD, family of 4) | $121,500; low-income limit $97,200 | Income limits page → |
Frequently asked questions
How much do homes cost in Lake County?
The median owner-occupied home in Lake County is valued at $326,600, per U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units).
How much are property taxes in Lake County?
The median Lake County homeowner pays $8,743 a year in real estate taxes, about 2.68% of the median home value ($9,173 for homes with a mortgage), per the Census Bureau's American Community Survey.
What is the FHA loan limit in Lake County?
$541,287 for a one-unit home in 2026 (the national floor), per HUD; the conforming limit for Fannie Mae and Freddie Mac loans is $832,750, per FHFA.
What does it cost to close on a home in Lake County?
On the $326,600 median home: transfer tax $491, title insurance $2,830 for both policies, recording fees about $100, about $3,421 for those items before lender fees, prepaid taxes and insurance.
What is the area median income in Lake County?
HUD's FY 2026 median family income for Lake County (Chicago-Joliet-Naperville, IL HUD Metro FMR Area) is $121,500. A family of four counts as low income below $97,200 under HUD's 80% tier (adjusted for local housing costs, so it can sit above 80% of the median), which is the line many first-time buyer assistance programs use.
Nearby Illinois counties
- Kankakee County $185,700
- Kendall County $298,900
- Knox County $104,900
- LaSalle County $154,900
- Lawrence County $95,500
- Lee County $155,100
Sources
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units)
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25103 (median real estate taxes paid)
- HUD, FHA forward mortgage loan limits for calendar year 2026 (CHUMS county limits file, Mortgagee Letter 2025-23)
- FHFA, conforming loan limits for mortgages acquired in calendar year 2026, by county
Figures are computed from the documents above and rounded to the dollar. All sources.
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General information, not financial, tax or legal advice. Figures are medians and schedule computations, not quotes.
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