Waukegan
RANK #308 / 996 NAT · #21 / 28 IL · POP 713,159
1YR FORECAST: +4.8%
5YR OUTLOOK: +29%
Lake County, Illinois, distinguishes itself with its extensive natural beauty, boasting 170 lakes and rivers, 23 miles of Lake Michigan shoreline, and over 31,000 acres of forest preserves. Located in northeastern Illinois, it sits halfway between Chicago and Milwaukee, offering residents access to both major cities. Commute options include three Metra commuter rail lines connecting to Chicago, as well as the Pace bus system and major highways like I-94. Towns like Libertyville and Barrington offer distinct community atmospheres, while Grayslake provides a small-town feel with commuter convenience.
Life in Lake County appeals to families and professionals, with highly rated public schools and numerous parks and outdoor activities. The county's economy is driven by sectors such as life sciences, advanced manufacturing, and professional services. Recent economic developments include investments in commercial and residential projects, as well as expansions within existing businesses. Lake County's strategic location and focus on talent development contribute to its economic landscape.
Below national median
Below-average climate & terrain
Below national median (13x)
Housing looks undervalued at 3.4x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.
Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.
Source: Redfin · Census BPS — Browse sales on Redfin →
Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →
Source: EPA Air Quality System (2021–2023). Grade based on 3-year average median AQI. Learn about AQI →
| PROJECT | AMOUNT | STATUS |
|---|---|---|
|
T5 @ Chicago IV Data Center Campus
T5 Data Centers
|
$8,500M | Under Construction |
|
Zion Energy Center - BESS (Battery Energy Storage System)
Undisclosed
|
$635M | Planned |
|
AbbVie API Manufacturing Plant
AbbVie
|
$192M | Under Construction |
|
Morris Station Development (Mundelein)
Undisclosed
|
$68M | Completed |
|
The Quarry Apartment Complex (Fox Lake)
Charles Hall Construction, Sterling Hall, WCP Fox Lake
|
$41M | Under Construction |
Source: public records, news, corporate announcements. Amounts are estimates where noted.
Bars show percentile rank among all 996 counties.
With a Boom Town Index score of 69/100, Lake County sits in the upper half of all 996 ranked counties. and median household income stands at $104,553 — indicators that suggest solid fundamentals even if it's not among the fastest-growing counties in IL.
Housing in Lake County is roughly in line with national affordability norms. The median home costs $313,700 and the income-to-home-value ratio sits at 0.33, with rents averaging $1,382/month. Not a bargain, but not a stretch for most local earners either.
Population and employment in Lake County are both close to flat — population -0.2% YoY and jobs +0.5%. Home values shifted +5.7% over the past 12 months. A steady-state county, neither expanding quickly nor shrinking.
There's a moderate stream of newcomers. About 2.85% of residents moved from another state, which is above average and suggests Lake County has appeal as a relocation destination — though it's not among the highest-inflow counties nationally.
Home values climbed +5.7% year-over-year, which is a solid pace of appreciation. The median home in Lake County is now valued at $313,700. That kind of growth typically reflects sustained demand rather than speculative frenzy.