Lakewood, Illinois Demographics & Population 2026
During the 2020–2024 ACS period, Lakewood, Illinois had a total population of 4,707, the 344th largest village in Illinois, with a median household income of $173,625, which is 108% higher than the state average. The poverty rate is 3.5%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 108% above the state average — one of the wealthiest communities in Illinois.
- An exceptionally low poverty rate of 3.5% — among the lowest in Illinois.
- 61.3% of adults hold a bachelor's degree or higher — top 10% in Illinois.
- Near full employment with an unemployment rate of just 1.4%.
Lakewood Quick Facts
How Lakewood Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 4,699 | 4,707 | +0.2% |
| Median household income | $185,774 | $173,625 | -6.5% |
| Median home value | $518,500 | $552,600 | +6.6% |
How Lakewood Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 61 | National average: 61
Education
Educational Attainment (Adults 25+)
Lakewood Rankings in Illinois
Explore Illinois Rankings
Other Cities in McHenry County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Crystal Lake | 40,579 | $108,418 | 6.8% | $311,400 |
| Lake in the Hills | 28,800 | $117,151 | 4.1% | $321,900 |
| McHenry | 28,074 | $86,315 | 4.7% | $266,500 |
| Woodstock | 26,147 | $82,758 | 6.0% | $245,700 |
| Cary | 17,923 | $113,026 | 4.8% | $309,800 |
| Harvard | 9,598 | $67,617 | 11.8% | $175,400 |
| Marengo | 7,040 | $73,523 | 15.7% | $229,900 |
| Johnsburg | 6,386 | $121,023 | 12.1% | $328,300 |
| Spring Grove | 5,917 | $134,210 | 1.4% | $398,400 |
| Wonder Lake | 4,292 | $94,655 | 2.9% | $252,200 |
Cities Similar to Lakewood
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Sherman | 4,386 | $148,906 | $297,800 | 49.5% | 2.2% |
| Olympia Fields | 4,734 | $123,875 | $329,000 | 50.4% | 13.7% |
| South Barrington | 5,021 | $221,575 | $908,300 | 73.6% | 1.0% |
| Northfield | 5,487 | $161,500 | $878,300 | 80.7% | 3.2% |
| Palos Park | 4,816 | $121,696 | $464,700 | 51.7% | 8.5% |
Population Overview
Lakewood is a small community located in Illinois, within McHenry County. The total population is 4,707. It ranks as the 344th most populous out of 1,445 Census-designated places in Illinois.
Age Demographics
The median age in Lakewood is 42.9 years. This is 10% higher than the state median of 39.0 years. With 29.1% of the population under 18, Lakewood has a notably young demographic profile, suggesting a family-oriented community.
Economy, Income & Housing
The median household income in Lakewood is $173,625. This is 108% higher than the state median of $83,390. It is also 115% higher than the national median of $80,734. The poverty rate stands at 3.5%. This is 71% lower than the state poverty rate of 11.8%. This exceptionally low poverty rate indicates strong economic prosperity across the community. The unemployment rate is 1.4%. This is 76% lower than the state rate of 5.8%. The median home value is $552,600. Housing costs are 110% higher than the state median of $263,300. The home-value-to-income ratio is 3.2x. 96.7% of occupied housing units are owner-occupied. This homeownership rate is 44% higher than the state average of 67.1%.
Race & Ethnicity
The largest racial or ethnic group in Lakewood is White (non-Hispanic), making up 84.4% of the population. Hispanic or Latino residents account for 8.3%. The Black or African American population (0.5%) is well below the state average of 13.3%. The Hispanic or Latino population (8.3%) is well below the state average of 18.8%.
Education
61.3% of residents aged 25 and older hold a bachelor's degree or higher. This places Lakewood in the top 10% of all cities in the state for educational attainment. This is 62% higher than the state rate of 37.9%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 98.2%. Notably, 24.8% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Lakewood, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Illinois state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,445 Census-designated places in Illinois. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Lakewood, Illinois?
Lakewood, Illinois has a population of 4,707 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Lakewood, IL?
The median household income in Lakewood is $173,625, which is 115% higher than the national median of $80,734.
What is the poverty rate in Lakewood, IL?
The poverty rate in Lakewood is 3.5%. This means approximately 164 residents live below the federal poverty line.
What is the racial makeup of Lakewood, Illinois?
Lakewood's population is 84.4% White, 0.5% Black, 8.3% Hispanic/Latino, and 4.8% Asian.
What is the median home value in Lakewood, IL?
The median home value in Lakewood is $552,600. The home-value-to-income ratio is 3.2x.
How educated is Lakewood, Illinois?
61.3% of adults (25+) in Lakewood hold a bachelor's degree or higher, and 24.8% hold a graduate or professional degree.