Lake Forest Makes Top 50 For Wealthiest US Suburbs

LAKE FOREST, IL — Wealthy people are seeking a lifestyle away from cities like New York, Los Angeles, Chicago and Miami and more often turn to suburbs, including Lake Forest, according to a new study.

GOBankingRates, a personal finance website, compared the household income of cities with 5,000 or more households and isolated the 50 with the highest average household income. The typical 2024 home value was also considered.

Lake Forest was ranked 30th on the list, with an average household income of $284,784 and a typical home value of $1,097,029.

According to Zillow.com, the most expensive home currently on the market in Lake Forest is selling for $27,500,000. Built in 2019, the six-bedroom, nine-bathroom home covers 15,000-square-feet and features Lake Michigan frontage.

Two other Chicago suburbs, Hinsdale (No. 7) and Wilmette (No. 40), also made the list.

Among key findings:

• The wealthiest U.S. suburb is Scarsdale, New York, where the average household income is $568,942. The typical home value in Scarsdale is $1.4 million.
• California dominated the ranking, with 16 suburbs in the top 50. The five most expensive California suburbs are Los Altos ($400,000), Orinda ($370,000), Palos Verdes Estates ($342,000), Saratoga ($329,000) and Menlo Park ($316,000).
• The East Coast took the lead with 23 wealthy suburbs, including five in New York and five in New Jersey, making the top 50 ranking. In second place is the West Coast with 19 suburbs.