Starting at $1,993 Per Month
- Studio - 3 Beds
115 Lake St, Libertyville, IL 60048
Enjoy comfortable living in your apartment home
Eleven 5 Lake
(224) 504-1343
Frequently Asked Questions
How much does it cost to rent a home in Libertyville, IL?
The median rent for a home in Libertyville, IL is $2,860 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in Libertyville, IL?
To comfortably afford the median rent in Libertyville, IL, a household needs to earn roughly $114,400 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,860 per month in Libertyville, IL, renters typically need to show $8,580 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Libertyville, IL?
In Libertyville, IL, the price-to-rent ratio is 19.5, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Libertyville, IL are best for renting a home?
The best neighborhood for renting in Libertyville, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include South Libertyville and Southwest Waukegan, each with its own character and price range.
