If you're looking for the average price of car insurance in Gages Lake, Illinois, you've come to the right place. In this article, you'll find out how much Gages Lake drivers pay, as well as what the average income is and what industries are most prevalent in this area. Moreover, you'll discover Gages Lake's average car insurance deductible and home ownership rate.
Average cost of car insurance in Gages Lake Illinois
The average cost of car insurance in Gages Lake Illinois can vary widely. The cost of a policy depends on the coverage level, and you should choose a policy that provides the coverage you need. You should also consider the cost of your car insurance as a percentage of your income. The state of Illinois has a per capita disposable personal income (DPI) of $42,256. This means that the average car insurance policy in Gages Lake Illinois costs about 8% of your income.
In Gages Lake, the average rate for a car insurance policy is $1,287. This cost can be reduced by finding a policy that offers discounts. In Illinois, you must carry at least $25,000 in bodily injury coverage and $50,000 in per-accident coverage. In addition, you must also carry at least $20,000 in property damage coverage. While this may not seem like a lot, it can make a difference in the amount of money you spend on car insurance.
If you have a clean driving record, you should consider purchasing the minimum amount of coverage. This will only cost about $648 a year, but the consequences of driving without insurance can be very severe. If you choose to purchase a higher level of coverage, you should shop around for the policy that covers you best. Remember that the minimum amount of coverage is required in Illinois and the consequences of driving without it are very high.
You should also keep in mind that you can receive significant discounts by signing up for a safe driving program. Many car insurance companies use your credit score to determine their rates, so maintaining good credit is critical for obtaining the best price on car insurance. You can also compare multiple quotes to find the cheapest policy.
Your state of residence also plays a role in your insurance rates. If you live in a high-crime or accident-prone neighborhood, your premiums will be higher. Additionally, your vehicle will also impact your premium. If you drive a high-end luxury vehicle, your insurance premium will be higher than if you drive a less expensive model.
Common industries in Gages Lake
Gages Lake is located in northeastern Illinois along the shores of Lake Michigan. The climate in Gages Lake is largely mild and pleasant. The warmest months are September, June and August. The coldest month is January. Gages Lake's real estate is mostly made up of medium-sized and small houses, most of which are owner-occupied.
The most common industries in Gages Lake include manufacturing, retail trade, and professional, scientific, and technical services. The figures for these industries are based on Census data that is tagged to a resident's residential address. The percentage of residents employed in these industries is much higher than the state average.
Gages Lake's population is predominantly young. The median age is forty-four years, and only 1.8 percent of residents are 65 and older. This means that Gages Lake is an ideal location for people who want to start a business. The median commute time is about 29.4 hours, compared to the average of 29.5 hours in other areas of the US.
Gages Lake has an average property value of $242,700, making it a relatively expensive place to live. Homeownership rates are high at 82.2%, much higher than the national average of sixty-four percent. In Gages Lake, IL, most residents live on their own and drive to work alone. The median number of cars per household is two.
A home warranty policy can be beneficial if you live in Gages Lake. It can protect you against the wear and tear of appliances and systems, and often covers service fees. Many home warranty plans cover both appliance and system coverage, and are transferable if you sell your home. Consumer Reports ranked Gages Lake home warranty companies based on their service fees, customer reviews, and customer satisfaction.
Homeownership rate in Gages Lake
Gages Lake, IL has a very high homeownership rate, with 82.2% of the population owning their home. This number is significantly higher than the national average of 64.4%, and it is higher than neighboring and parent geographies. The median home value was $242,700 in 2020. In Gages Lake, most people commuted alone to work, and the average commute time was 29.4 minutes. The average number of cars per household was two, which is about average for the United States.
The median annual income in Gages Lake is $96,123, which is higher than the average income of $64,994 in the U.S. and is also higher than the median rent of $1,293 per month in the same area. In terms of cost, the median price of a single-family home in Gages Lake is higher than the state average, and a one-bedroom apartment is nearly twice as expensive.
The vacancy rate in Gages Lake, Illinois, is 11.4% higher than the national average of 64.8%. This high vacancy rate may be related to the low demand for real estate in Gages Lake. Also, a large number of newly-built homes may not have been occupied by buyers yet.
In Gages Lake, IL, the median age of residents is 40 years old. Among adults, only 7.4% of Gages Lake, IL residents are foreign-born, compared with 7.5% of all adult civilians in the U.S. and 6% of adults in Illinois.
The median home ownership rate in Gages Lake is 27.8%, which is higher than the national average. The median home value in Gages Lake is $173,000 and there are more than 1,000 homeowners. There are also several affordable housing options, and the majority of households are owner-occupied.
Gages Lake's median age of residents is 40, which is higher than the national average. The median income is around $50k. The median rent is 10 percent of income, which is lower than the national average.
Average income in Gages Lake
Gages Lake is a census-designated place in Lake County, Illinois. Its population was 10,637 at the 2020 census. It is located in Warren Township. The average household income in Gages Lake is $49,236. Gages Lake is home to many different types of businesses.
The most profitable businesses in Gages Lake are coffee shops and food trucks. Other businesses include small real estate and online businesses. These businesses will benefit from the high percentage of young people in the area. If you have your own business, you will enjoy the tax benefits and incentives of being an entrepreneur in Gages Lake.
Gages Lake has a diverse population. Its people come from many different educational backgrounds. Some of them have only completed high school, while others have college degrees. You can find detailed data about the educational background of Gages Lake residents in the Education & Labor Force table. Luckily, Gages Lake has a good supply of skilled and educated people to meet the local business needs.
In Gages Lake, the average household income is $36,810. The cost of childcare can add thousands of dollars to an annual income. Depending on the amount of children, an average family of two will need about $15,853. Another expense that can add up quickly is food. Fortunately, Illinois offers a stable economic environment that allows for businesses to thrive.
While the average income in Gages Lake, IL is above the national average, it is still relatively affordable for most people. The city is home to several affordable housing programs, including Section 8, HOME, and LIHTC. Those who earn less than the average income in Gages Lake will need to seek out these programs.
Gages Lake, Illinois has a comparatively low unemployment rate of 6.4% compared to the US average. Furthermore, the job market is projected to grow at a rate of 32.8% over the next ten years, compared to the national average of 33.5%. Despite the low unemployment rate, income tax rates in Gages Lake, IL are still higher than the national average. Despite the high cost of living, Gages Lake, IL residents earn an average salary of $35,112.
The poverty rate is 5.3% in Gages Lake, Illinois, which means that one out of every 18.9 residents of this city lives in poverty. In addition, 531 of the 10,042 residents of Gages Lake, Illinois reported their income levels were below the poverty line in the past year. While the poverty rate in the state of Illinois is 13.5%, the rate in Gages Lake is significantly lower.