Lake Forest vs Philadelphia

Category / Metric	Lake Forest	Philadelphia
Financial Overview
Median Income	$126,234	$60,302
Unemployment Rate	5.5%	4.7%
Housing Market
Median Home Price	$1,181,000	$270,375
Price per SqFt	$628	$204
Monthly Rent (1BR)	$2,252	$1,451
Housing Cost Index	173.0	117.8
Cost of Living
Groceries Index	107.9	100.3
Gas Price (Gallon)	$3.98	$3.40
Safety & Lifestyle
Violent Crime (per 100k)	134.0	726.5
Bachelor's Degree+	—	35.7%
Air Quality (AQI)	61	40

The Ultimate Head-to-Head: Philadelphia vs. Lake Forest

So, you're torn between the gritty, historic energy of a major East Coast city and the polished, serene luxury of a Chicago suburb. It's a classic clash of worlds: Philadelphia, Pennsylvania—a bustling metro of over 1.5 million people—versus Lake Forest, Illinois—an affluent enclave of about 85,000 just north of Chicago.

This isn't just a choice of address; it's a choice of lifestyle. Are you craving the raw authenticity and convenience of a city that feels lived-in, or are you seeking the manicured perfection, top-tier schools, and quiet streets of suburbia?

Let's break it down, data point by data point, to help you find your perfect fit.

The Vibe Check: Grit vs. Gloss

Philadelphia is the underdog that’s been punching above its weight for centuries. It’s the City of Brotherly Love, but it’s also a city of tough edges, passionate locals, and a palpable sense of history on every corner. The vibe is unapologetically real—think world-class museums and a buzzing food scene colliding with gritty neighborhoods and a fast-paced, blue-collar ethos. It’s for the hustler, the history buff, the foodie on a budget, and anyone who wants to feel the pulse of a major city without the astronomical price tag of NYC or Boston.

Lake Forest is the picture of established, suburban perfection. It’s polished, quiet, and incredibly exclusive. Think sprawling estates, manicured lawns, and a community built around family, privacy, and prestige. The vibe is serene, safe, and status-driven. It’s for the established professional, the family prioritizing elite schools, and anyone who sees their home as a sanctuary and an investment. This isn't a place for "grit"; it’s a place for peace and quiet.

Who is each city for?

• Philadelphia is for the urban explorer, the young professional, the history lover, and anyone who values walkability, diversity, and a lower cost of entry into a major metro.
• Lake Forest is for the established family, the retiree seeking tranquility, and the high-earner who wants the absolute best in suburban living, safety, and prestige.

The Dollar Power: Your Wallet’s Best Friend (or Worst Enemy)

This is where the rubber meets the road. The difference in purchasing power between these two locations is staggering.

Let's look at the hard numbers for basic monthly expenses:

Expense Category	Philadelphia	Lake Forest	The Takeaway
Median Home Price	$270,375	$1,181,000	Philly is 4.4x more affordable to buy a home. This is the single biggest financial divider.
Rent (1BR)	$1,451	$2,252	You'll pay 55% more for a basic apartment in Lake Forest.
Housing Index	117.8	173.0	Lake Forest's housing is 47% more expensive relative to the national average.
Median Income	$60,302	$126,234	Lake Forest residents earn 2x more, but the housing costs eat up that advantage.
Weather (Avg. Temp)	52.0°F	58.0°F	Both are chilly, but Lake Forest edges out Philly by 6 degrees. More on this later.

Salary Wars: The Purchasing Power Puzzle
Here’s the kicker. If you earn $100,000 in Philadelphia, you are firmly in the upper-middle class. You can afford a nice apartment, save aggressively, and enjoy the city’s amenities with financial breathing room.

In Lake Forest, a $100,000 salary puts you on the lower end of the local spectrum. With a median home price of over $1.1 million, buying a home is a monumental challenge without a massive down payment or dual high incomes. Your $100k will feel like $60k here because the cost of living, especially housing, is so inflated.

Taxes & The Bottom Line:

• Pennsylvania has a flat state income tax of 3.07%. It’s straightforward and relatively low.
• Illinois has a graduated state income tax, but the effective rate for a median earner is higher. More importantly, Illinois has some of the highest property taxes in the nation. This is a critical, often overlooked, ongoing cost for homeowners in Lake Forest that will significantly impact your monthly mortgage payment.

Verdict on Purchasing Power: Philadelphia wins, and it’s not close. You get far more house (or apartment) for your dollar, and your salary stretches significantly further.

The Housing Market: Buy, Rent, or Wait?

Philadelphia

The Philly housing market is competitive but accessible. With a median home price of $270,375, it’s one of the most affordable large cities on the East Coast. You can find row homes, condos, and single-family houses in various neighborhoods. It’s a strong buyer’s market with good inventory, especially compared to other major metros. Renting is a viable and popular option, offering flexibility to explore different neighborhoods like Fishtown, Rittenhouse Square, or University City before committing.

Lake Forest

The housing market here is in a different universe. It’s a seller’s market for luxury properties. Inventory is low, competition is fierce among wealthy buyers, and prices are astronomical. Owning here is a significant commitment and a major status symbol. Renting is possible but expensive and limited. This is a market for those with substantial capital and a long-term commitment to the area.

Verdict on Housing: For the average buyer, Philadelphia offers a realistic path to homeownership. Lake Forest is a high-stakes, high-reward market for the affluent.

The Dealbreakers: Quality of Life Under the Microscope

Traffic & Commute

• Philadelphia: Traffic exists, but public transit is robust. The SEPTA system (subways, buses, regional rail) makes car-free living possible for many. The average commute is around 28 minutes. Walkability is high in central neighborhoods.
• Lake Forest: This is a car-dependent suburb. You will drive everywhere. Commuting to Chicago (about 35 miles south) can be a brutal 60-90 minute drive each way in peak traffic. The Metra train line offers a more relaxed, though lengthy, commute. If you work in the city, this is a major lifestyle factor.

Weather: The Four-Season Reality

Both cities have four distinct seasons, but with differences.

• Philadelphia: Experiences the full range: hot, humid summers (can hit 90°F+), crisp autumns, cold and sometimes snowy winters, and beautiful springs. The humidity can be a dealbreaker for some.
• Lake Forest: Slightly warmer annual average (58°F), but winters are notoriously harsh. Lake Michigan’s influence means heavier snowfall and biting "wind chill" from the lake effect. Summers are more pleasant and less humid than Philly’s.

Crime & Safety: The Honest Truth

This is the most stark contrast.

• Philadelphia: With a violent crime rate of 726.5 incidents per 100,000 people, Philly has a significant safety challenge. Crime is highly neighborhood-dependent; some areas are very safe, while others struggle with violence. You must research specific neighborhoods meticulously.
• Lake Forest: With a violent crime rate of 134.0 incidents per 100,000 people, Lake Forest is exceptionally safe—safer than 97% of U.S. cities. It’s a top concern for families and retirees.

Verdict on Dealbreakers: This is a tie based on priorities. If safety and low crime are your #1, non-negotiable priority, Lake Forest is the clear winner. If you prioritize walkability, transit, and city energy over absolute safety, Philadelphia wins.

The Final Verdict: Which City Wins for YOU?

There is no universal winner—only the right choice for your life stage and priorities.

🏆 Winner for Families: Lake Forest

• Why: The combination of top-ranked public schools, extremely low crime, and a community built around family activities is unmatched. The trade-off is the high cost of entry and a car-dependent lifestyle. If you can afford it and prioritize safety and education above all else, Lake Forest is a suburban paradise.

🏆 Winner for Singles & Young Professionals: Philadelphia

• Why: The vibrant social scene, walkable neighborhoods, lower cost of living, and proximity to other East Coast hubs (NYC, DC) make Philly the ideal launchpad. You can build a career, enjoy a rich social life, and save money—all things that are much harder in Lake Forest on a typical young professional salary.

🏆 Winner for Retirees: Lake Forest

• Why: For retirees with a solid nest egg, Lake Forest offers peace, safety, and tranquility. The community is quiet, the amenities are high-end, and the healthcare access is excellent. Philadelphia can be noisy and overwhelming for some retirees, though its lower cost could appeal to those on a fixed income.

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At a Glance: Pros & Cons

Philadelphia: The Urban Powerhouse

PROS:

• Affordability: One of the most budget-friendly major cities in the Northeast.
• Walkability & Transit: Great public transit and many walkable neighborhoods.
• Culture & History: Unrivaled American history and a thriving arts/food scene.
• Career Opportunities: Strong job market in healthcare, education, and tech.
• Location: Easy access to NYC, DC, and the Jersey Shore.

CONS:

• High Crime Rate: Requires careful neighborhood selection and situational awareness.
• Weather: Humid summers and cold winters.
• School Quality: Highly variable by neighborhood; research is essential.
• Grit: Not as polished or pristine as other cities; can feel rough around the edges.

Lake Forest: The Suburban Sanctuary

PROS:

• Safety: Exceptionally low crime rates.
• Schools: Some of the best public schools in the nation.
• Quality of Life: Quiet, clean, and serene environment.
• Prestige & Privacy: High-end living with a sense of exclusivity.
• Access to Chicago: Proximity to a world-class city (if you can handle the commute).

CONS:

• Cost: Astronomical home prices and high property taxes.
• Lack of Diversity: Very homogenous community.
• Car Dependency: No walkability; driving is mandatory.
• Social Scene: Limited nightlife and entertainment; very family-oriented.
• Commute: Brutal if you work in downtown Chicago.

Final Word: Choose Philadelphia if you want to live in a city, value energy and affordability, and are willing to navigate urban challenges. Choose Lake Forest if you want the pinnacle of suburban safety, schools, and serenity, and have the financial means to buy into that exclusive lifestyle.