Lake Forest placed second nationwide of the wealthiest retirement communities, according to a recent survey.
In a list of the richest cities for retirees, the personal finance website gobankingrates.com had Lake Forest in second place out of 50. The rankings were based on an analysis of municipalities with overall populations greater than 15,000 people and senior citizens representing more than a quarter of the population. Median income and livability index also factored into the equation.
Lake Forest has a median income of $228,120 and 25.8 % of the population is over age 65. Only Saratoga, California, finished higher with a median income of $241,348.
Local officials were pleased with the results.
“Lake Forest has long been recognized for its exceptional quality of life, outstanding services and amenities, and strong appeal to residents of all ages, including retirees,” city spokesperson Dana Olson wrote in an e-mail. “This reputation is reinforced by the latest Community-Wide Survey, where an overwhelming 98 % of respondents rated Lake Forest’s quality of life as excellent or very good.”
Olson pointed to the city’s amenities, including recreational opportunities, cultural attractions and housing options, as other reasons why seniors live in Lake Forest.
“Lake Forest offers a unique blend of charm, convenience, and high-quality amenities that make it an ideal place for retirees. Residents also enjoy cultural enrichment from having Lake Forest College in town, including lectures, continuing education opportunities, and more. Lake Forest has a vibrant cultural and recreational scene, including community events, golf courses, and easy access to Chicago’s world-class arts and entertainment offerings and health care facilities.”
City leaders have noted that approximately 1,500 new households have entered the community since May 2020, many of them young families.
However, Olson does not express concern that a community winning national recognition for seniors may not be as enticing for young families.
“Lake Forest is a welcoming community for residents of all ages,” Olson wrote. “With top-rated schools, family-friendly parks, and engaging community events, it’s an ideal place for young families – reflected in the many who have moved here in the past five years. At the same time, its high-quality amenities, cultural offerings, and recreational opportunities make it just as appealing for retirees. This balance keeps Lake Forest a thriving, multi-generational community where people of all ages can connect and enjoy an exceptional quality of life.”
Northbrook finished seventh overall in the survey with a median income of $155.321. Westchester was the only other Illinois community on the list, coming in at 40th place with a median income of $103.561.
Daniel I. Dorfman is a freelance reporter for Pioneer Press.
