Are you considering a move to Illinois and wondering about the cost of living? Look no further! In this ultimate guide, I will provide you with valuable insights on the cost of living in Illinois, including the best and most affordable places to live in the state. Whether you’re a young professional, a growing family, or a retiree looking for a budget-friendly setting, Illinois offers a variety of options to suit your needs and preferences.
Key Takeaways:
- Illinois has a cost of living index of 90.8% of the national average, making it lower than many other states.
- Housing costs in Illinois are favorable, with a cost of living index at 78.3%, but property taxes are double the national average.
- Decatur, Rockford, Peoria, Danville, and Freeport are some of the most affordable places to live in Illinois, each with its own unique appeal.
- A ranking from Niche identified White Hall, Johnston City, Eldorado, Bridgeport, and Jonesboro as the most affordable cities in Illinois.
- Consider your preferences and budget when choosing the best place to live in Illinois.
Now, let’s dive into the details of the cost of living in Illinois and explore the best and most affordable places to call home.
Decatur – An Affordable Place to Live in Illinois
Decatur is a hidden gem when it comes to affordable places to live in Illinois. With its low cost of living and abundance of amenities, it offers residents a quality lifestyle without breaking the bank.
One of the standout features of Decatur is its beautiful parks. From sprawling green spaces to vibrant botanical gardens, there’s no shortage of outdoor recreational opportunities. Whether you’re a nature enthusiast or simply enjoy spending time outdoors, Decatur has something for everyone.
Additionally, Decatur is known for its lively festivals throughout the year. From the Decatur Celebration, one of the Midwest’s largest street festivals, to the Farm Progress Show, showcasing the latest agricultural innovations, there’s always something exciting happening in Decatur.
Decatur also boasts a thriving job market, particularly in manufacturing and transportation. With several major companies operating in the area, there are ample employment opportunities for residents. Whether you’re looking for a career change or pursuing a new job, Decatur has options to fit various skill sets.
When it comes to affordability, Decatur shines. The median household income in Decatur is $45,111, and the cost of living is 80.0% of the national average. This means that residents can enjoy a comfortable lifestyle without feeling financially burdened.
The cost of housing in Decatur is also favorable. The median rent price is $725, making it an affordable option for those looking to rent. For those interested in homeownership, the home price-to-income ratio is 1.97, indicating that housing is within reach for many residents.
The real estate market in Decatur has seen a notable shift in recent years. There has been a decrease in median rent prices, suggesting high demand for rental properties. This presents an opportunity for individuals and families looking for affordable housing options in a desirable location.
Decatur Key Points:
- Low cost of living
- Beautiful parks and outdoor recreational opportunities
- Lively festivals throughout the year
- Abundance of job opportunities in manufacturing and transportation
- Median household income of $45,111
- Affordable median rent price of $725
- Home price-to-income ratio of 1.97
If you’re looking for an affordable place to live in Illinois that offers a high quality of life, Decatur is definitely worth considering. Its affordability, amenities, and job opportunities make it an attractive destination for individuals and families alike.
Rockford – A Affordable Place to Live in Illinois
When it comes to affordable places to live in Illinois, Rockford stands out as a thriving city with a lot to offer. Known for its vibrant arts scene and bustling job market in healthcare and academia, Rockford provides ample opportunities for residents.
The cost of living in Rockford is 88.4% of the national average, making it a budget-friendly choice. With a median household income of $47,002, residents can enjoy a comfortable lifestyle without breaking the bank. The median rent price in Rockford is $900, which is significantly lower than in many other cities.
The real estate market in Rockford is characterized by a below-average cost of living index, indicating that housing prices are favorable for both buyers and renters. The home price-to-income ratio of 1.46 further demonstrates the affordability of homeownership in Rockford.
Whether you’re looking to rent or buy a home, Rockford offers a range of options to suit your needs and budget. From cozy apartments to spacious houses, there’s something for everyone. And with its diverse neighborhoods and proximity to amenities, Rockford provides a high quality of life at an affordable price.
| Statistic | Rockford | National Average |
|---|---|---|
| Cost of Living | 88.4% | 100% |
| Median Household Income | $47,002 | – |
| Median Rent Price | $900 | – |
| Home Price-to-Income Ratio | 1.46 | – |
Rockford’s affordable cost of living and thriving job market make it an attractive destination for individuals and families looking to make the most of their hard-earned money. Whether you’re a young professional starting your career or a retiree seeking a comfortable place to settle down, Rockford has something to offer everyone.
Testimonial:
“Rockford has been a great place to call home. The cost of living is affordable, and there are so many opportunities for outdoor activities and cultural experiences. I couldn’t be happier with my decision to move here.”
If you’re searching for an affordable place to live in Illinois, don’t overlook Rockford. Its thriving arts scene, job market, and affordable cost of living make it an excellent choice for anyone looking to set roots in a vibrant city that won’t break the bank.
Peoria – A Affordable Place to Live in Illinois
If you’re looking for an affordable place to live in Illinois, Peoria might just be the perfect fit. This city offers a strong sense of community, excellent schools, and a flourishing cultural scene. Whether you’re starting a family or advancing your career, Peoria provides a welcoming environment with plenty of opportunities.
When it comes to the cost of living, Peoria stands out with its affordability. The median household income in Peoria is $53,568, and the cost of living is 89.8% of the national average, making it a budget-friendly choice. Housing options are also within reach, with a median rent price of $999 and a home price-to-income ratio of 2.41.
The real estate market in Peoria reflects gradual changes, attracting moderate activity and interest from potential buyers and renters. Whether you’re in the market for a rental property or looking to settle down in your own home, Peoria offers a variety of options to suit your needs.
If you’re drawn to a thriving community, top-quality schools, and an affordable cost of living, Peoria might just be the ideal place for you to call home.
| Statistics | Peoria | National Average |
|---|---|---|
| Median Household Income | $53,568 | – |
| Cost of Living Index | 89.8% | 100% |
| Median Rent Price | $999 | – |
| Home Price-to-Income Ratio | 2.41 | – |
Danville – A Affordable Place to Live in Illinois
Danville, located in Illinois, is a small and quiet city that offers a low cost of living, making it an attractive option for individuals and families looking for affordable places to live. The city provides a range of outdoor recreational activities and boasts numerous affordable housing options, making it an ideal choice for first-time homebuyers and those looking to rent.
The median household income in Danville is $39,230, and the median rent price is $575, making it an affordable place for residents to live comfortably. The home price-to-income ratio is 1.9, indicating that housing in Danville is within reach for many individuals and families. With its affordable housing market, Danville offers opportunities for individuals to find their dream home within their budget.
Residents of Danville can enjoy a variety of outdoor recreational activities, including parks, hiking trails, and fishing spots. The city’s affordable cost of living allows individuals and families to have more flexibility and financial freedom to explore and engage in these activities.
Freeport – A Affordable Place to Live in Illinois
Looking for an affordable place to live in Illinois? Consider Freeport, also known as the “Pretzel City.” This charming town offers a unique blend of small-town charm and urban conveniences, making it a desirable destination for individuals and families alike.
Freeport is rich in history and offers a range of recreational options for residents to enjoy. Whether you’re exploring the historic downtown area, visiting one of the many parks, or indulging in the local cuisine, there’s always something to do.
When it comes to affordability, Freeport shines. The cost of living in Freeport is 89.6% of the national average, making it an ideal choice for those looking to stretch their budget. With a median household income of $41,831, residents can enjoy a comfortable lifestyle without breaking the bank.
The housing market in Freeport is balanced, providing affordable options for both buyers and renters. The median rent price is $675, offering a cost-effective alternative for those who prefer renting. For homebuyers, the median home price-to-income ratio is 2.1, indicating that Freeport’s real estate market is within reach for many prospective buyers.
Freeport’s affordability and quality of life make it an attractive place to call home. With moderate to active interest from both buyers and renters, the housing market in Freeport is thriving. Whether you’re a first-time homebuyer or someone looking for a cost-effective place to rent, Freeport has something for everyone.
Experience the charm and affordability of Freeport, Illinois. Discover why this “Pretzel City” is the perfect place to settle down and enjoy a high quality of life without breaking the bank.
Best Places to Live in Illinois for Families – Park Ridge
Park Ridge, a suburb of Chicago, is one of the best places to live in Illinois for families. With its tight-knit community feel and top-tier schools, it offers a welcoming environment for residents of all ages. Families can enjoy numerous parks and activities that cater to their needs and interests.
Park Ridge boasts a median household income of $124,535, indicating a strong economic base that supports a high standard of living. However, it’s essential to note that the cost of living in Park Ridge is relatively higher compared to other areas in Illinois. The median rent price is $2,832, which may require careful budgeting for families. The home price-to-income ratio is 4.79, reflecting the premium housing market in Park Ridge.
The real estate market in Park Ridge has experienced an increase in costs, indicating a competitive environment. While this may be challenging for buyers, it also presents negotiation advantages in a market where demand outpaces supply. As such, families considering Park Ridge should be prepared to navigate the housing market strategically.
Overall, Park Ridge offers a desirable quality of life, excellent schools, and a strong sense of community. While the cost of living may be higher compared to other areas in Illinois, the rewards of living in Park Ridge make it a top choice for families seeking a vibrant and family-friendly neighborhood.
Best Places to Live in Illinois for Families – Glenview
Glenview is one of the best places to live in Illinois for families, offering an array of amenities and a welcoming community. Located about 15 miles northwest of Chicago, Glenview combines the comforts of suburban living with convenient access to city attractions. It is renowned for its excellent schools, providing children with quality education.
The median household income in Glenview is $123,771, indicating a strong economic profile for residents. The cost of living in Glenview is higher compared to other cities in Illinois, with the median rent price at $2,500. This reflects the desirability and abundance of amenities available to residents in Glenview.
When it comes to housing, the home price-to-income ratio is 4.7, which suggests that homes in Glenview are relatively more expensive compared to other cities in Illinois. The higher cost of housing is a testament to the quality and desirability of the real estate market in Glenview.
Additional Affordable Places to Live in Illinois – Ranking
A ranking from Niche looked at the cities in each state where the cost of living was lowest for 2023. The ranking took into account factors such as housing, food, fuel costs, and median tax rates to measure the overall affordability.
White Hall, Illinois was dubbed the number one place with the lowest cost of living in the state. Other cities in the top five included Johnston City, Eldorado, Bridgeport, and Jonesboro.
As shown in the image above, these cities offer a range of amenities and a cost of living that is well below the national average. Whether you’re looking for a small town or a suburban setting, these affordable cities in Illinois provide a budget-friendly option for residents.
Methodology of Ranking
In order to determine the most affordable places to live in Illinois, Niche utilized a comprehensive ranking methodology. This methodology involved analyzing data from reputable sources such as the U.S. Census, the Bureau of Labor Statistics, and the Tax Foundation.
The ranking took into account various factors including median rent prices, median home values, monthly housing cost-to-income ratios, and more. By carefully evaluating these key indicators, Niche was able to assess the affordability of each area and create a reliable ranking.
All cities featured in the ranking have a population of over 50,000 residents and a median home sale price below the average for Illinois. This ensures that only the most relevant and economically viable areas are considered.
The insights provided by this ranking offer valuable information for individuals and families seeking affordable places to live in Illinois. Whether you’re looking for a low-cost rental or an affordable home purchase, the ranking can serve as a practical guide to help you make informed decisions about your next living destination.
Methodology Highlights:
- Data sources: U.S. Census, Bureau of Labor Statistics, Tax Foundation
- Evaluation criteria: median rent prices, median home values, monthly housing cost-to-income ratios
- Inclusion criteria: cities with over 50,000 residents and median home sale price below the average for Illinois
| City | Median Rent Price | Median Home Value | Housing Cost-to-Income Ratio |
|---|---|---|---|
| White Hall | $650 | $82,800 | 15.9% |
| Johnston City | $620 | $61,600 | 17.2% |
| Eldorado | $526 | $56,300 | 17.4% |
| Bridgeport | $634 | $72,200 | 18.7% |
| Jonesboro | $625 | $80,800 | 19.8% |
Conclusion
When it comes to finding affordable places to live in Illinois, there are plenty of options to choose from. From the charming city of Decatur to the bustling Rockford, or the close-knit communities of Peoria and Danville, each city offers its own distinct advantages and attractions. The cost of living in Illinois is lower than the national average, making it an appealing destination for individuals, families, and professionals on a budget.
No matter which city you choose, you can enjoy a lower cost of living while still benefiting from the amenities and opportunities available in Illinois. Whether you’re looking for affordable housing, job prospects, or a strong sense of community, Illinois has something to offer. Consider exploring these affordable cities when deciding where to live in the state.
Illinois truly stands out as a state that provides a range of budget-friendly options for those looking for affordable places to call home. With its diverse mix of cities, favorable cost of living, and unique attractions, Illinois is a top choice for those seeking both affordability and quality of life. So, if you’re looking for the best places to live in Illinois that won’t break the bank, look no further than Decatur, Rockford, Peoria, and Danville.
FAQ
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Source Links
- https://www.nbcchicago.com/news/local/ranking-names-places-with-the-lowest-cost-of-living-in-illinois-for-2023/3306761/
- https://www.sofi.com/best-affordable-places-to-live-in-illinois/
- https://www.redfin.com/blog/affordable-places-to-live-in-illinois/
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