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Cost of Living in Illinois

Is it better to rent or buy in Illinois? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$92,382
$1,386/mo

Median in area: $1,386

$294,659

Median in area: $294,659

$58,932

If you Rent

🔑
$1,615 /mo
Base Rent$1,386
Est. Utilities$229
% of Income21.0%
Pre-tax Residual$6,084

If you Buy

🏠
$2,358 /mo
P&I (7.046%)$1,576
Taxes & Ins$553
Est. Utilities$229
% of Income30.6%
Pre-tax Residual$5,341

Cost of Living FAQs

Is it cheaper to rent or buy in Illinois?›

Based on median housing data, renting is currently more affordable on a monthly basis in Illinois. The estimated all-in monthly cost for renting is $1,615, while owning a median-priced home with a 20% down payment is roughly $2,358 per month (a difference of $743).

How much do utilities cost in Illinois?›

The average monthly utility cost (electricity and natural gas) for a typical home in Illinois is approximately $229. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Illinois?›

To comfortably afford the median rent and utilities in Illinois without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $64,600 per year.