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Cost of Living in Urbana

Is it better to rent or buy in Urbana? 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.

$47,773
$1,048/mo

Median in area: $1,048

$219,377

Median in area: $219,377

$43,875

If you Rent

🔑
$1,193 /mo
Base Rent$1,048
Est. Utilities$145
% of Income30.0%
Pre-tax Residual$2,788

If you Buy

🏠
$1,829 /mo
P&I (7.003%)$1,168
Taxes & Ins$516
Est. Utilities$145
% of Income45.9%
Pre-tax Residual$2,152

Cost of Living FAQs

Is it cheaper to rent or buy in Urbana?›

Based on median housing data, renting is currently more affordable on a monthly basis in Urbana. The estimated all-in monthly cost for renting is $1,193, while owning a median-priced home with a 20% down payment is roughly $1,829 per month (a difference of $636).

How much do utilities cost in Urbana?›

The average monthly utility cost (electricity and natural gas) for a typical home in Urbana is approximately $145. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Urbana without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $47,720 per year.