The Most Affordable Neighborhoods in Illinois by Home Value

These days, finding an affordable place to live in the Illinois area can be challenging. Home prices in Illinois are now at a median cost of $300,242, lower than the the United States average of $419,293.

The average cost of rent is $1,428/mo in Illinois, primarily driven by the current value of real estate in the Illinois area. In Illinois, 32.91% of households rent, and 39.40% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Illinois is $7,968 per month. Households that rent pay about 17.92% of their income on rent here. Illinois’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southeastern parts of the state.

Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.

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