The Most Affordable Neighborhoods in Lovejoy, IL by Home Value

These days, finding an affordable place to live in the Lovejoy area can be challenging. Home prices in Lovejoy are now at a median cost of $50,619, lower than the Illinois average of $300,242.

The average cost of rent is $885/mo in Lovejoy, primarily driven by the current value of real estate in the Lovejoy area. In Lovejoy, 53.03% of households rent, and 67.56% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Lovejoy is $2,706 per month. Households that rent pay about 32.69% of their income on rent here. Lovejoy’s most expensive areas are in the northeastern regions, while the cheapest areas are in the northwestern parts of the city.

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

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