The Most Affordable Neighborhoods in Olmsted, IL by Home Value

These days, finding an affordable place to live in the Olmsted area can be challenging. Home prices in Olmsted are now at a median cost of $92,717, lower than the Illinois average of $300,242.

The average cost of rent is $604/mo in Olmsted, primarily driven by the current value of real estate in the Olmsted area. In Olmsted, 28.06% of households rent, and 68.88% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Olmsted is $2,894 per month. Households that rent pay about 20.87% of their income on rent here. Olmsted’s most expensive areas are in the northern regions, while the cheapest areas are in the northeastern 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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