Elgin renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Elgin is about $1,370 per month. This puts it in the 95th percentile compared to the state average cost of rent, which is $1,135. Households in Elgin have a median income of $6,447 per month so the average renter in Elgin is spending roughly 21% of their earnings on housing.
Nationally, and in Elgin, home values are the data point most closely correlated with the cost of rent. The median price of a home in Elgin is $220,321 right now, which is higher than nearby cities, meaning that rents in Elgin also tend to be higher versus these nearby cities.
Higher rent prices are common in the western parts of Elgin while lower rent rates are often available in northern areas.
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