Best Affordable Places to Live in Illinois in 2024

Best Places to Live in Illinois

Often known as the “Prairie State,” Illinois has a blend of urban settings and countryside escapes. From the pulsating energy of Chicago to the tranquility of small towns, the state caters to a spectrum of lifestyles. For those looking for a thriving art scene, career opportunities, excellent schools, or a quieter life amidst green pastures, Illinois has something to offer.

Here are some of the best places in Illinois to live, each with their own unique appeal.

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Best Affordable Places to Live in Illinois

As you’re home shopping in Illinois, you may find that you can get a lot for your money. The cost of living (COL) in Illinois is 90.8%, making it notably lower than the national average.

When looking at the cost of living by state, compared to its neighboring states, the COL in Illinois falls right in the middle. It’s slightly higher than Iowa’s 89.7, but lower than Wisconsin’s 95, for instance.

Looking at contributing factors to Illinois’ COL, housing comes in at a favorable 78.3%. The state does have the second-highest property taxes in the country, however, with an average rate of 2.07%. That’s double the national average rate.

Fortunately, there are plenty of bargains to be had, depending where in the state you choose to live. These are the best affordable places to live in Illinois.

1. Decatur

Photo credit: iStock/Westhoff

Often praised for its low cost of living, Decatur is home to beautiful parks and recreational areas. It hosts a lively array of festivals and events, including the largest free street festival in the Midwest. It has a great public transportation system and educational opportunities at Millikin University. Those working in manufacturing and transportation will find ample job opportunities in the area.

Population: 69.097

Median Household Income: $45,111

Cost of Living: 80.0% of U.S. average

Median Rent Price: $725

Home Price-to-Income Ratio: 1.97

Average Property Tax: 2.01%

Housing Affordability: Decatur’s real estate market has seen a notable shift, with the median rent currently standing at $725, reflecting a year-over-year decrease of $135. Despite this drop, the market remains hot, suggesting high demand and competitive property listings. Potential buyers may want to help their home shopping chances by learning some tips to qualify for a mortgage.

2. Rockford

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Located near the Wisconsin border, Rockford is known for its thriving arts scene, including the Rockford Art Museum and the Coronado Performing Arts Center. Residents can also enjoy the peaceful Anderson Japanese Gardens. The city has a variety of job opportunities with a focus on healthcare and academia, and the public transportation system makes commuting easy. Housing in Rockford is affordable.

Population: 146,713

Median Household Income: $47,002

Cost of Living: 88.4% of U.S. average

Median Rent Price: $900

Home Price-to-Income Ratio: 1.46

Average Property Tax: 2.39%

Housing Affordability: Rockford’s real estate landscape is showing subtle changes, with the cost of living indexed at 88.4, which is below the national average. The market temperature is cool, suggesting less competition and a more balanced environment between buyers and sellers. When evaluated against similar cities in Illinois, Rockford emerges as an affordable choice for many. A particularly telling metric is its home price-to-income ratio of 1.46, suggesting high housing affordability in Rockford.

3. Peoria

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Nestled along the Illinois River, Peoria has a strong community feel, great schools, and a thriving cultural scene with numerous music and cultural festivals throughout the year. Residents enjoy the Peoria Riverfront for leisure activities, and the city is home to Bradley University, providing educational and job opportunities.

Population: 111,021

Median Household Income: $53,568

Cost of Living: 89.8% of U.S. average

Median Rent Price: $999

Home Price-to-Income Ratio: 2.41

Average Property Tax: 2.36%

Housing Affordability: With a cost of living index at 89.8, just below the national average, and a modest increase in housing costs of just $9 year over year, Peoria’s real estate market is undergoing gradual changes. There is a moderate amount of activity and interest from potential buyers and renters in a market classified as warm. With prices less than three times the annual median income, Peoria offers a housing market that is quite reasonable, according to the home price-to-income ratio of 2.41.

4. Danville

Photo credit: Flickr/Randy von Liski, Creative Commons Attribution-NonCommercial-NoDerivs 2.0

Danville has a low cost of living and its housing market is one of the most affordable in the state. This small quiet city has a museum and art galleries, and its location along the Vermilion River makes it great for outdoor enthusiasts. There are plenty of state parks and nature preserves here.

Population: 28,472

Median Household Income: $39,230

Median Rent Price: $575

Home Price-to-Income Ratio: 1.9

Average Property Tax: 1.72%

People over 65: 17.8%

Housing Affordability: Danville is affordable in comparison to other cities in Illinois. The home price-to-income ratio of 1.9 and the low media rental prices shows that Danville can be a good deal for many residents, especially first-time homebuyers, looking to buy or rent.

5. Freeport

Photo credit: iStock/BOB WESTON

Often referred to as the “Pretzel City” because of its historic pretzel-making heritage, Freeport offers a blend of small-town charm and urban conveniences. Its historic downtown features beautiful buildings, theaters, and art galleries. There are also many recreational options, including Krape Park with its waterfall and the annual Pretzel Fest.

Population: 23,413

Median Household Income: $41,831

Cost of Living: 89.6% of U.S. average

Median Rent Price: $675

Home Price-to-Income Ratio: 2.1

Average Property Tax: 2.28%

Housing Affordability: Freeport’s real estate market presents a balanced dynamic, with a cost of living indexed at 89.6%, slightly below the national average, accompanied by a modest year-over-year increase of $21 in housing costs. The warm market temperature suggests moderate to active interest from potential buyers and renters. When juxtaposed with other Illinois cities, Freeport strikes a balance between affordability and desirability. A home price-to-income ratio of 2.1 in Freeport signals that housing remains comfortably affordable for many residents, as the cost of homes is just a little over twice the annual median income.

Best Places to Live in Illinois for Families

Illinois is a family-friendly state, with plenty of towns, cities, and suburbs that have good schools, welcoming neighborhoods, and lots of recreational opportunities. These are some of the best places to live in Illinois for families.

1. Park Ridge

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A suburb of Chicago, Park Ridge offers families a tight-knit community feel. It has many parks and activities. Parents will appreciate that it has a reputation for top-tier schools. Commuting to downtown Chicago is easy using the Metra train.

Population: 38,278

Median Household Income: $124,535

Median Rent Price: $2,832

Home Price-to-Income Ratio: 4.79

Average Property Tax: 2.19%

Family Households: 72.21%

Households with Children: 32.06%

Housing Affordability: The real estate scene in Park Ridge has had a notable increase in costs, as evidenced by the year-over-year increase of $482 in housing and rentals. Despite this growth, the market is cool, hinting at possible negotiation advantages for prospective buyers. Park Ridge is one of the more desirable locales in the state. The city’s home price-to-income ratio is 4.79. This underlines the city’s position as a premium housing destination, attracting those who are willing to pay a bit more for the quality of life and amenities it offers.

2. Glenview

Photo credit: Flickr/David Wilson , Creative Commons Attribution 2.0

With its prime location about 15 miles northwest of Chicago, Glenview offers great schools, plus dining, shopping, and entertainment options. The community’s commitment to quality of life make it a top choice for families.

Population: 47,258

Median Household Income: $123,771

Median Rent Price: $2,500

Home Price-to-Income Ratio: 4.7

Average Property Tax: 2.19%

Family Households: 72.23%

Households with Children: 32.77%

Housing Affordability: While there’s been a noticeable year-over-year increase of $200 in housing costs, the market’s cool temperature indicates a slower pace of transactions and possibly more room for negotiation for potential buyers. When compared to other cities in Illinois, Glenview leans towards the higher end in terms of costs, which might be reflective of its desirability and amenities. With a home price-to-income ratio surpassing 4, it indicates that homes in Glenview are priced at nearly five times the median annual income, signifying a premium market. Potential buyers may want to explore different types of mortgage loans to see what their best options are for buying in Glenview.

3. Long Grove

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Known for its historic charm and natural beauty, Long Grove offers plentiful housing options and serene landscapes. Families are drawn here by its strong school system. The annual Chocolate, Strawberry, and Apple Festivals make it fun for families as well.

Population: 8,271

Median Household Income: $207,275

Median Rent Price: $5,600

Home Price-to-Income Ratio: 4.46

Average Property Tax: 2.16%

Family Households: 95.35%

Households with Children: 32.67%

Housing Affordability: Long Grove’s real estate market is on the pricier side compared to other Illinois cities, even though it’s currently a cool market. With a home price-to-income ratio of 4.46, homes in Long Grove cost about four and a half times the median income. This suggests the area is more upscale, attracting those who value quality and ambiance over cost. Going through the mortgage preapproval process might help give you an edge when you’re bidding on a house.

4. Libertyville

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Libertyville offers a balance of suburban charm and urban conveniences. It has exceptional schools and family-centric recreational areas such as Independence Grove. Newcomers will quickly feel at home since there is a large percentage of family households. MainStreet Libertyville events are a fun draw for parents and kids.

Population: 20,402

Median Household Income: $153,674

Median Rent Price: $2,089

Home Price-to-Income Ratio: 3.47

Average Property Tax: 2.16%

Family Households: 73.73%

Households with Children: 36.24%

Housing Affordability: Libertyville’s real estate market has seen a decline in housing and rental costs with a year-over-year decrease of $301. Currently, it’s in a cool state. When compared to other cities in Illinois, Libertyville stands out as reasonably priced yet desirable. Its home price-to-income ratio of 3.47 indicates that the median home price is roughly three and a half times the median annual income, suggesting a balanced mix of affordability and appeal for potential homeowners and renters.

Recommended: First-time Homebuyer Programs in Illinois

5. Downers Grove

Photo credit: Flickr/David Wilson , Creative Commons Attribution 2.0

Parents will appreciate that Downers Grove has a highly ranked school system. There are a variety of housing options for different budgets and family sizes. Parks host many family-friendly events, and commuting to Chicago is easy.

Population: 49,354

Median Household Income: $105,217

Median Rent Price: $1,925

Home Price-to-Income Ratio: 3.9

Average Property Tax: 2.29%

Family Households: 65.46%

Households with Children: 29.09%

Housing Affordability: The real estate environment in Downers Grove is marked by a significant uptick in costs, as indicated by the pronounced year-over-year increase of $598 in housing and rental expenses. This rise, contrasted by the market’s cool temperature, suggests there may be ample opportunities for buyers to find value. The city’s home price-to-income ratio, while still affordable for many, indicates a premium housing market in the city, making it a destination for those prioritizing lifestyle amenities over cost.

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Best Places to Live in Illinois for Young Adults

For young adults, these are the best places in Illinois to live for affordability, job opportunities, activities, and social life.

1. Chicago

Photo credit: iStock/JaySi

Illinois’ main metropolis, Chicago is a hub of culture and entertainment, with a dynamic arts scene, world-class theaters and restaurants, and numerous festivals throughout the year. Young adults make up a significant portion of the population, and job opportunities are plentiful across many industries. There are also excellent universities in the city such as the University of Chicago.

Population: 2,665,039

Median Household Income: $65,781

Median Rent Price: $1,858

Home Price-to-Income Ratio: 2.66

Average Property Tax: 2.19%

Non-family Households: 48.33%

Housing Affordability: Chicago’s expansive real estate market has seen a moderate increase in costs, with a year-over-year change of $98 in housing and rental expenses. A warm market temperature highlights a consistently active interest from buyers and renters, showcasing the city’s appeal.

When juxtaposed with other cities in Illinois, Chicago stands out not just for its urban allure but also for its relative affordability. The city’s home price-to-income ratio of 2.66 provides a lens into this affordability. The balance between cost and urban opportunities further accentuates Chicago’s unique position as a metropolitan hub that remains accessible to a wide range of incomes.

2. Naperville

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Located in the suburbs but with an urban feel, Naperville has both high median salaries for recent grads and a vibrant cultural scene. A substantial percentage of residents are between 20 and 34, and the city is just 35 miles from Chicago.

Population: 149,936

Median Household Income: $135,772

Median Rent Price: $2,375

Home Price-to-Income Ratio: 2.18

Average Property Tax: 2.29%

Non-family Households: 25.21%

Housing Affordability: Naperville’s real estate market is characterized by an uptick in costs, evidenced by the year-over-year increase of $180 in housing expenditures. Despite this rise, the market maintains a cool temperature, suggesting potential opportunities for buyers seeking value. When placed in context with other cities in Illinois, Naperville maintains its reputation as a desirable place to live, with its costs reflecting the city’s amenities and quality of life. The city’s home price-to-income ratio, sitting at 2.18, cements Naperville’s position as a city that manages to blend both desirability and relative affordability within the broader Illinois housing landscape.

3. Peoria

Photo credit: iStock/ghornephoto

This city on the Illinois River combines culture with affordability, making it appealing to young adults. The home of Bradley University, there is a strong local economy with jobs in healthcare, education, and manufacturing. Various venues for events and entertainment help to create a vibrant social scene.

Population: 111,021

Median Household Income: $53,568

Cost of Living: 89.8% of U.S. average

Median Rent Price: $999

Home Price-to-Income Ratio: 2.41

Average Property Tax: 2.36%

Non-family Households: 45.84%

Housing Affordability: Peoria’s real estate landscape is currently marked by a gentle uptick, with its cost of living indexed at 89.8% and a modest year-over-year increase of just $9 in housing costs. The warm market temperature hints at a steady interest from homebuyers and renters, suggesting a moderate level of competition. When compared to other cities in Illinois, Peoria emerges as a balanced choice for buyers and renters.

If you’re trying to qualify for a mortgage in Peoria, or anyplace, and you have questions, a call to a home loan help center could give you the info you need.

4. Springfield

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As the state capital, Springfield offers both history and a myriad of job opportunities in education, healthcare, and government sectors. The city’s culture includes museums, theaters, and many events throughout the year. University of Illinois Springfield caters to students and provides additional jobs.

Population: 113,273

Median Household Income: $57,596

Median Rent Price: $1,100

Home Price-to-Income Ratio: 2.52

Average Property Tax: 1.87%

Non-family Households: 46.14%

Housing Affordability: Springfield’s housing market has been heating up, with costs rising by $135 over the past year, pushing the market into a warm state. When stacked against other Illinois cities, Springfield offers both affordability and appeal. The city’s home price-to-income ratio of 2.52 means the median home price is about two and a half times the median income, signaling that housing in Springfield is relatively affordable, making it an attractive option for many looking to settle in Illinois.

5. Oak Park

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Just 10 miles from downtown Chicago, Oak Park is perfect for young adults seeking urban energy and suburban tranquility. The city has a rich cultural history and ample jobs both local and in nearby Chicago.

Population: 52,553

Median Household Income: $98,081

Median Rent Price: $1,780

Home Price-to-Income Ratio: 4.07

Average Property Tax: 2.19%

Non-family Households: 41.97%

Housing Affordability: Oak Park’s real estate market has seen an increase in housing and rental costs with a year-over-year rise of $301, but the overall market remains cool. Compared to other Illinois cities, Oak Park balances its distinct charm with a higher price tag. With a home price-to-income ratio of 4.07, the median home price in the city is about four times the median annual income, suggesting that while Oak Park is a desirable place to live, it comes at a premium in terms of housing costs. For those looking to buy a house in Oak Park, jumbo mortgage loans may be worth investigating.

Recommended: Mortgage Prequalification vs Preapproval

Best Places to Live in Illinois for Retirees

For older adults looking for a desirable place to live that fits their budget, Illinois has many options, from cities to small towns.

1. Rockford

Photo credit: iStock/benkrut

Known for its affordability, Rockford offers reasonably priced housing options, making it attractive to retirees on a budget. In Illinois, Social Security income isn’t taxed, adding to the financial appeal. The city provides various programs and assistance for seniors, and with attractions like the Anderson Japanese Gardens and the Coronado Theatre, entertainment and recreational activities are in abundance.

Population: $146,713

Median Household Income: $47,002

Cost of Living: 88.4% of U.S. average

Median Rent Price: $900

Home Price-to-Income Ratio: 1.46

Average Property Tax: 2.39%

People over 65: 16.9%

Housing Affordability: Rockford’s real estate market is on the affordable end, with a modest year-over-year increase of $51. Despite this rise, the market remains cool. Compared with other cities in Illinois, Rockford is a cost-effective choice. Its home price-to-income ratio of 1.46 shows that the median home price is just about one and a half times the median annual income, highlighting the city’s notable housing affordability.

2. Leland Grove

Housing Affordability: Leland Grove’s real estate market has seen growth with housing and rental costs rising by 5.9% year-over-year. In comparison to other cities in Illinois, Leland Grove is relatively affordable. Its home price-to-Income ratio of 1.81 indicates that the median home price is slightly above the median annual income.

3. Danville

Photo credit: Flickr/Randy von Liski , Creative Commons Attribution-NonCommercial-NoDerivs 2.0

Danville’s housing market is one of the most affordable in the state. This affordability, combined with the state’s policy of not taxing Social Security, presents an appealing financial landscape for retirees. The town offers assistance programs for older residents, and its Vermilion River and cultural spots like the Fischer Theatre make for great recreational activities.

Population: 28,472

Median Household Income: $39,230

Median Rent Price: $575

Home Price-to-Income Ratio: 1.9

Average Property Tax: 1.72%

People over 65: 17.8%

Housing Affordability: Danville’s real estate market has experienced a modest increase, with housing and rental costs rising by $25 over the past year. While the market remains cool, Danville is affordable in comparison to other cities in Illinois.

4. Riverwoods

Housing Affordability: Riverwoods has seen a decline in housing and rental costs, with a year-over-year change of -3.5%. When compared to other cities in Illinois, it is very desirable but less affordable. The home price-to-income ratio of 3.64 indicates that the median home price is roughly 3.64 times the median annual income.

5. Freeport

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Often referred to as the “Pretzel City,” Freeport provides a balance of affordability and charm, with housing costs that are inviting to retirees. The absence of Social Security tax in Illinois only enhances its appeal. Beyond financial benefits, Freeport is home to a vibrant arts scene and recreational spots like Krape Park, making it a diverse and engaging place.

Population: 23,413

Median Household Income: $41,831

Median Rent Price: $671

Home Price-to-Income Ratio: 2.1

Average Property Tax: 2.97%

People over 65: 23.1%

Housing Affordability: Freeport’s real estate market has witnessed a modest increase in housing costs, with a year-over-year rise of $21. Its market temperature is warm, indicating a balanced demand and supply. Compared to other cities in Illinois, Freeport offers relatively affordable housing options, as demonstrated by its home price-to-income (H P/I) ratio of 2.1, meaning the median home price is approximately 2.1 times the median annual income.

Best Places to Live in Illinois Near the Water

If you long to live by a lake, Illinois has plenty of inviting options.

1. Chicago

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Chicago offers numerous lakeside neighborhoods with varying housing costs, from the upscale Gold Coast to the more affordable Edgewater. The city’s rich cultural scene is practically unparalleled, with theaters, museums, and art galleries aplenty. While Illinois has progressive income tax rates, Chicago’s entertainment options, including Navy Pier, the beaches, and countless festivals, help to compensate, making the city a lively place to reside.

Population: 2,665,039

Median Household Income: $65,781

Median Rent Price: $1,858

Home Price-to-Income Ratio: 2.66

Average Property Tax: 2.19%

Housing Affordability: Chicago’s housing prices have gone up by $98 from last year. The real estate market is warm, meaning there’s a good amount of buying and renting activity. Compared to other Illinois cities, Chicago is both attractive and relatively affordable, as shown by its home price-to-income ratio of 2.66. This ratio means that despite being a major city, many people can still afford to live here.

2. Glenco

Photo credit: iStock/EleSi

Situated along Lake Michigan’s western coast, Glencoe is an upscale village known for its prestigious homes, often with higher housing costs. The town boasts a strong cultural foundation with the renowned Writers Theatre and the lush Chicago Botanic Garden. Taxes align with Illinois standards, but for some, the appeal of Glencoe’s scenic beaches and recreational parks justifies the expense.

Population: 8,612

Median Household Income: $212,132

Median Rent Price: $1,495

Home Price-to-Income Ratio: 5.3

Average Property Tax: 2.19%

Housing Affordability: In Glencoe, housing prices have decreased by $55 over the past year, leading to a cool real estate market with less activity. When compared to other cities in Illinois, Glencoe leans toward the higher end in terms of costs. Home prices here are significantly higher relative to incomes, making it less affordable for many residents.

3. Evanston

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Combining urban energy with lakeside tranquility, Evanston’s housing costs vary, offering both high-end homes and more modest options. Northwestern University enriches the city’s cultural scene, hosting numerous events and arts programs. The appeal of Evanston beaches, combined with entertainment hubs like the Evanston Arts Center and the vibrant downtown, makes it an attractive waterside city.

Population: 75,544

Median Household Income: $87,345

Median Rent Price: $2,095

Home Price-to-Income Ratio: 2.18

Average Property Tax: 2.19%

Housing Affordability: Evanston’s real estate market has witnessed an increase in housing costs with a year-over-year rise of $345, despite a cool market atmosphere indicating slower activity. When weighed against other Illinois cities, Evanston presents a balanced mix of affordability and desirability, reflected in its home price-to-income ratio of 2.18. This suggests that home prices in Evanston are moderately aligned with local incomes, offering relatively good value.

4. Zion

Housing Affordability: Zion’s housing market is warming up, evidenced by a year-over-year increase of $225. In comparison to other Illinois areas, Zion offers a reasonable balance between cost and desirability, with its home price-to-income ratio of 2.4 signaling that home prices are relatively in line with the average incomes in the area. This means residents are getting decent value in housing for their earnings, making Zion a competitive choice for many home seekers in the state.

5. Lake Forest

Photo credit: iStock/George Dodd

As its name implies, Lake Forest offers a lush environment combined with the elegance of Lake Michigan’s coastline. The city’s housing is on the pricier side, reflecting its upscale amenities and prestigious schools. The cultural scene is enriched by institutions like the Lake Forest Symphony. The blend of beaches, recreational parks, and a rich cultural calendar makes Lake Forest a coveted location for those seeking waterside living.

Population: 19,252

Median Household Income: $194,267

Median Rent Price: $3,813

Home Price-to-Income Ratio: 4.3

Average Property Tax: 2.16%

Housing Affordability: Lake Forest’s real estate scene has risen with an annual increase of $213 in housing and rental expenses. Despite a cool market temperature, it’s still a desirable area. Compared to other cities in Illinois, its home price-to-income ratio of 4.3 signifies that the housing prices in Lake Forest are somewhat on the higher side relative to income. This suggests that while the city offers upscale living, it might be less affordable for average earners.

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The Takeaway

The state of Illinois offers a multitude of great living options to suit various tastes and budgets. From bustling urban hubs to serene suburban retreats, Illinois promises a home for everyone. With each city boasting its unique charm, the Prairie State truly stands out as one of best places to live in the country for families, young adults, and retirees.

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FAQ

What city in Illinois has the lowest cost of living?

Of all the cities on our list, Decatur has the lowest cost of living in Illinois. It has lots of parks, many job opportunities, and good public transportation. The cost of living in Decatur is 80% of the U.S. average.

Where is the cheapest place to buy a house in Illinois?

One of the cheapest places to buy a house in Illinois is Danville, which has one of the most affordable housing markets in the state of Illinois. Danville also has a low cost of living overall.

What is the best town to live in Illinois?

Illinois has many great cities in which to live, depending on what you’re looking for. Chicago is a dynamic city for young adults, retirees will appreciate the affordability of Rockford, and Park Ridge is great for families.

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