Housing costs in Elgin?
A typical home costs
$264,200, which is 21.9% less expensive than the national average of
$338,100 and 9.3% more expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Elgin costs
$1,480 per month, which is 3.5% more than the national average of
$1,430 and 14.9% more than the state average of
$1,260.
Can I afford Elgin?
To live comfortably in Elgin, Illinois, a minimum annual income of
$50,760 for a family, and
$51,600 for a single person is recommended.
What does A.I. say about Elgin?
Elgin offers residents an affordable living option within the state of Illinois with median home prices coming in just over $200K and rents usually ranging from $850 - 1,000 per month depending on desired amenities. Groceries also remain slightly below US levels largely due to local taxes & regulations while sales tax stands at 8%. Utilities tend to come in lower than other parts of the state thanks largely to its location near various rivers, lakes, and nearby metros like Chicago.