Housing costs in Elgin?
A typical home costs
$226,200, which is 33.1% less expensive than the national average of
$338,100 and 6.4% less expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Elgin costs
$1,360 per month, which is 7.9% more than the national average of
$1,260 and 2.9% cheaper than the state average of
$1,400.
Can I afford Elgin?
To live comfortably in Elgin (zip 60120), Illinois, a minimum annual income of
$43,200 for a family, and
$47,200 for a single person is recommended.
What does A.I. say about Elgin?
The cost of living in Elgin, IL (60120) is fairly low compared to other cities and towns in Illinois. The median household income is $58,515 and the median home cost is around $187,500. Property taxes are also relatively low at an average rate of 1.99% and the general sales tax rate is 6.25%. The overall cost of living in this area is slightly below the national average, making it a desirable location to live in terms of both affordability and quality of life. Additionally, Elgin offers plenty of amenities for its residents including several parks, recreational areas, golf courses, shopping centers and restaurants.