Housing costs in Elgin?
A typical home costs
$230,800, which is 31.7% less expensive than the national average of
$338,100 and 4.5% less expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Elgin costs
$1,360 per month, which is 4.9% cheaper than the national average of
$1,430 and 7.4% more than the state average of
$1,260.
Can I afford Elgin?
To live comfortably in Elgin (zip 60123), Illinois, a minimum annual income of
$44,280 for a family, and
$47,600 for a single person is recommended.
What does A.I. say about Elgin?
The cost of living in Elgin, IL, zip code 60123 is relatively low compared to the rest of the country. The median home value is estimated at $190,300 and the median rent is around $1,225 per month. The cost of groceries and other basic necessities are also quite affordable in this city. In addition, Elgin boasts a number of restaurants and shopping options that are within budget for most residents. All in all, Elgin is an excellent city for budget-conscious individuals who still want access to quality goods and services.