Housing costs in Newark?
A typical home costs
$295,400, which is 12.6% less expensive than the national average of
$338,100 and 22.2% more expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Newark costs
$1,140 per month, which is 20.3% cheaper than the national average of
$1,430 and 10.5% cheaper than the state average of
$1,260.
Can I afford Newark?
To live comfortably in Newark (zip 60541), Illinois, a minimum annual income of
$56,520 for a family, and
$34,800 for a single person is recommended.
What does A.I. say about Newark?
The cost of living in 60541 Newark, IL is considered to be relatively low compared to other areas of the country. The median home value in this area is $121,200, which is about $60,000 lower than the national median home value. The median gross rent is around $850 per month. This area also has a fairly low unemployment rate of 4.1%, which helps keep living costs low. Additionally, essentials such as groceries and utilities are much less expensive than many other places in the US. Overall, 60541 Newark provides a great cost of living option for those looking for an affordable place to live.