Housing costs in Palmer?
A typical home costs
$93,400, which is 72.4% less expensive than the national average of
$338,100 and 61.4% less expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Palmer costs
$740 per month, which is 48.3% cheaper than the national average of
$1,430 and 70.3% cheaper than the state average of
$1,260.
Can I afford Palmer?
To live comfortably in Palmer (zip 62556), Illinois, a minimum annual income of
$18,000 for a family, and
$22,400 for a single person is recommended.
What does A.I. say about Palmer?
The cost of living in 62556 Palmer, IL is relatively low compared to other areas of the country. The median home price is $126,000, which is much lower than the national median home price of $223,000. The median household income for this area is also lower than the national average at just over $44,000. With the combination of these two factors, residents can enjoy a relatively affordable lifestyle with access to basic needs and amenities. Groceries, transportation costs, and utilities remain fairly low thanks to the rural nature of the area and its close proximity to Chicago.