Belvidere, IL

Very Low · 63

Illinois · Population 24,510 · Updated March 2026

$943
Median Rent / Month
$62,462
Median Income
$153,100
Median Home Value
$1,074
Owner Costs / Month

Affordability

How far your income goes in Belvidere

18.1%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Illinois

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
6.25%
Sales Tax
2.07%
Property Tax Rate

Estimated Annual Costs

$11,316
Annual Rent
$3,092
State Income Tax
$3,169
Property Tax (est.)

Cost of Living Overview

Belvidere is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 63 (where 100 equals the national median), Belvidere residents can expect to pay median rent of $943/month while earning a median household income of $62,462/year.

The median home value in Belvidere, IL is $153,100, with typical monthly owner costs around $1,074 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.1% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Illinois has a moderate income tax rate of 4.95%. Combined with a 6.25% sales tax rate and 2.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Belvidere.

Frequently Asked Questions

Common questions about living costs in Belvidere

What is the cost of living in Belvidere, IL?
The cost of living index in Belvidere, IL is 63 (US average = 100). Median monthly rent is $943, median household income is $62,462/year, and the median home value is $153,100.
Is Belvidere, IL affordable?
Yes, Belvidere is more affordable than the national average with a cost index of 63. The rent-to-income ratio is 18.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Belvidere, IL?
The median gross rent in Belvidere, IL is $943 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,316.
What is the median household income in Belvidere?
The median household income in Belvidere, IL is $62,462 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Illinois?
Illinois has a top income tax rate of 4.95%, a sales tax of 6.25%, and an effective property tax rate of 2.07%.