Buffalo Grove, IL

Very High · 138

Illinois · Population 42,824 · Updated March 2026

$2,042
Median Rent / Month
$129,820
Median Income
$392,900
Median Home Value
$2,098
Owner Costs / Month

Affordability

How far your income goes in Buffalo Grove

18.9%
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

$24,504
Annual Rent
$6,426
State Income Tax
$8,133
Property Tax (est.)

Cost of Living Overview

Buffalo Grove has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 138 (where 100 equals the national median), Buffalo Grove residents can expect to pay median rent of $2,042/month while earning a median household income of $129,820/year.

The median home value in Buffalo Grove, IL is $392,900, with typical monthly owner costs around $2,098 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.9% 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 Buffalo Grove.

Frequently Asked Questions

Common questions about living costs in Buffalo Grove

What is the cost of living in Buffalo Grove, IL?
The cost of living index in Buffalo Grove, IL is 138 (US average = 100). Median monthly rent is $2,042, median household income is $129,820/year, and the median home value is $392,900.
Is Buffalo Grove, IL affordable?
No, Buffalo Grove is more expensive than the national average with a cost index of 138. The rent-to-income ratio is 18.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Buffalo Grove, IL?
The median gross rent in Buffalo Grove, IL is $2,042 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,504.
What is the median household income in Buffalo Grove?
The median household income in Buffalo Grove, IL is $129,820 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%.