Illinois · Population 114,106 · Updated March 2026
How far your income goes in Elgin
State-level tax rates that affect your costs
Elgin offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 90 (where 100 equals the national median), Elgin residents can expect to pay median rent of $1,260/month while earning a median household income of $88,316/year.
The median home value in Elgin, IL is $252,400, with typical monthly owner costs around $1,502 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.1% 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 Elgin.
Common questions about living costs in Elgin