Elk Grove, IL

Average · 109

Illinois · Population 32,132 · Updated March 2026

$1,574
Median Rent / Month
$95,216
Median Income
$334,400
Median Home Value
$1,572
Owner Costs / Month

Affordability

How far your income goes in Elk Grove

19.8%
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

$18,888
Annual Rent
$4,713
State Income Tax
$6,922
Property Tax (est.)

Cost of Living Overview

Elk Grove is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 109 (where 100 equals the national median), Elk Grove residents can expect to pay median rent of $1,574/month while earning a median household income of $95,216/year.

The median home value in Elk Grove, IL is $334,400, with typical monthly owner costs around $1,572 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.8% 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 Elk Grove.

Frequently Asked Questions

Common questions about living costs in Elk Grove

What is the cost of living in Elk Grove, IL?
The cost of living index in Elk Grove, IL is 109 (US average = 100). Median monthly rent is $1,574, median household income is $95,216/year, and the median home value is $334,400.
Is Elk Grove, IL affordable?
No, Elk Grove is more expensive than the national average with a cost index of 109. The rent-to-income ratio is 19.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elk Grove, IL?
The median gross rent in Elk Grove, IL is $1,574 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $18,888.
What is the median household income in Elk Grove?
The median household income in Elk Grove, IL is $95,216 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%.