Elmwood Park, IL

Average · 98

Illinois · Population 23,982 · Updated March 2026

$1,295
Median Rent / Month
$84,121
Median Income
$325,000
Median Home Value
$1,447
Owner Costs / Month

Affordability

How far your income goes in Elmwood Park

18.5%
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

$15,540
Annual Rent
$4,164
State Income Tax
$6,728
Property Tax (est.)

Cost of Living Overview

Elmwood Park has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 98 (where 100 equals the national median), Elmwood Park residents can expect to pay median rent of $1,295/month while earning a median household income of $84,121/year.

The median home value in Elmwood Park, IL is $325,000, with typical monthly owner costs around $1,447 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.5% 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 Elmwood Park.

Frequently Asked Questions

Common questions about living costs in Elmwood Park

What is the cost of living in Elmwood Park, IL?
The cost of living index in Elmwood Park, IL is 98 (US average = 100). Median monthly rent is $1,295, median household income is $84,121/year, and the median home value is $325,000.
Is Elmwood Park, IL affordable?
Yes, Elmwood Park is more affordable than the national average with a cost index of 98. The rent-to-income ratio is 18.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elmwood Park, IL?
The median gross rent in Elmwood Park, IL is $1,295 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,540.
What is the median household income in Elmwood Park?
The median household income in Elmwood Park, IL is $84,121 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%.