Forest Park, IL

Average · 96

Illinois · Population 14,000 · Updated March 2026

$1,352
Median Rent / Month
$81,323
Median Income
$293,800
Median Home Value
$1,445
Owner Costs / Month

Affordability

How far your income goes in Forest Park

20.0%
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

$16,224
Annual Rent
$4,025
State Income Tax
$6,082
Property Tax (est.)

Cost of Living Overview

Forest Park has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 96 (where 100 equals the national median), Forest Park residents can expect to pay median rent of $1,352/month while earning a median household income of $81,323/year.

The median home value in Forest Park, IL is $293,800, with typical monthly owner costs around $1,445 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.0% 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 Forest Park.

Frequently Asked Questions

Common questions about living costs in Forest Park

What is the cost of living in Forest Park, IL?
The cost of living index in Forest Park, IL is 96 (US average = 100). Median monthly rent is $1,352, median household income is $81,323/year, and the median home value is $293,800.
Is Forest Park, IL affordable?
Yes, Forest Park is more affordable than the national average with a cost index of 96. The rent-to-income ratio is 20.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Forest Park, IL?
The median gross rent in Forest Park, IL is $1,352 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,224.
What is the median household income in Forest Park?
The median household income in Forest Park, IL is $81,323 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%.