Freeport, IL

Very Low · 45

Illinois · Population 23,636 · Updated March 2026

$760
Median Rent / Month
$48,181
Median Income
$86,100
Median Home Value
$768
Owner Costs / Month

Affordability

How far your income goes in Freeport

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

$9,120
Annual Rent
$2,385
State Income Tax
$1,782
Property Tax (est.)

Cost of Living Overview

Freeport is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 45 (where 100 equals the national median), Freeport residents can expect to pay median rent of $760/month while earning a median household income of $48,181/year.

The median home value in Freeport, IL is $86,100, with typical monthly owner costs around $768 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 Freeport.

Frequently Asked Questions

Common questions about living costs in Freeport

What is the cost of living in Freeport, IL?
The cost of living index in Freeport, IL is 45 (US average = 100). Median monthly rent is $760, median household income is $48,181/year, and the median home value is $86,100.
Is Freeport, IL affordable?
Yes, Freeport is more affordable than the national average with a cost index of 45. The rent-to-income ratio is 18.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Freeport, IL?
The median gross rent in Freeport, IL is $760 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,120.
What is the median household income in Freeport?
The median household income in Freeport, IL is $48,181 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%.