Granite, IL

Very Low · 47

Illinois · Population 26,670 · Updated March 2026

$761
Median Rent / Month
$60,490
Median Income
$99,800
Median Home Value
$818
Owner Costs / Month

Affordability

How far your income goes in Granite

15.1%
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

$9,132
Annual Rent
$2,994
State Income Tax
$2,066
Property Tax (est.)

Cost of Living Overview

Granite is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 47 (where 100 equals the national median), Granite residents can expect to pay median rent of $761/month while earning a median household income of $60,490/year.

The median home value in Granite, IL is $99,800, with typical monthly owner costs around $818 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.1% 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 Granite.

Frequently Asked Questions

Common questions about living costs in Granite

What is the cost of living in Granite, IL?
The cost of living index in Granite, IL is 47 (US average = 100). Median monthly rent is $761, median household income is $60,490/year, and the median home value is $99,800.
Is Granite, IL affordable?
Yes, Granite is more affordable than the national average with a cost index of 47. The rent-to-income ratio is 15.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Granite, IL?
The median gross rent in Granite, IL is $761 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,132.
What is the median household income in Granite?
The median household income in Granite, IL is $60,490 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%.