Highland Park, IL

Very High · 167

Illinois · Population 30,229 · Updated March 2026

$1,903
Median Rent / Month
$161,875
Median Income
$594,400
Median Home Value
$2,700
Owner Costs / Month

Affordability

How far your income goes in Highland Park

14.1%
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

$22,836
Annual Rent
$8,013
State Income Tax
$12,304
Property Tax (est.)

Cost of Living Overview

Highland Park has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 167 (where 100 equals the national median), Highland Park residents can expect to pay median rent of $1,903/month while earning a median household income of $161,875/year.

The median home value in Highland Park, IL is $594,400, with typical monthly owner costs around $2,700 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.1% 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 Highland Park.

Frequently Asked Questions

Common questions about living costs in Highland Park

What is the cost of living in Highland Park, IL?
The cost of living index in Highland Park, IL is 167 (US average = 100). Median monthly rent is $1,903, median household income is $161,875/year, and the median home value is $594,400.
Is Highland Park, IL affordable?
No, Highland Park is more expensive than the national average with a cost index of 167. The rent-to-income ratio is 14.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Highland Park, IL?
The median gross rent in Highland Park, IL is $1,903 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,836.
What is the median household income in Highland Park?
The median household income in Highland Park, IL is $161,875 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%.