Hoffman Estates, IL

Above Avg · 118

Illinois · Population 51,186 · Updated March 2026

$1,764
Median Rent / Month
$109,683
Median Income
$340,400
Median Home Value
$1,716
Owner Costs / Month

Affordability

How far your income goes in Hoffman Estates

19.3%
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

$21,168
Annual Rent
$5,429
State Income Tax
$7,046
Property Tax (est.)

Cost of Living Overview

Hoffman Estates is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 118 (where 100 equals the national median), Hoffman Estates residents can expect to pay median rent of $1,764/month while earning a median household income of $109,683/year.

The median home value in Hoffman Estates, IL is $340,400, with typical monthly owner costs around $1,716 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.3% 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 Hoffman Estates.

Frequently Asked Questions

Common questions about living costs in Hoffman Estates

What is the cost of living in Hoffman Estates, IL?
The cost of living index in Hoffman Estates, IL is 118 (US average = 100). Median monthly rent is $1,764, median household income is $109,683/year, and the median home value is $340,400.
Is Hoffman Estates, IL affordable?
No, Hoffman Estates is more expensive than the national average with a cost index of 118. The rent-to-income ratio is 19.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hoffman Estates, IL?
The median gross rent in Hoffman Estates, IL is $1,764 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $21,168.
What is the median household income in Hoffman Estates?
The median household income in Hoffman Estates, IL is $109,683 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%.