Homewood, IL

Below Avg · 88

Illinois · Population 19,471 · Updated March 2026

$1,422
Median Rent / Month
$96,522
Median Income
$210,500
Median Home Value
$1,371
Owner Costs / Month

Affordability

How far your income goes in Homewood

17.7%
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

$17,064
Annual Rent
$4,778
State Income Tax
$4,357
Property Tax (est.)

Cost of Living Overview

Homewood offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 88 (where 100 equals the national median), Homewood residents can expect to pay median rent of $1,422/month while earning a median household income of $96,522/year.

The median home value in Homewood, IL is $210,500, with typical monthly owner costs around $1,371 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.7% 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 Homewood.

Frequently Asked Questions

Common questions about living costs in Homewood

What is the cost of living in Homewood, IL?
The cost of living index in Homewood, IL is 88 (US average = 100). Median monthly rent is $1,422, median household income is $96,522/year, and the median home value is $210,500.
Is Homewood, IL affordable?
Yes, Homewood is more affordable than the national average with a cost index of 88. The rent-to-income ratio is 17.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Homewood, IL?
The median gross rent in Homewood, IL is $1,422 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,064.
What is the median household income in Homewood?
The median household income in Homewood, IL is $96,522 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%.