Lincoln, IL

Very Low · 50

Illinois · Population 13,406 · Updated March 2026

$804
Median Rent / Month
$54,390
Median Income
$111,600
Median Home Value
$829
Owner Costs / Month

Affordability

How far your income goes in Lincoln

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

$9,648
Annual Rent
$2,692
State Income Tax
$2,310
Property Tax (est.)

Cost of Living Overview

Lincoln is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 50 (where 100 equals the national median), Lincoln residents can expect to pay median rent of $804/month while earning a median household income of $54,390/year.

The median home value in Lincoln, IL is $111,600, with typical monthly owner costs around $829 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 Lincoln.

Frequently Asked Questions

Common questions about living costs in Lincoln

What is the cost of living in Lincoln, IL?
The cost of living index in Lincoln, IL is 50 (US average = 100). Median monthly rent is $804, median household income is $54,390/year, and the median home value is $111,600.
Is Lincoln, IL affordable?
Yes, Lincoln is more affordable than the national average with a cost index of 50. The rent-to-income ratio is 17.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lincoln, IL?
The median gross rent in Lincoln, IL is $804 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,648.
What is the median household income in Lincoln?
The median household income in Lincoln, IL is $54,390 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%.