Manhattan, IL

Average · 104

Illinois · Population 10,315 · Updated March 2026

$1,220
Median Rent / Month
$128,375
Median Income
$314,400
Median Home Value
$1,995
Owner Costs / Month

Affordability

How far your income goes in Manhattan

11.4%
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

$14,640
Annual Rent
$6,355
State Income Tax
$6,508
Property Tax (est.)

Cost of Living Overview

Manhattan has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 104 (where 100 equals the national median), Manhattan residents can expect to pay median rent of $1,220/month while earning a median household income of $128,375/year.

The median home value in Manhattan, IL is $314,400, with typical monthly owner costs around $1,995 including mortgage, insurance, and taxes. The median rent-to-income ratio of 11.4% 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 Manhattan.

Frequently Asked Questions

Common questions about living costs in Manhattan

What is the cost of living in Manhattan, IL?
The cost of living index in Manhattan, IL is 104 (US average = 100). Median monthly rent is $1,220, median household income is $128,375/year, and the median home value is $314,400.
Is Manhattan, IL affordable?
No, Manhattan is more expensive than the national average with a cost index of 104. The rent-to-income ratio is 11.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Manhattan, IL?
The median gross rent in Manhattan, IL is $1,220 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,640.
What is the median household income in Manhattan?
The median household income in Manhattan, IL is $128,375 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%.