Montgomery, IL

Above Avg · 118

Illinois · Population 21,205 · Updated March 2026

$1,897
Median Rent / Month
$96,985
Median Income
$270,700
Median Home Value
$1,943
Owner Costs / Month

Affordability

How far your income goes in Montgomery

23.5%
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

$22,764
Annual Rent
$4,801
State Income Tax
$5,603
Property Tax (est.)

Cost of Living Overview

Montgomery 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), Montgomery residents can expect to pay median rent of $1,897/month while earning a median household income of $96,985/year.

The median home value in Montgomery, IL is $270,700, with typical monthly owner costs around $1,943 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.5% 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 Montgomery.

Frequently Asked Questions

Common questions about living costs in Montgomery

What is the cost of living in Montgomery, IL?
The cost of living index in Montgomery, IL is 118 (US average = 100). Median monthly rent is $1,897, median household income is $96,985/year, and the median home value is $270,700.
Is Montgomery, IL affordable?
No, Montgomery is more expensive than the national average with a cost index of 118. The rent-to-income ratio is 23.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Montgomery, IL?
The median gross rent in Montgomery, IL is $1,897 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,764.
What is the median household income in Montgomery?
The median household income in Montgomery, IL is $96,985 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%.