Mount Prospect, IL

Above Avg · 111

Illinois · Population 55,648 · Updated March 2026

$1,454
Median Rent / Month
$103,911
Median Income
$377,000
Median Home Value
$1,573
Owner Costs / Month

Affordability

How far your income goes in Mount Prospect

16.8%
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

$17,448
Annual Rent
$5,144
State Income Tax
$7,804
Property Tax (est.)

Cost of Living Overview

Mount Prospect is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 111 (where 100 equals the national median), Mount Prospect residents can expect to pay median rent of $1,454/month while earning a median household income of $103,911/year.

The median home value in Mount Prospect, IL is $377,000, with typical monthly owner costs around $1,573 including mortgage, insurance, and taxes. The median rent-to-income ratio of 16.8% 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 Mount Prospect.

Frequently Asked Questions

Common questions about living costs in Mount Prospect

What is the cost of living in Mount Prospect, IL?
The cost of living index in Mount Prospect, IL is 111 (US average = 100). Median monthly rent is $1,454, median household income is $103,911/year, and the median home value is $377,000.
Is Mount Prospect, IL affordable?
No, Mount Prospect is more expensive than the national average with a cost index of 111. The rent-to-income ratio is 16.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Mount Prospect, IL?
The median gross rent in Mount Prospect, IL is $1,454 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,448.
What is the median household income in Mount Prospect?
The median household income in Mount Prospect, IL is $103,911 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%.