Oak Forest, IL

Below Avg · 89

Illinois · Population 26,888 · Updated March 2026

$1,287
Median Rent / Month
$87,941
Median Income
$247,800
Median Home Value
$1,421
Owner Costs / Month

Affordability

How far your income goes in Oak Forest

17.6%
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

$15,444
Annual Rent
$4,353
State Income Tax
$5,129
Property Tax (est.)

Cost of Living Overview

Oak Forest offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 89 (where 100 equals the national median), Oak Forest residents can expect to pay median rent of $1,287/month while earning a median household income of $87,941/year.

The median home value in Oak Forest, IL is $247,800, with typical monthly owner costs around $1,421 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.6% 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 Oak Forest.

Frequently Asked Questions

Common questions about living costs in Oak Forest

What is the cost of living in Oak Forest, IL?
The cost of living index in Oak Forest, IL is 89 (US average = 100). Median monthly rent is $1,287, median household income is $87,941/year, and the median home value is $247,800.
Is Oak Forest, IL affordable?
Yes, Oak Forest is more affordable than the national average with a cost index of 89. The rent-to-income ratio is 17.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Oak Forest, IL?
The median gross rent in Oak Forest, IL is $1,287 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,444.
What is the median household income in Oak Forest?
The median household income in Oak Forest, IL is $87,941 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%.