Oak Park, IL

Above Avg · 127

Illinois · Population 53,315 · Updated March 2026

$1,456
Median Rent / Month
$108,026
Median Income
$456,300
Median Home Value
$1,990
Owner Costs / Month

Affordability

How far your income goes in Oak Park

16.2%
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

$17,472
Annual Rent
$5,347
State Income Tax
$9,445
Property Tax (est.)

Cost of Living Overview

Oak Park has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 127 (where 100 equals the national median), Oak Park residents can expect to pay median rent of $1,456/month while earning a median household income of $108,026/year.

The median home value in Oak Park, IL is $456,300, with typical monthly owner costs around $1,990 including mortgage, insurance, and taxes. The median rent-to-income ratio of 16.2% 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 Park.

Frequently Asked Questions

Common questions about living costs in Oak Park

What is the cost of living in Oak Park, IL?
The cost of living index in Oak Park, IL is 127 (US average = 100). Median monthly rent is $1,456, median household income is $108,026/year, and the median home value is $456,300.
Is Oak Park, IL affordable?
No, Oak Park is more expensive than the national average with a cost index of 127. The rent-to-income ratio is 16.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Oak Park, IL?
The median gross rent in Oak Park, IL is $1,456 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,472.
What is the median household income in Oak Park?
The median household income in Oak Park, IL is $108,026 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%.