Palatine, IL

Average · 109

Illinois · Population 66,548 · Updated March 2026

$1,467
Median Rent / Month
$95,950
Median Income
$347,900
Median Home Value
$1,634
Owner Costs / Month

Affordability

How far your income goes in Palatine

18.3%
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

$17,604
Annual Rent
$4,750
State Income Tax
$7,202
Property Tax (est.)

Cost of Living Overview

Palatine is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 109 (where 100 equals the national median), Palatine residents can expect to pay median rent of $1,467/month while earning a median household income of $95,950/year.

The median home value in Palatine, IL is $347,900, with typical monthly owner costs around $1,634 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.3% 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 Palatine.

Frequently Asked Questions

Common questions about living costs in Palatine

What is the cost of living in Palatine, IL?
The cost of living index in Palatine, IL is 109 (US average = 100). Median monthly rent is $1,467, median household income is $95,950/year, and the median home value is $347,900.
Is Palatine, IL affordable?
No, Palatine is more expensive than the national average with a cost index of 109. The rent-to-income ratio is 18.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Palatine, IL?
The median gross rent in Palatine, IL is $1,467 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,604.
What is the median household income in Palatine?
The median household income in Palatine, IL is $95,950 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%.