Park Forest, IL

Very Low · 70

Illinois · Population 20,898 · Updated March 2026

$1,341
Median Rent / Month
$62,305
Median Income
$106,200
Median Home Value
$1,166
Owner Costs / Month

Affordability

How far your income goes in Park Forest

25.8%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

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

$16,092
Annual Rent
$3,084
State Income Tax
$2,198
Property Tax (est.)

Cost of Living Overview

Park Forest is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 70 (where 100 equals the national median), Park Forest residents can expect to pay median rent of $1,341/month while earning a median household income of $62,305/year.

The median home value in Park Forest, IL is $106,200, with typical monthly owner costs around $1,166 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.8%, Park Forest falls within the generally affordable range, though it's approaching the 30% burden threshold.

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 Park Forest.

Frequently Asked Questions

Common questions about living costs in Park Forest

What is the cost of living in Park Forest, IL?
The cost of living index in Park Forest, IL is 70 (US average = 100). Median monthly rent is $1,341, median household income is $62,305/year, and the median home value is $106,200.
Is Park Forest, IL affordable?
Yes, Park Forest is more affordable than the national average with a cost index of 70. The rent-to-income ratio is 25.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Park Forest, IL?
The median gross rent in Park Forest, IL is $1,341 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,092.
What is the median household income in Park Forest?
The median household income in Park Forest, IL is $62,305 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%.