Park Ridge, IL

Very High · 140

Illinois · Population 39,241 · Updated March 2026

$1,511
Median Rent / Month
$138,059
Median Income
$539,300
Median Home Value
$2,160
Owner Costs / Month

Affordability

How far your income goes in Park Ridge

13.1%
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

$18,132
Annual Rent
$6,834
State Income Tax
$11,164
Property Tax (est.)

Cost of Living Overview

Park Ridge has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 140 (where 100 equals the national median), Park Ridge residents can expect to pay median rent of $1,511/month while earning a median household income of $138,059/year.

The median home value in Park Ridge, IL is $539,300, with typical monthly owner costs around $2,160 including mortgage, insurance, and taxes. The median rent-to-income ratio of 13.1% 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 Park Ridge.

Frequently Asked Questions

Common questions about living costs in Park Ridge

What is the cost of living in Park Ridge, IL?
The cost of living index in Park Ridge, IL is 140 (US average = 100). Median monthly rent is $1,511, median household income is $138,059/year, and the median home value is $539,300.
Is Park Ridge, IL affordable?
No, Park Ridge is more expensive than the national average with a cost index of 140. The rent-to-income ratio is 13.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Park Ridge, IL?
The median gross rent in Park Ridge, IL is $1,511 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $18,132.
What is the median household income in Park Ridge?
The median household income in Park Ridge, IL is $138,059 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%.