Prospect Heights, IL

Average · 104

Illinois · Population 15,681 · Updated March 2026

$1,391
Median Rent / Month
$91,599
Median Income
$347,500
Median Home Value
$1,478
Owner Costs / Month

Affordability

How far your income goes in Prospect Heights

18.2%
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

$16,692
Annual Rent
$4,534
State Income Tax
$7,193
Property Tax (est.)

Cost of Living Overview

Prospect Heights has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 104 (where 100 equals the national median), Prospect Heights residents can expect to pay median rent of $1,391/month while earning a median household income of $91,599/year.

The median home value in Prospect Heights, IL is $347,500, with typical monthly owner costs around $1,478 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.2% 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 Prospect Heights.

Frequently Asked Questions

Common questions about living costs in Prospect Heights

What is the cost of living in Prospect Heights, IL?
The cost of living index in Prospect Heights, IL is 104 (US average = 100). Median monthly rent is $1,391, median household income is $91,599/year, and the median home value is $347,500.
Is Prospect Heights, IL affordable?
No, Prospect Heights is more expensive than the national average with a cost index of 104. The rent-to-income ratio is 18.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Prospect Heights, IL?
The median gross rent in Prospect Heights, IL is $1,391 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,692.
What is the median household income in Prospect Heights?
The median household income in Prospect Heights, IL is $91,599 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%.