Shorewood, IL

Above Avg · 127

Illinois · Population 18,218 · Updated March 2026

$2,087
Median Rent / Month
$122,648
Median Income
$324,600
Median Home Value
$1,793
Owner Costs / Month

Affordability

How far your income goes in Shorewood

20.4%
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

$25,044
Annual Rent
$6,071
State Income Tax
$6,719
Property Tax (est.)

Cost of Living Overview

Shorewood 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), Shorewood residents can expect to pay median rent of $2,087/month while earning a median household income of $122,648/year.

The median home value in Shorewood, IL is $324,600, with typical monthly owner costs around $1,793 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.4% 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 Shorewood.

Frequently Asked Questions

Common questions about living costs in Shorewood

What is the cost of living in Shorewood, IL?
The cost of living index in Shorewood, IL is 127 (US average = 100). Median monthly rent is $2,087, median household income is $122,648/year, and the median home value is $324,600.
Is Shorewood, IL affordable?
No, Shorewood is more expensive than the national average with a cost index of 127. The rent-to-income ratio is 20.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Shorewood, IL?
The median gross rent in Shorewood, IL is $2,087 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $25,044.
What is the median household income in Shorewood?
The median household income in Shorewood, IL is $122,648 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%.