South Elgin, IL

Above Avg · 112

Illinois · Population 23,984 · Updated March 2026

$1,619
Median Rent / Month
$123,744
Median Income
$296,100
Median Home Value
$1,876
Owner Costs / Month

Affordability

How far your income goes in South Elgin

15.7%
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

$19,428
Annual Rent
$6,125
State Income Tax
$6,129
Property Tax (est.)

Cost of Living Overview

South Elgin is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 112 (where 100 equals the national median), South Elgin residents can expect to pay median rent of $1,619/month while earning a median household income of $123,744/year.

The median home value in South Elgin, IL is $296,100, with typical monthly owner costs around $1,876 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.7% 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 South Elgin.

Frequently Asked Questions

Common questions about living costs in South Elgin

What is the cost of living in South Elgin, IL?
The cost of living index in South Elgin, IL is 112 (US average = 100). Median monthly rent is $1,619, median household income is $123,744/year, and the median home value is $296,100.
Is South Elgin, IL affordable?
No, South Elgin is more expensive than the national average with a cost index of 112. The rent-to-income ratio is 15.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in South Elgin, IL?
The median gross rent in South Elgin, IL is $1,619 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,428.
What is the median household income in South Elgin?
The median household income in South Elgin, IL is $123,744 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%.