Summit, IL

Very Low · 72

Illinois · Population 10,896 · Updated March 2026

$1,012
Median Rent / Month
$60,417
Median Income
$224,800
Median Home Value
$1,033
Owner Costs / Month

Affordability

How far your income goes in Summit

20.1%
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

$12,144
Annual Rent
$2,991
State Income Tax
$4,653
Property Tax (est.)

Cost of Living Overview

Summit is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 72 (where 100 equals the national median), Summit residents can expect to pay median rent of $1,012/month while earning a median household income of $60,417/year.

The median home value in Summit, IL is $224,800, with typical monthly owner costs around $1,033 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.1% 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 Summit.

Frequently Asked Questions

Common questions about living costs in Summit

What is the cost of living in Summit, IL?
The cost of living index in Summit, IL is 72 (US average = 100). Median monthly rent is $1,012, median household income is $60,417/year, and the median home value is $224,800.
Is Summit, IL affordable?
Yes, Summit is more affordable than the national average with a cost index of 72. The rent-to-income ratio is 20.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Summit, IL?
The median gross rent in Summit, IL is $1,012 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,144.
What is the median household income in Summit?
The median household income in Summit, IL is $60,417 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%.