Cost of Living in Elgin, Illinois
In Elgin, the median household income is $90,282 and the median gross rent is $1,361/mo, with a median home value of $273,000. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $90,282
- Median gross rent
- $1,361/mo
- Median home value
- $273,000
- Population
- 114,934
How Elgin compares to the Illinois average
| Measure | Elgin, IL | Illinois statewide | Difference |
|---|---|---|---|
| Median household income | $90,282 | $83,390 | +8.3% |
| Median gross rent (monthly) | $1,361 | $1,274 | +6.8% |
| Median home value | $273,000 | $263,300 | +3.7% |
Statewide, Illinois prices average 100.0 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Elgin
- Salary needed for median rent
- $54,440
- Rent burden at median income
- 18.1%
- Est. affordable home price
- $329,343
So that $1,361/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Elgin is $273,000 — within what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Illinois cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.