Cost of Living in Elgin, IL
Population: 114,106 • 2026 Data
$88,316
Median Household Income
+14% vs national
$1,260
Median Monthly Rent
-7% vs national
$252,400
Median Home Value
-26% vs national
6.3%
Unemployment Rate
Housing in Elgin
The median home value in Elgin, IL is $252,400. Monthly rent for a typical unit averages $1,260, while total monthly housing costs (including utilities and insurance) average $1,502.
Rent-to-income ratio: 17.1%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Elgin, IL is $88,316. The unemployment rate stands at 6.3%, with a labor force of 61,339 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.