Cost of Living in Mount Prospect, IL
Population: 55,648 • 2026 Data
$103,911
Median Household Income
+34% vs national
$1,454
Median Monthly Rent
+8% vs national
$377,000
Median Home Value
+11% vs national
3.6%
Unemployment Rate
Housing in Mount Prospect
The median home value in Mount Prospect, IL is $377,000. Monthly rent for a typical unit averages $1,454, while total monthly housing costs (including utilities and insurance) average $1,573.
Rent-to-income ratio: 16.8%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Mount Prospect, IL is $103,911. The unemployment rate stands at 3.6%, with a labor force of 30,086 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.