Cost of Living in Homewood, IL
Population 19,471 · Illinois · Data vintage 2023
(100 = US avg)
Housing costs in Homewood stay well under national norms: a median home value of $211,000 against median household incomes of $96,522 gives the city one of the more comfortable price-to-income ratios in Illinois. At 7.1%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Homewood sits roughly 20 miles south of Chicago — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 33% lower than Chicago's $315,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Homewood
The median home value in Homewood is $210,500 — 31% below the national median of $305,000. Median rent runs $1,422/month, 8% higher than the national median of $1,314/month. The median household income of $96,522/year is 29% higher than the US median of $74,580. The local unemployment rate is 7.1%, above the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Homewood has a cost of living index of 85 versus the US average of 100, meaning it is 15% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Homewood, IL?
Homewood has a cost index of 85 (100 = national average). It is 15% below the national average.
What is average rent in Homewood, IL?
The median gross rent in Homewood is $1,422 per month based on 2023 Census data.
What is the average home price in Homewood?
The median home value in Homewood is $210,500 according to Zillow and Census data.
What is the median income in Homewood?
The median household income in Homewood is $96,522 per year (2023 ACS 5-year estimates).
What is the sales tax in Homewood, IL?
The combined state and local sales tax rate in Homewood is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Homewood, IL affordable?
Yes, Homewood is generally considered affordable, with a cost of living index of 85 — about 15% below the US national average of 100.
Homewood at a Glance
- Population
- 19,471
- Median Income
- $96,522
- Home Value
- $210,500
- Median Rent
- $1,422/mo
- Unemployment
- 7.1%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
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