Cost of Living in Inverness, IL
Population 7,541 · Illinois · Data vintage 2023
(100 = US avg)
Home prices in Inverness run well above the national baseline, with a median of $704,000, though local incomes keep the cost-to-earnings ratio tighter than in coastal metros with comparable sticker prices. Median household earnings of $215,810 place the city among the better-paid Illinois metros. An unemployment rate of 2.8% points to a labor market well on the tight side of the national distribution.
Geographically, Inverness sits roughly 13 miles east of Elgin. Median home values run roughly 179% higher than Elgin's $252,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Inverness
The median home value in Inverness is $704,100 — 131% above the national median of $305,000. Median rent runs $3,501/month, 166% higher than the national median of $1,314/month. The median household income of $215,810/year is 189% higher than the US median of $74,580. The local unemployment rate is 2.8%, below 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, Inverness has a cost of living index of 245 versus the US average of 100, meaning it is 145% more expensive.
Inverness has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 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 Inverness, IL?
Inverness has a cost index of 245 (100 = national average). It is 145% above the national average.
What is average rent in Inverness, IL?
The median gross rent in Inverness is $3,501 per month based on 2023 Census data.
What is the average home price in Inverness?
The median home value in Inverness is $704,100 according to Zillow and Census data.
What is the median income in Inverness?
The median household income in Inverness is $215,810 per year (2023 ACS 5-year estimates).
What is the sales tax in Inverness, IL?
The combined state and local sales tax rate in Inverness is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Inverness, IL affordable?
Inverness is above average in cost of living, with an index of 245 — about 145% higher than the national average.
Inverness at a Glance
- Population
- 7,541
- Median Income
- $215,810
- Home Value
- $704,100
- Median Rent
- $3,501/mo
- Unemployment
- 2.8%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
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