Cost of Living in Mount Prospect, IL
Population 55,648 · Illinois · Data vintage 2023
(100 = US avg)
The Mount Prospect cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $377,000, rents near $1,454 a month.
Located 20 miles east of Elgin, Mount Prospect falls within that metro's commuting orbit. Median home values run roughly 49% higher than Elgin's $252,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Mount Prospect
The median home value in Mount Prospect is $377,000 — 24% above the national median of $305,000. Median rent runs $1,454/month, 11% higher than the national median of $1,314/month. The median household income of $103,911/year is 39% higher than the US median of $74,580. The local unemployment rate is 3.6%, 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%. The climate averages highs of 59.2°F and lows of 42.3°F. Overall, Mount Prospect has a cost of living index of 118 versus the US average of 100, meaning it is 18% more 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 32 | 36 | 47 | 58 | 70 | 80 | 84 | 82 | 75 | 63 | 49 | 37 |
| Low °F | 18 | 21 | 30 | 39 | 50 | 60 | 66 | 65 | 56 | 45 | 33 | 24 |
| Precip" | 1.33 | 1.28 | 1.84 | 3.31 | 3.76 | 3.97 | 3.15 | 3.70 | 3.04 | 3.11 | 2.15 | 1.64 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Mount Prospect, IL?
Mount Prospect has a cost index of 118 (100 = national average). It is 18% above the national average.
What is average rent in Mount Prospect, IL?
The median gross rent in Mount Prospect is $1,454 per month based on 2023 Census data.
What is the average home price in Mount Prospect?
The median home value in Mount Prospect is $377,000 according to Zillow and Census data.
What is the median income in Mount Prospect?
The median household income in Mount Prospect is $103,911 per year (2023 ACS 5-year estimates).
What is the sales tax in Mount Prospect, IL?
The combined state and local sales tax rate in Mount Prospect is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Mount Prospect, IL affordable?
Mount Prospect is above average in cost of living, with an index of 118 — about 18% higher than the national average.
What is the weather like in Mount Prospect?
Mount Prospect has average high temperatures of 59.2°F and average lows of 42.3°F. Annual precipitation is 32.3". Data from NOAA 1991–2020 Climate Normals.
Mount Prospect at a Glance
- Population
- 55,648
- Median Income
- $103,911
- Home Value
- $377,000
- Median Rent
- $1,454/mo
- Unemployment
- 3.6%
- Avg High Temp
- 59.2°F
- Sales Tax
- 8.7%
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Explore county-level cost of living data
Illinois Rankings
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