Albany, IL vs Elmwood, IL

Albany, IL and Elmwood, IL have a very similar cost of living, with only a 2.4% difference in their overall index. Albany scores 68 while Elmwood scores 66 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Albany is $721/month compared to $761/month in Elmwood — a 5% difference. Interestingly, home values tell a different story: while Albany has cheaper rent, Elmwood actually has lower median home values ($144,600 vs $147,800).

Median household income in Albany is $68,750 compared to $87,644 in Elmwood (-21.6%). Elmwood offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Albany spend roughly 12.6% of their income on rent, more than the 10.4% in Elmwood.