Elgin, IL vs Mount Prospect, IL

Elgin is moderately more affordable than Mount Prospect, with a 14.5% lower cost of living index. Elgin scores 95 compared to 111 for Mount Prospect, where the US average is 100. This difference means residents of Mount Prospect can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Elgin is $1,260/month compared to $1,454/month in Mount Prospect — a 13% difference. Home values follow the same pattern: Elgin is more affordable at $252,400 median vs $377,000.

Median household income in Elgin is $88,316 compared to $103,911 in Mount Prospect (-15%). While Mount Prospect is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elgin spend roughly 17.1% of their income on rent, more than the 16.8% in Mount Prospect.

Climate-wise, both cities share similar average temperatures (49.7°F vs 50.8°F). Elgin receives more rainfall at 33.2" per year compared to 32.3" in Mount Prospect.