Elmwood, IL vs Newman, IL

Elmwood, IL and Newman, IL have a very similar cost of living, with only a 0.6% difference in their overall index. Elmwood scores 66 while Newman 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 Elmwood is $761/month compared to $768/month in Newman — a 1% difference. Interestingly, home values tell a different story: while Elmwood has cheaper rent, Newman actually has lower median home values ($106,700 vs $144,600).

Median household income in Elmwood is $87,644 compared to $73,526 in Newman (+19.2%). While Elmwood is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elmwood spend roughly 10.4% of their income on rent, less than the 12.5% in Newman.

Climate-wise, both cities share similar average temperatures (52.7°F vs 52.5°F). Elmwood receives more rainfall at 37.6" per year compared to 37" in Newman.