Elwood, IL vs Monticello, IL

Monticello is moderately more affordable than Elwood, with a 6.5% lower cost of living index. Elwood scores 84 compared to 79 for Monticello, where the US average is 100. This difference means residents of Elwood can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Elwood is $986/month compared to $1,030/month in Monticello — a 4% difference. Interestingly, home values tell a different story: while Elwood has cheaper rent, Monticello actually has lower median home values ($196,000 vs $224,900).

Median household income in Elwood is $73,640 compared to $88,611 in Monticello (-16.9%). Monticello offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Elwood spend roughly 16.1% of their income on rent, more than the 13.9% in Monticello.

Climate-wise, both cities share similar average temperatures (49.4°F vs 51.1°F). Monticello receives more rainfall at 39.6" per year compared to 33.8" in Elwood.