Mount Prospect, IL vs South Elgin, IL

Mount Prospect, IL and South Elgin, IL have a very similar cost of living, with only a 1.5% difference in their overall index. Mount Prospect scores 111 while South Elgin scores 109 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 Mount Prospect is $1,454/month compared to $1,619/month in South Elgin — a 10% difference. Interestingly, home values tell a different story: while Mount Prospect has cheaper rent, South Elgin actually has lower median home values ($296,100 vs $377,000).

Median household income in Mount Prospect is $103,911 compared to $123,744 in South Elgin (-16%). South Elgin offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Mount Prospect spend roughly 16.8% of their income on rent, more than the 15.7% in South Elgin.

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