Cost of Living in Altamont, IL

With a cost of living index of 72, Altamont, IL is one of the most affordable cities in the country. Living here is 28% cheaper than the national average and 8% below the Illinois state average of 80. Altamont is a small community of 2,500 residents.

Housing costs are the biggest factor in Altamont's cost of living. The median monthly rent is $898 (32% below the US median of $1,319), and the median home value sits at $132,200 (57% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Altamont is $76,198, which is 1% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.