Cost of Living in Arcola, IL

With a cost of living index of 69, Arcola, IL is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 11% below the Illinois state average of 80. Arcola is a small community of 2,867 residents.

Housing costs are the biggest factor in Arcola's cost of living. The median monthly rent is $819 (38% below the US median of $1,319), and the median home value sits at $122,800 (60% below the national median of $304,900). At current prices, the median home costs roughly 1.4x the median household income — well within traditional affordability guidelines.

The median household income in Arcola is $85,697, which is 14% higher than the national median of $75,149. Residents spend roughly 11% 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.