Cost of Living in Byron, IL

With a cost of living index of 77, Byron, IL is a very affordable place to live. Living here is 23% cheaper than the national average and 3% below the Illinois state average of 80. Byron is a small community of 3,742 residents.

Housing costs are the biggest factor in Byron's cost of living. The median monthly rent is $941 (29% below the US median of $1,319), and the median home value sits at $182,600 (40% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Byron is $78,235, which is 4% 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.