Cost of Living in Chatham, IL

With a cost of living index of 86, Chatham, IL is a very affordable place to live. Living here is 14% cheaper than the national average and 6% above the Illinois state average of 80. Chatham is a smaller community of 14,740 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Chatham's cost of living. The median monthly rent is $1,157 (12% below the US median of $1,319), and the median home value sits at $231,900 (24% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Chatham is $106,030, which is 41% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Springfield, IL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.