Cost of Living in Cherry Valley, IL

With a cost of living index of 76, Cherry Valley, IL is a very affordable place to live. Living here is 24% cheaper than the national average and 4% below the Illinois state average of 80. Cherry Valley is a small community of 3,268 residents.

Housing costs are the biggest factor in Cherry Valley's cost of living. The median monthly rent is $871 (34% below the US median of $1,319), and the median home value sits at $222,400 (27% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Cherry Valley is $74,766, which is 1% lower 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.

Everyday prices in the Rockford, 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.