Cost of Living in Cortland, IL

With a cost of living index of 96, Cortland, IL is slightly more affordable than average. Living here is 4% cheaper than the national average and 16% above the Illinois state average of 80. Cortland is a small community of 4,556 residents.

Housing costs are the biggest factor in Cortland's cost of living. The median monthly rent is $1,420 (8% above the US median of $1,319), and the median home value sits at $203,700 (33% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Cortland is $82,750, which is 10% higher than the national median of $75,149. Residents spend roughly 21% 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 Chicago-Naperville-Elgin, IL-IN (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher 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.