Cost of Living in Diamond, IL

With a cost of living index of 90, Diamond, IL is slightly more affordable than average. Living here is 10% cheaper than the national average and 11% above the Illinois state average of 80. Diamond is a small community of 2,900 residents.

Housing costs are the biggest factor in Diamond's cost of living. The median monthly rent is $1,224 (7% below the US median of $1,319), and the median home value sits at $211,500 (31% below the national median of $304,900). At current prices, the median home costs roughly 3.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Diamond is $60,000, which is 20% lower than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.