Cost of Living in Donovan, IL

With a cost of living index of 73, Donovan, IL is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and 7% below the Illinois state average of 80. Donovan is a small community of 254 residents.

Housing costs are the biggest factor in Donovan's cost of living. The median monthly rent is $1,056 (20% below the US median of $1,319), and the median home value sits at $87,700 (71% below the national median of $304,900). At current prices, the median home costs roughly 1.8x the median household income — well within traditional affordability guidelines.

The median household income in Donovan is $49,038, which is 35% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.