Cost of Living in Eldred, IL

With a cost of living index of 57, Eldred, IL is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 23% below the Illinois state average of 80. Eldred is a small community of 184 residents.

Housing costs are the biggest factor in Eldred's cost of living. The median monthly rent is $542 (59% below the US median of $1,319), and the median home value sits at $82,800 (73% below the national median of $304,900). At current prices, the median home costs roughly 1.2x the median household income — well within traditional affordability guidelines.

The median household income in Eldred is $67,500, which is 10% lower than the national median of $75,149. Residents spend roughly 10% 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.

Climate is another factor for anyone considering a move to Eldred. The area sees an average annual temperature of 56.1°F, with summers averaging 77°F and winters around 34°F. Annual rainfall totals 39.4 inches spread over roughly 114 days.

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.