Cost of Living in Essex, IL

With a cost of living index of 85, Essex, IL is a very affordable place to live. Living here is 15% cheaper than the national average and 5% above the Illinois state average of 80. Essex is a small community of 956 residents.

Housing costs are the biggest factor in Essex's cost of living. The median monthly rent is $1,147 (13% below the US median of $1,319), and the median home value sits at $219,000 (28% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Essex is $101,094, which is 35% higher 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.

Climate is another factor for anyone considering a move to Essex. The area sees an average annual temperature of 49.4°F, with summers averaging 71°F and winters around 26°F. Annual rainfall totals 33.8 inches spread over roughly 126 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Kankakee, 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.