Cost of Living in Fairmont, IL

With a cost of living index of 90, Fairmont, IL is a very affordable place to live. Living here is 10% cheaper than the national average and 10% above the Illinois state average of 80. Fairmont is a small community of 2,409 residents.

Housing costs are the biggest factor in Fairmont's cost of living. The median monthly rent is $1,372 (4% above the US median of $1,319), and the median home value sits at $147,400 (52% 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 Fairmont is $59,244, which is 21% lower than the national median of $75,149. Residents spend roughly 28% 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.

Climate is another factor for anyone considering a move to Fairmont. The area sees an average annual temperature of 52.1°F, with summers averaging 74°F and winters around 29°F. Annual rainfall totals 34.4 inches spread over roughly 121 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.