Cost of Living in Fairmount, IL

With a cost of living index of 64, Fairmount, IL is one of the most affordable cities in the country. Living here is 36% cheaper than the national average and 16% below the Illinois state average of 80. Fairmount is a small community of 610 residents.

Housing costs are the biggest factor in Fairmount's cost of living. The median monthly rent is $735 (44% below the US median of $1,319), and the median home value sits at $95,900 (69% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Fairmount is $63,393, which is 16% lower 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. 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 Fairmount. The area sees an average annual temperature of 52.5°F, with summers averaging 73°F and winters around 29°F. Annual rainfall totals 37 inches spread over roughly 122 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.