Cost of Living in Franklin Grove, IL

With a cost of living index of 71, Franklin Grove, IL is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 9% below the Illinois state average of 80. Franklin Grove is a small community of 1,086 residents.

Housing costs are the biggest factor in Franklin Grove's cost of living. The median monthly rent is $850 (36% below the US median of $1,319), and the median home value sits at $136,800 (55% 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 Franklin Grove is $60,833, which is 19% lower than the national median of $75,149. Residents spend roughly 17% 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 Franklin Grove. The area sees an average annual temperature of 47.8°F, with summers averaging 70°F and winters around 24°F. Annual rainfall totals 37.4 inches spread over roughly 131 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.