Cost of Living in Gifford, IL

With a cost of living index of 68, Gifford, IL is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 12% below the Illinois state average of 80. Gifford is a small community of 816 residents.

Housing costs are the biggest factor in Gifford's cost of living. The median monthly rent is $742 (44% below the US median of $1,319), and the median home value sits at $170,500 (44% 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 Gifford is $76,875, which is 2% higher than the national median of $75,149. Residents spend roughly 12% 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 Gifford. The area sees an average annual temperature of 52.3°F, with summers averaging 74°F and winters around 29°F. Annual rainfall totals 40.4 inches spread over roughly 102 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Champaign-Urbana, 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.