Cost of Living in Gilman, IL

With a cost of living index of 64, Gilman, 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. Gilman is a small community of 1,576 residents.

Housing costs are the biggest factor in Gilman's cost of living. The median monthly rent is $702 (47% below the US median of $1,319), and the median home value sits at $108,900 (64% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Gilman is $65,729, which is 13% lower than the national median of $75,149. Residents spend roughly 13% 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 Gilman. 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.

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.