Cost of Living in Hennepin, IL

With a cost of living index of 73, Hennepin, IL is one of the most affordable cities in the country. Living here is 27% cheaper than the national average and 7% below the Illinois state average of 80. Hennepin is a small community of 790 residents.

Housing costs are the biggest factor in Hennepin's cost of living. The median monthly rent is $836 (37% below the US median of $1,319), and the median home value sits at $166,700 (45% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Hennepin is $78,594, which is 5% higher 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.

Climate is another factor for anyone considering a move to Hennepin. The area sees an average annual temperature of 52.7°F, with summers averaging 75°F and winters around 29°F. Annual rainfall totals 37.6 inches spread over roughly 117 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.