Cost of Living in Liberty, IL

With a cost of living index of 75, Liberty, IL is a very affordable place to live. Living here is 25% cheaper than the national average and 5% below the Illinois state average of 80. Liberty is a small community of 423 residents.

Housing costs are the biggest factor in Liberty's cost of living. The median monthly rent is $1,036 (21% below the US median of $1,319), and the median home value sits at $124,000 (59% 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 Liberty is $85,417, which is 14% higher than the national median of $75,149. Residents spend roughly 15% 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 Liberty. The area sees an average annual temperature of 53°F, with summers averaging 75°F and winters around 30°F. Annual rainfall totals 36.4 inches spread over roughly 109 days.

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.