Cost of Living in London Mills, IL

With a cost of living index of 69, London Mills, IL is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 11% below the Illinois state average of 80. London Mills is a small community of 356 residents.

Housing costs are the biggest factor in London Mills's cost of living. The median monthly rent is $1,013 (23% below the US median of $1,319), and the median home value sits at $54,800 (82% below the national median of $304,900). At current prices, the median home costs roughly 1x the median household income — well within traditional affordability guidelines.

The median household income in London Mills is $52,656, which is 30% lower than the national median of $75,149. Residents spend roughly 23% 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 London Mills. 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.