Cost of Living in Morrison, IL

With a cost of living index of 77, Morrison, IL is a very affordable place to live. Living here is 23% cheaper than the national average and 3% below the Illinois state average of 80. Morrison is a small community of 3,781 residents.

Housing costs are the biggest factor in Morrison's cost of living. The median monthly rent is $1,104 (16% below the US median of $1,319), and the median home value sits at $117,300 (62% 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 Morrison is $67,580, which is 10% lower than the national median of $75,149. Residents spend roughly 20% 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 Morrison. The area sees an average annual temperature of 49.9°F, with summers averaging 72°F and winters around 25°F. Annual rainfall totals 36.2 inches spread over roughly 124 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.