Cost of Living in Mount Carmel, IL

With a cost of living index of 64, Mount Carmel, 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. Mount Carmel is a smaller community of 6,892 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Mount Carmel's cost of living. The median monthly rent is $750 (43% below the US median of $1,319), and the median home value sits at $88,500 (71% below the national median of $304,900). At current prices, the median home costs roughly 1.9x the median household income — well within traditional affordability guidelines.

The median household income in Mount Carmel is $45,884, which is 39% 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 Mount Carmel. The area sees an average annual temperature of 55.7°F, with summers averaging 76°F and winters around 34°F. Annual rainfall totals 41.7 inches spread over roughly 116 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.