Cost of Living in New Haven, IL

With a cost of living index of 52, New Haven, IL is one of the most affordable cities in the country. Living here is 48% cheaper than the national average and 28% below the Illinois state average of 80. New Haven is a small community of 528 residents.

Housing costs are the biggest factor in New Haven's cost of living. The median monthly rent is $471 (64% below the US median of $1,319), and the median home value sits at $50,400 (83% 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 New Haven is $33,977, which is 55% lower than the national median of $75,149. Residents spend roughly 17% 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 New Haven. The area sees an average annual temperature of 57.2°F, with summers averaging 77°F and winters around 36°F. Annual rainfall totals 47.9 inches spread over roughly 118 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.