Cost of Living in New Minden, IL

With a cost of living index of 66, New Minden, IL is one of the most affordable cities in the country. Living here is 34% cheaper than the national average and 14% below the Illinois state average of 80. New Minden is a small community of 227 residents.

Housing costs are the biggest factor in New Minden's cost of living. The median monthly rent is $775 (41% below the US median of $1,319), and the median home value sits at $107,100 (65% below the national median of $304,900). At current prices, the median home costs roughly 1.3x the median household income — well within traditional affordability guidelines.

The median household income in New Minden is $83,750, which is 11% higher than the national median of $75,149. Residents spend roughly 11% 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 New Minden. The area sees an average annual temperature of 57.7°F, with summers averaging 77°F and winters around 36°F. Annual rainfall totals 43.4 inches spread over roughly 100 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.