Cost of Living in Newman, IL

With a cost of living index of 66, Newman, 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. Newman is a small community of 796 residents.

Housing costs are the biggest factor in Newman's cost of living. The median monthly rent is $768 (42% below the US median of $1,319), and the median home value sits at $106,700 (65% 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 Newman is $73,526, which is 2% lower than the national median of $75,149. Residents spend roughly 13% 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 Newman. The area sees an average annual temperature of 52.5°F, with summers averaging 73°F and winters around 29°F. Annual rainfall totals 37 inches spread over roughly 122 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.