Cost of Living in Oakland, IL

With a cost of living index of 57, Oakland, IL is one of the most affordable cities in the country. Living here is 43% cheaper than the national average and 23% below the Illinois state average of 80. Oakland is a small community of 948 residents.

Housing costs are the biggest factor in Oakland's cost of living. The median monthly rent is $509 (61% below the US median of $1,319), and the median home value sits at $97,200 (68% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Oakland is $49,571, which is 34% lower than the national median of $75,149. Residents spend roughly 12% 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 Oakland. The area sees an average annual temperature of 53.4°F, with summers averaging 74°F and winters around 31°F. Annual rainfall totals 36 inches spread over roughly 108 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.