Cost of Living in Philo, IL

With a cost of living index of 80, Philo, IL is a very affordable place to live. Living here is 20% cheaper than the national average and in line with the Illinois state average. Philo is a small community of 1,461 residents.

Housing costs are the biggest factor in Philo's cost of living. The median monthly rent is $1,063 (19% below the US median of $1,319), and the median home value sits at $198,100 (35% 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 Philo is $103,438, which is 38% higher 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.

Climate is another factor for anyone considering a move to Philo. 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.

Everyday prices in the Champaign-Urbana, IL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.