Cost of Living in Phoenix, IL

With a cost of living index of 74, Phoenix, IL is one of the most affordable cities in the country. Living here is 26% cheaper than the national average and 6% below the Illinois state average of 80. Phoenix is a small community of 1,284 residents.

Housing costs are the biggest factor in Phoenix's cost of living. The median monthly rent is $1,010 (23% below the US median of $1,319), and the median home value sits at $86,300 (72% below the national median of $304,900). At current prices, the median home costs roughly 3.4x the median household income — a moderately affordable ratio by today's standards.

The median household income in Phoenix is $25,703, which is 66% lower than the national median of $75,149. Residents spend roughly 47% of household income on rent. This is well above the 30% affordability threshold, indicating a significant housing cost burden for many residents. 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 Phoenix. The area sees an average annual temperature of 52.1°F, with summers averaging 74°F and winters around 29°F. Annual rainfall totals 34.4 inches spread over roughly 121 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Chicago-Naperville-Elgin, IL-IN (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher 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.