Cost of Living in Raleigh, IL

With a cost of living index of 60, Raleigh, IL is one of the most affordable cities in the country. Living here is 40% cheaper than the national average and 20% below the Illinois state average of 80. Raleigh is a small community of 238 residents.

Housing costs are the biggest factor in Raleigh's cost of living. The median monthly rent is $675 (49% below the US median of $1,319), and the median home value sits at $70,600 (77% below the national median of $304,900). At current prices, the median home costs roughly 1.4x the median household income — well within traditional affordability guidelines.

The median household income in Raleigh is $52,083, which is 31% lower than the national median of $75,149. Residents spend roughly 16% 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 Raleigh. The area sees an average annual temperature of 56.4°F, with summers averaging 76°F and winters around 36°F. Annual rainfall totals 44 inches spread over roughly 130 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.